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Cheyenne economic report reveals lower unemployment rate, potential slowdown in housing market

Laramie County has a slightly higher cost of living compared to the rest of Wyoming, according to the state's Department of Administration & Information.


CHEYENNE, Wyo. — The State of Wyoming Department of Administration & Information’s Economic Analysis Division has released its November 2023 issue of its Cheyenne Economic Indicators report. The analysis shows a decrease in the city’s unemployment rate, higher number of total jobs and an indication of a potential slowdown in Laramie County’s housing market compared to metrics in last year’s report.

This report contains the Cheyenne Economic Health Index, a coincident economic indicator designed to provide a current assessment of Laramie County’s economy.

Here are highlights from this month’s issue:

  • The Cheyenne Economic Health Index reported an index value of 107.6 in September 2023. This value is higher than the September 2022 value of 106.6.
  • The unemployment rate for Laramie County in September 2023 was 2.7%, lower than the September 2022 unemployment rate of 3.3%.
  • Total non-farm payroll jobs numbered 48,100 in September 2023, higher than the total a year ago by 1,200 or 2.6%.
  • Laramie County’s collection of the 4% sales and use tax in September 2023 was up 1.3% compared to the five-year (2018–22) average.
  • The median home sales price in Laramie County in September 2023 was down 1.4% relative to September 2022. Median home prices have declined year-over-year in four months of 2023, potentially signaling a slowdown in the Laramie County housing market.

According to an October report from the department, Laramie County had a 5% higher cost of living index compared to the rest of Wyoming for the state’s second financial quarter. The only other counties with a cost of living higher than the state average are Lincoln-Afton County (10% higher) and Teton County (71% higher), the report states.

Additionally, Wyoming’s inflation rate from Q2 2022 to Q2 2023 was 4.6%, which is slightly higher than the national average of 3%.