CASPER, Wyo. — New data from the Wyoming Economic Analysis Division show that Laramie County has seen a slight 0.2% drop in taxable sales through the second quarter of 2024 compared to the same point in 2023.
Throughout the state, the rate of change differs greatly from county to county. While Laramie County’s change is minimal, other counties saw drastic changes. The greatest growth is in Niobrara County, with an 82.4% increase. The biggest drop came from Carbon County, which dropped 19.6% from this point last year.
However, while Laramie saw a slight dip in taxable sales, data reveal that the state as a whole is seeing growth.
Overall, Wyoming recorded approximately 3,400, or 1.1%, more payroll jobs in the second quarter of 2024 compared to the prior year. Employment increased in most sectors, led by construction, which grew 3.4% annually in the second quarter.
Government, including public education and public hospitals, and leisure and hospitality each increased 1.7%. The state’s unemployment rate was up slightly to 2.9%, which was still among the lowest since the second quarter of 2008 and was much lower than the U.S. rate of 4.0%.
“Although there was a moderate contraction in oil and gas drilling in Wyoming, the state’s labor market and economy continued to progress in the second quarter of 2024, albeit at a slower rate compared to 2023,” said Dr. Wenlin Liu, chief economist with the Wyoming Division of Economic Analysis.
Total taxable sales decreased 2.3% in the second quarter of 2024 compared to the prior year, and it was the first decline since the first quarter of 2021.
Benefiting from the record-breaking visitation to Yellowstone National Park for the second quarter of 2024, lodging sales in Teton County demonstrated substantial growth of 37.7% from a year ago.
Mineral severance taxes generated in the second quarter were at a similar level to a year ago, at 1.6%.
“After the considerable retreat in oil & natural gas prices, as well as coal production, mineral revenue was among the lowest since the third quarter of 2021,” Liu said.
Impacted by a higher interest rate environment, the state’s investment income distributed to the state general fund in the second quarter was more than double the amount from a year earlier.
Amid a scarcity of homes on the market, U.S. housing prices continued to climb, and the overall housing market is still overpriced. The principal reason is the extremely tight inventory for sale, which sits at approximately half the level of a balanced market.
Wyoming’s single-family home prices continue to trend upward, 5.5%, in the second quarter compared to a year ago, while the U.S.’s appreciation decelerated to 5.7%.
