Wyoming’s Economy Continues to See Moderate Growth
The June 2014 MACRO Report economic indicators suggest moderate growth for the state, with energy and construction continue to be key the drivers.
JIm Robinson principal economist with the state’s Economic Analysis Divsion reports the following indicators:
1. Employment – Five months of year-over-year moderate job growth in 2014; retail trade and construction created most of the new jobs in May; 22 of 23 counties saw improved jobless rates in May; WY rate at 3.9% vs. U.S. rate of 6.1%.
2. Energy – Oil & gas jobs stable at 17,100 in May; rig counts improved in June. Opal natural gas price for June averaged a $0.92 per mcf higher than a year ago; WY coal production pace for 2014 running 3.2% ahead of 2013 after five months; Powder River spot prices remain near $13.00 per ton in June, a $2.50 per ton improvement over last year.
3. Revenues – State sees strong growth in final FY 2014 sales and use tax collections at 8.9% ahead of last year; 21 out of 23 counties reported gains. After 11 months, severance tax revenues outpaced last year by $123.3 million.
4. Enplanements, house price appreciation, personal income, park visits – Air travel in the state up by 2.9% but only Jackson, Cody, and Laramie showing year-over-year gains; Wyoming and the region demonstrated strong growth in house prices for Q1-2014; personal income growth continued for the state in Q1-2014 but was restrained by farming and construction industries. National Park visits ahead of last year’s pace by 0.9%.