Wyoming’s Economic Outlook for Third Quarter 2020

The Wyoming Economic Summary Report is now available for the third quarter of 2020.

The quarterly publication highlights the state’s economic conditions.

In a release from the State of Wyoming’s Department of Administration & Information, Dr. Wenlin Liu, Chief Economist with the state of Wyoming said, “the worst effect of the pandemic during the second quarter is over, but the recovery of Wyoming’s economy in the third quarter was not as fast as the U.S. average because of the drag from the nonexistent rebound of the state’s pivotal industry – mineral extraction.”

Liu said nearly 21,000 or 7.0% less payroll jobs were recorded in the third quarter than in 2019 with the biggest drops in leisure and hospitality services and the mineral extraction industry.

Wyoming’s taxable sales in the quarter fell 7.3% from 2019.

Sheridan County saw a 2.3% increase in taxable sales this quarter than the previous year, while Johnson County recorded a 16.2% drop in taxable sales than in 2019.

The report also said visitation to Yellowstone and Grand Teton National Parks were the highest recorded for the third quarter in history, thought to be because of travelers’ wish to be outdoors during the COVID-19 outbreak.

The state continues to see home values trending upward with an increase of 6% in the third quarter alone caused by high demand the over supply of housing.

More information can be obtained by following the link here:

http://eadiv.state.wy.us/wef/Economic_Summary3Q20.pdf