Wyoming’s Economic Outlook

At their May meeting, the Joint Minerals, Business and Economic Development Committee received an Wyoming economic outlook briefing from Dr. Anne Alexander, Director of Outreach and Engagement, Center for Business and Economic Analysis. Highlights of the report include a stable labor market and expectation of employment to tick up in 2024. Natural Resource and Mining employment is expected to rebound above pre-pandemic levels; however, this sector has decreased by 34% over the past decade.

Of private nonfarm employment, the financial services industry is estimated to be five percent of total with leisure and hospitality being the largest at 18 percent and information services the lowest at one percent.

Challenges for the state in 2024 include the lack of housing inventory and affordability, including property taxes, with Wyoming turning negative in 2022 on housing affordability based on median-income households. Road closures, airline service reductions and lack of broadband availability continue to be challenges.

Economic opportunity includes several large-scale projects on the horizon for the state. Also, industries with a strong and stable outlook include Agriculture, Tourism, Construction, Manufacturing and wholesale/retail, transportation & utilities.

Posted in Advocacy on the Move, Wyoming Advocacy.