CHEYENNE, Wyo. — The majority of Laramie County’s personal income from 2001 to 2018 came from wages and salaries, and they were the highest in the state, according to a new University of Wyoming Extension bulletin.
“Over the 18 years, [wages and salaries] averaged 47 percent of total income, and ranged from a high of 48 percent in 2002 to a low of 44 percent in 2011. It was the top category in each year and averaged 25 percentage points higher than the next highest category, Dividends, Interest, and Rental Income,” the bulletin states.
Comparing Wyoming counties, Laramie County had the highest wages and salaries ranking across the entire study period, according to the 148-page study that provides an in-depth look at Wyoming and its counties’ personal income sources and trends.
UW Extension published the bulletin to help governing and business leaders consider personal income sources and trends when developing tax reform or income inequality policies or any policy with an economic implication.
The trends show Laramie County’s minimum total personal income per capita — defined as income received from all sources, including wages and salary, government and business transfer payments and government interest — was $37,952 in 2001 and the maximum was $48,524 in 2011.
The county’s total personal income index was greater than that of the United States, Rocky Mountain Region, and Wyoming 17, 13, and 3 times, respectively, the bulletin states. Compared to Wyoming counties, Laramie County had the highest total personal income rank 11 times, most recently in 2011. Its lowest ranking was third, which happened three times, most recently in 2018.
Statewide, total personal income grew by 67% from 2001 to 2018, exceeding the national growth, which was 46%, while matching the growth in the Rocky Mountain Region. Total personal income in Wyoming declined in 2009 and 2013, similar to other larger regions, but Wyoming also saw a third decline in 2016, according to the study.
“Teton County had the largest growth in TPI, nearly tripling in size since 2001 as it recorded a TPI Index of 2.97 in 2018,” the bulletin states. “Two other counties (Sublette and Natrona) grew faster than the state, with each nearly doubling their TPI.
“The six counties with the smallest increase in TPI were Niobrara, Platte, Weston, Big Horn, Washakie, and Uinta. They each grew by less than one-third from 2001 to 2018.”
Wyoming’s total personal income per capita also grew by 42.8% during the study period. That’s significantly above the U.S. at 27.1% and the Rocky Mountain Region at 28.6%. The maximum total personal income per capita for Wyoming was seen in 2018 at $55,816.
“Teton County had the largest growth in TPIPC, increasing 140.0% from 2001–2018. In addition to Teton County, four other counties (Carbon, Converse, Hot Springs, and Natrona) grew more quickly than the state rate,” the bulletin states. “The six counties with the smallest growth (less than 20%), were Sheridan, Crook, Weston, Albany, Big Horn, and Uinta Counties.”
More on Wyoming’s total personal income is available in the full bulletin, attached below.
