WYOMING – Economic indicators point to continued recovery in Wyoming from a downturn experienced following a national recession and depressed oil and gas prices, worldwide.
A Cost of Living Index released last month for the fourth quarter of 2017 showed a 2.3 percent annual increase in inflation from the same period in 2016.
The bump is considered a sign the economy is healthy. Inflation is measured over six consumer categories including Food (3.5%), Medical (3.2%), Transportation (2.8%), Recreation & Personal Care (2.1%), Apparel (1.9%), and Housing (1.7%). It was the first time since 2013 that inflation was experienced across all categories.
Into detail
Inflation figures are also available for five regions in the State. For the fourth quarter of 2017, the Northwest region recorded the highest annual increase (3.9%) followed by the Southwest (2.9%), Southeast (2.2%), Central (1.9%), and Northeast (1.2%).
In the fourth quarter of 2017, Wyoming experienced an annual increase in total employment for the first time since 2015. Wyoming has been in the midst an economic downturn since in early 2015. During this time, heavy employment losses and decreases in revenue due to a reduction in mineral extraction activities was experienced. In the fourth quarter of 2017, annual sales tax collections grew and mineral extraction activities expanded.
The Housingcategory carries the largest weight in a consumer’s budget and typically drives the overall Comparative Cost of Living Index values. Counties with Housingcategory index values above the statewide average in the fourth quarter of 2017 included Teton (206), Sublette (109), and Laramie (108).
State sales tax revenue also continues to slowly improve. Sales tax collections are up $83 million over this time last year, according to the Wyoming Economic Analysis Division.
