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Wyoming’s Economy Shows Slow and Steady Growth

Oil Rig
Andrew Burton/Getty Images

The March 2014 issue of the Wyoming Insight is now available, and according to Jim Robinson, principal economist for the state’s Economic Analysis Division,“indicators point to slow growth.”  Robinson says the highlights from this month’s issue include:

  1. After the Opal Hub price rose to an average of $7.48 per thousand cubic feet (mcf) in February, natural gas prices started to moderate in March, establishing a new average of $4.97 per mcf for the month (through the 25th). By comparison, the March 2013 price came in at $3.72 per mcf. Applications for permit to drill for oil have been increasing recently indicating the possibility for additional drilling in the months ahead. The number of oil and gas jobs in February fell by 300  to 17,000, but still 200 more jobs than in February 2013.
  2. Through the first eight months of fiscal 2014, sales and use tax collections were $32.9 million (+6.8%) better than last year through the end of February. Leading the way in collections were Laramie County (+$8.1 million) and Campbell County (+$7.1 million). The majority of the remaining counties were showing minimal changes in collections compared to a year ago.
  3. Wyoming added 3,300 jobs in February compared to a year ago, increasing at a rate of 1.1 percent. Private sector growth showed a gain of 3,300 jobs or 2.0 percent. The goods-producing industries in the state had a loss of 800 jobs while service-providing jobs increased by 4,100. Both are year-over-year comparisons.

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