Economic Summary Report for second quarter of 2024 released

CHEYENNE (WNE) — The new edition of the Wyoming Economic Summary Report, which highlights the state’s economic indicators for the second quarter of 2024, shows an increase in jobs and, at the same time, an increase in the unemployment rate.   

Overall, Wyoming recorded approximately 3,400 or 1.1% more payroll jobs in the second quarter of 2024 compared to the prior year. Employment increased in most sectors, led by construction which grew 3.4% annually in the second quarter. 

Jobs in government (including public education and public hospitals) and leisure and hospitality increased 1.7%, respectively. 

The state’s unemployment rate also increased slightly to 2.9%, which was still among the lowest since the second quarter of 2008, and was much lower than the U.S. rate of 4.0 percent.

“Although there was a moderate contraction in oil and gas drilling in Wyoming, the state’s labor market and economy continued to progress in the second quarter of 2024, albeit at a slower rate compared to 2023,” said Wenlin Liu, chief economist with Wyoming Division of Economic Analysis.

Total taxable sales decreased 2.3 percent in the second quarter of 2024 compared to the prior year, and it was the first decline since the first quarter of 2021.

Mineral severance taxes generated in the second quarter was at a similar level to a year ago (1.6%). Benefited by a higher interest rate environment, the state’s investment income distributed to the state general fund in the second quarter was more than double the amount from a year earlier.

Wyoming’s single-family home prices continue to trend upward (5.5%) in the second quarter compared to a year ago, while the U.S.’s appreciation decelerated to 5.7%.

The economic summary report can be downloaded at eadiv.state.wy.us/wef/Economic_ Summary2Q24.pdf.

This story was published on September 28, 2024.