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Wyoming sees growth in taxable sales in third quarter

Courtesy of Walmart

CHEYENNE, Wyo. — The state of Wyoming saw a rise in taxable sales in the third quarter of 2022 compared with the third quarter of 2021, up 20.4%, according to a new Wyoming Economic Summary Report.

However, while Laramie County also saw growth in 2022’s third quarter when compared to 2021’s, its growth rate of 2.7% was the lowest of any Wyoming county over that stretch.

Compared to the pre-COVID level of the third quarter of 2019, the mining industry was still down by 13.0%, but the state’s total taxable sales were 13.3% higher, attributed mainly to an approximate 28% expansion in retail trade. The report states that broad and high inflation played a significant role in the increase.

On the whole, Wyoming recorded approximately 6,500, or 2.3%, more payroll jobs in the third quarter of 2022 than the prior year. Leisure and hospitality — mostly restaurant and lodging — led this growth with 1,900 more jobs, followed by the mining industry with 1,600 jobs.

According to Dr. Welin Liue, chief economist with the Wyoming Division of Economic Analysis, the impact from the Omicron wave of the COVID-19 pandemic continued to fade, which in turn led to Wyoming’s economy continuing to rebound in the third quarter.

“With the heightened energy prices, employment in the mining industry, including oil and gas extraction, showed a year-over-year increase of 10.4% due to increased activities,” Liu said.

Despite the growth from 2021, numbers still lagged behind pre-pandemic totals. Compared to the third quarter of 2019, the state’s total employment remained behind by 5,600, or 1.9%.