CHEYENNE, Wyo. — The Wyoming Department of Administration & Information recently released the economic summary report for quarter two (Q2) of 2024, highlighting the state’s economic conditions in April, May and June.
The economic indicators include, employment, income, housing, taxable sales, tourism, agriculture and selected revenue.
According to the report, 3,400 more payroll jobs were recorded in Wyoming in Q2 of 2024 compared to Q2 of 2023, with construction jobs increasing the most, at 3.4%, and employment in the mining industry down 2.5%. Unemployment across the state increased slightly but at 2.9%, unemployment in Wyoming remains much lower than the nationwide rate of 4%.
This quarter, sales and use tax collections, which accounts for the total taxable sales in the state, decreased for the first time since quarter one of 2021 by 2.3%. Eleven out of the 23 counties reported decreases in taxable sales, including Carbon, Campbell, Albany and Johnson.
According to the reports Chief Economist, Dr. Wenlin Liu, “This weak performance was mostly caused by the contraction in mining activities (-18.9%) and reduced projects in the utilities industry (-38.5%).”
Teton County experienced a 16.3% increase in taxable sales, boosted by lodging sales increasing 37.7% compared to a year ago. The report attributes these increases to record-breaking visitation to Yellowstone National Park and notes that, “on an annual basis, the lodging sales in Teton County account for more than half of the state total.”
“The number of recreational visitations to Yellowstone National Park reached 1,508,846 in the second quarter of 2024, up 9.7% from the previous year, while 1,045,184 visits to Grand Teton National Park showed an increase of 14.5%,” the report states. “The visitation figure for Yellowstone Park was the highest recorded for the second quarter in history, while the number for Grand Teton Park was only the second time that it surpassed the one million mark for the second quarter.”
Niobrara County saw the largest increase in taxable sales compared to Q2 of 2023, at 82.4%, which the report attributed to mineral and wholesale trade undertakings.
In the Northwest corner of the state, Park County reported a 3.8% increase in taxable sales, while Fremont and Sublette Counties experienced a 2.9% decrease and 7.6% decrease respectively.
The housing market was also discussed in the report; “amid a scarcity of homes on the market, U.S. housing prices continued to climb, and the overall housing market is still overpriced.”
In Wyoming, the statewide single-family home price increased 5.5% compared to Q2 of 2023. Single-family building permits for new privately-owned residential construction were 12.6% higher than 2023, and multi-family units advanced 66.7% compared to Q2 2023.
In the report, Dr. Liu noted that the principal reason home prices continue to climb is the tight inventory for sale, “which sits at about half the level of a balanced market.”
“The majority of existing homeowners are tied to extremely low interest rates, greatly reducing their motivation to sell their properties,” the report states. “With affordability at a four decade low, the anemic demand has resulted in the slowest existing-home sales since the 2008 financial crisis. Though the overheated valuation will exert downward pressure, house prices will probably remain relatively stable because of supply constraints.”
The report notes that home affordability is expected to improve over time “through gradual income increases, reduced interest rates, and flattening or decreasing home prices.”
