The Wyoming Department of Administration and Information Department’s economic research division has released its economic summary for the third quarter of 2021. In it, they wrote that Wyoming continued to recover in the third quarter, but was still slower than the US average.
The Department of Admin and Info stated that numerous variables have impacted the economy, including variations in the coronavirus and supply chain issues that are emerging as a result of the pandemic. This will continue through 2022, especially given the delta variant of COVID-19.
“After an unexpectedly faster recovery in the second quarter, the general pace of recovery in the US slowed in the third quarter, in part due to the aggressive surge in the Delta variant and declining federal corporate aid and household benefits,” the report said. “However, when Delta receded, rapid growth returned quickly. Real GDP is about 8.0 percent on an annualized basis for the fourth quarter, and Moody’s Analytics is forecasting GDP growth of 5.6 percent for full year 2021. The current wave The fast-growing Omicron variant is expected to be less disruptive to the health system and economy. Real US GDP growth of 4.4 percent in 2022, monthly employment growth averaging 325,000 and an unemployment rate of 3, Projected 5 percent by the end of the year. Inflation should also be moderately significant. “
Wyoming is booming, especially in terms of employment. The report said the employment rate in Wyoming was up 2.4 percent (or 6,800 jobs) year over year, although that number can be misleading as “conditions were utterly devastating in Q3 2020”.
Still, that’s an encouraging number, especially given that the employment growth rate in the United States is 4.6 percent. Additionally, the report said the unemployment rate in Wyoming has fallen to 4.9 percent, although it is still below the national average of 5.1 percent.
The report shows that of all employment sectors, the leisure and hospitality industries remain at the top.
“Paying agencies increased in most industrial sectors, led by leisure and hospitality (mainly restaurants and accommodation),” the report said. “Compared to the previous year, this service industry has regained around 4,300 jobs, 11.9 percent of the workforce.”
Likewise, one of the most important industries in Wyoming has improved.
“Wyoming’s core industry, mining, has improved moderately since the first quarter and grew 5.9 percent annually in the third quarter due to the recovery in oil and natural gas activities,” the report said. “Manufacturing and other services have also regained 4.6 and 4.8 percent of jobs, respectively.”
In terms of tourism, visitor numbers to both Yellowstone and Grand Teton National Parks had increased. According to the report, the number of visits to Yellowstone reached 2,884,984 people in the third quarter of 2021, up 7.9 percent from 2020. Grand Teton National Park also recorded 2,095,925 visitors, an increase of 1.3 percent over the previous year.
“Despite the negative effects of the highly contagious Delta variant, the number of visitors to both national parks was the highest in the third quarter in history,” says the report. “This record visit was largely attributed to visitors’ preference for outdoor sightseeing during the COVID-19 outbreak, as well as pent-up demand for travel and vacation.”
Additionally, The Economic Summary reported that Wyoming’s total taxable revenue increased 1.5 percent to $ 5.3 billion for the third quarter of the year compared to 2020.
“This weak growth was mainly due to the reduced activities in wind power construction compared to the previous year,” the summary says. “Most economic sectors saw growth. The leisure and hospitality sector grew significantly (38.8 percent), thanks to the reopening of businesses and booming travel and tourism activities. The mining industry (including oil and gas exploration) also recorded 38, 4 percent a strong recovery, due to increasing sales of equipment, supplies, and services from energy exploration and production activities. Retail, the largest contributor to sales tax, increased 13.4 percent. “
To learn more about Wyoming’s economic analysis, you can read the full executive summary here.
Apparently TikTok hates Wyoming, check out these comments
A TikTok account called @One_Million_Dollars where they shared a short video of what a million dollar home would look like in any state. In their video about Wyoming, I couldn’t believe what people were saying about our amazing state.