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Cheyenne, state see lower unemployment, mixed sales tax revenue

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CHEYENNE, Wyo. — Both Cheyenne and Wyoming as a whole are seeing overall improved economic indicators compared to 2023, the State of Wyoming’s Economic Analysis Division reported Tuesday.

The Cheyenne Economic Health Index, an assessment of Laramie County’s economy, shows an index value of 108.2 for March 2024, just slightly lower than the March 2023 value of 108.3. March is the latest month for which values have been reported.

However, the Wyoming Economic Health Index reported a value of 107.4 in March, up from 106.6 in March 2023.

Those numbers are comprised of four components. The first two, unemployment rate and total nonfarm employment, are included to capture overall labor market activity, the division said. The third component, sales and use tax collections, captures economic activity related to taxable sales. The fourth, average home value, serves as a proxy for the housing market.

Both Laramie County and Wyoming saw lower unemployment this March compared to March 2023. Laramie County’s unemployment rate was 3.4%, down from 3.5%. Wyoming’s was even lower at 2.8%, down from 3.8%.

“This is the 15th consecutive month total employment has increased year-over-year,” the division reported.

Of that employment, total non-farm payroll jobs in Laramie County were 48,400 in March, up about 500 from March 2023. Statewide, that number was 292,600 in March. That’s up 2,300 jobs over March 2023, the division reported.

Sales tax collection in Laramie County in March was $11.3 million, down $300,000, or 2.6%, compared to March last year. In the same time, Wyoming’s collection from the mining sector is up 1.1% and from lodging is up 24% compared to March 2023.

The average home value in Laramie County in March 2024 was up 2.2% relative to March 2023.

Both reports are attached in full below:


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