Boom or bust Wyoming’s healthcare and public administration are safer industries
Here’s a bit of obvious for you: “The mining industry plays a large role in the health of Wyoming’s economy and contributes greatly to the expanding and contracting economic cycles.” This according to Wyoming’s Research and Planning (R&P) division that recently published numbers showing that no mining equals fewer jobs across all industries:
What you’re also seeing in this graph is that “The most recent downturn had a greater impact on Wyoming [mining, manufacturing and construction jobs] and has lasted longer than the previous downturn,” according to R&P.
“The state’s previous downturn coincided with the national Great Recession. The housing bust during the Great Recession may have added to construction and manufacturing entering the downturn earlier than mining. These two industries also lagged behind natural resources & mining in recovering from the previous downturn.”
But, here’s where it gets a bit more interesting
Not all industries are impacted equally, and some even thrive. You’re already chomping at the bit to shout out “Tourism!” Yes, but over those same bust cycles healthcare and public sector jobs (e.g., State Government) have held their own as well. Let’s look at their job changes during the same period:
“Health care & social assistance and public administration remained stable and even experienced some job growth during the previous downturn, which could be related to spouses of displaced workers returning to the workforce in order to provide financially for the family.”