GILLETTE, Wyo. — Wyoming’s economy in December 2024 showed a mixed performance, according to the latest report from the Wyoming Economic Analysis Division.
Natural gas prices rose significantly, while oil prices saw a slight decrease compared to the previous year. Sales and use tax collections were down, with the mining sector continuing its decline. However, total employment reached its highest point since 2015, driven by growth in the education and health sectors.
Energy market update
The natural gas price at the Opal Hub averaged $2.76 per million British thermal units in December 2024, a $0.54 increase from the previous month.
The Henry Hub natural gas price also saw a significant jump, reaching $3.02/MMBtu, $0.92 higher than the previous month.
The West Texas Intermediate crude oil price averaged $70.12 per barrel in December, a 2.5% decrease compared to the previous year.
The average number of active oil rigs in December was 12, with a conventional gas rig count of four.
Sales and use tax collections decline
Total sales and use tax collections for December 2024 amounted to $73.9 million, marking an $8.6 million, or 10.4%, decrease from December 2023.
“Sales & use tax collections have declined year-over-year in seven of the last ten months,” said Dylan Bainer, principal economist for the Wyoming Economic Analysis Division.
Thirteen of the 23 counties saw year-over-year decreases in collections. Albany County experienced the largest decrease, down 67.9%, while Platte County saw the largest increase, up 28.1%. Campbell County was down 5.4%.
The mining sector experienced a significant decline in collections, down 22.3% year-over-year, marking the fifth consecutive month with a decrease of more than 20% year-over-year, the report states.
Employment trends
Wyoming’s total employment reached 297,500 jobs in November 2024, a 3,200, or 1.1%, increase from November 2023. This is the highest total employment since 2015.
The private education and health sectors added the most jobs, with an increase of 1,100 jobs year-over-year.
Overall assessment
Wyoming’s economy in December 2024 presents a mixed picture. While the energy sector shows signs of recovery with rising natural gas prices, the continued decline in mining sector collections and the year-over-year decrease in total sales and use tax collections raise concerns. However, the positive growth in total employment offers a promising outlook for the state’s economy.
The report is attached below: