Good And Bad News On State Economy

The latest state quarterly report on the Wyoming economy is a mixed picture, according to state economist Jim Robinson.

He says it's no surprise that job growth in the state has been scant, given the effect low energy prices have been having on Wyoming's economy. Only 200 nonfarm jobs were added in May, a growth rate of 0.1%.

Even in the energy industry there is a mixture of good and bad news. Negatives include a decline of 3,700 oil and gas jobs in April of this year compared to a year ago, and the rig count for the state was only 10 in June of this year compared to 31 in June 2014.

But permits to drill for oil the year to date were up by almost 85% through June of this year compared to the same time in 2014. And Wyoming  crude oil production was actually up by 28.5% through April 2015 compared to the same time in 2014, while natural gas production was about even, according to Robinson.

But coal production as down by 7.6% through May 2015 compared to the same time last year.

Robinson also says the even though the overall economy isn't creating many jobs, there is good news in that new unemployment claims are trending downward.

The latest report on state severance taxes--collected on minerals, oil, gas and coal--was down by 7.9 % through May for fiscal year 2015, which ran from July 2014 through June 2015 (the final numbers aren't yet available).

Overall personal income growth for the first quarter of 2015 in Wyoming was up, but only by 0.4%.

Robinson says overall strong tourism and housing permit numbers are helpful to the economy, even though the all-important energy sector remains a concern.