Casper economy shows strength despite state slowdown

CASPER, Wyo. — The Casper Economic Health Index continued its positive growth trend in September 2024, reaching 106.2, a notable increase from 105.5 recorded in September 2023. This marks the sixth consecutive month where the CaEHI has shown year-over-year growth.

However, the unemployment rate in Natrona County for September 2024 was 2.9%, slightly higher than the 2.6% recorded in September 2023.

Despite the rise in unemployment, other economic indicators showed positive trends. Total non-farm payroll jobs in Natrona County reached 40,800 in September 2024, a 1.2% increase from the previous year.

Sales and use tax collections for September 2024 amounted to $10.3 million, a jump of 7.6% compared to September 2023.

The average home value in Natrona County also showed positive growth, increasing by 4.6% year-over-year in September 2024.

In contrast, the broader Wyoming Economic Health Index experienced its first year-over-year decline since April 2021, suggesting a potential slowdown in the state’s economy. The WEHI, which considers overall labor market activity and economic activity related to mineral production and tourism, reported an index value of 106.5 in September 2024, slightly lower than the September 2023 value of 106.7.

Despite the slight decline, Wyoming’s unemployment rate remains lower than the national average, at 3.1% compared to 4.1% in September 2024. However, this is the first time the state’s unemployment rate has been above 3.0% since February 2023.

Total non-farm payroll jobs in Wyoming increased by 2,900 year-over-year, reaching 294,800 in September 2024.

The mining sector experienced a significant decrease in sales and use tax collections, down 30.1% year-over-year. Conversely, the lodging sector saw a 23.7% increase in sales and use tax collections, indicating growth in tourism activity.

The reports are attached below:

NOTE: AI tools assisted in the publication of this report.