CHEYENNE, Wyo. — The Wyoming economy is showing signs of a potential slowdown, according to the latest economic indicators released by the state’s Department of Administration & Information. The Wyoming Economic Health Index recorded its first year-over-year decline since April 2021, dropping slightly from 106.7 in September 2023 to 106.5 in September 2024.
This news comes as the state’s unemployment rate also saw a slight uptick, rising to 3.1% in September 2024. While still lower than the national average of 4.1%, this marks the first time Wyoming’s unemployment rate has surpassed 3.0% since February 2023.
Mixed Signals in Key Sectors
The report reveals mixed signals across different sectors of the Wyoming economy.
Sales and use tax collections in the mining sector plummeted by 30.1% compared to the same period last year.
Conversely, the lodging sector experienced a significant boost, with sales and use tax collections surging by 23.7% year-over-year, pointing to strong growth in tourism activity.
Local Trends in Laramie County
Laramie County also experienced some economic shifts. The Cheyenne Economic Health Index decreased to 107.7 in September 2024, down from 108.4 in September 2023. Despite this, the county added 800 non-farm payroll jobs over the year, marking 21 consecutive months of job growth.
Other notable trends in Laramie County include:
- Unemployment rising slightly to 2.8%
- Sales and use tax collections increasing by 8.5%
- Average home values increasing by 1.3%
The reports are attached below:
NOTE: AI tools assisted in the publication of this report.
