More

    Taxable sales down in Fremont County; state has 10,000 fewer jobs compared to 2019

    Taxable sales fell almost 2 percent in Fremont County during the last quarter of 2021, according to a report from Wyoming’s Economic Analysis Division.

    Only three other counties in the state showed decreases, and those were more drastic: 26.5 percent in Converse County, 30.7 percent in Weston County and 44.6 percent in Carbon County.

    The rest of the state saw increases in taxable sales, which rose by 11.7 percent statewide compared to the prior year.

    “This strong performance was mostly attributed to continued expansions in retail sales, leisure and hospitality services, and the moderate rebound in mining,” Wyoming Division of Economic Analysis chief economist Wenlin Liu said.

    The mining industry is still down by 44 percent compared to pre-COVID levels, but it saw a “strong rebound” of 51.6 percent this year “due to increasing sales of equipment, supplies and services from energy exploration and production activities,” Liu said.

    “Mineral severance taxes generated in the fourth quarter were substantially (68.6 percent) higher than a year ago – the largest amount since the third quarter of 2014,” Liu said. “The petroleum prices in the fourth quarter of 2021 were the highest since the fourth quarter of 2013, while natural gas prices were the highest since the fourth quarter of 2008.”      

    Leisure and hospitality services have expanded, too, by about 20 percent since 2019, Liu said, and they grew “substantially” last year (by 26 percent) “thanks to the decline in COVID cases and booming travel and tourism activities.”

    The retail trade – “the largest in terms of sales tax contribution” – is up by 20 percent since 2019 as well, and it grew by almost 17 percent last year, Liu said.

    Employment

    Growth translates into more jobs: Liu said Wyoming recorded 7,000 more payroll jobs in the fourth quarter of 2021 compared to the prior year.

    Leisure and hospitality led that increase, mainly in the restaurant and lodging industries, with 3,100 more jobs – an uptick of almost 10 percent.

    In the mining industry, by contrast, employment only increased by 3 percent last year “due to the slow rebound in drilling activities,” Liu said.

    The mining industry has lost 5,600 jobs since 2019, for a 27 percent decrease in employment. Those numbers have “dragged down” the statewide employment total, which remains 10,000 lower than pre-pandemic levels.

    ‘Red-hot’ housing market

    Statewide single-family home prices rose by almost 16 percent in the fourth quarter of 2021 – even more than in the third quarter of the year, Liu said.

    During the same timeframe, building permits for new single-family homes went up by more than 2 percent.

    “Demographics support the demand, as younger millennials enter the market in droves, while older millennials look to upgrade and upsize their homes,” Liu said. “However, the red-hot housing market might slow down in 2022 because housing supply is expected to catch up with demand to some extent.”

    Reduced affordability and a federal rate hike will also contribute to a “cool-down” in housing demand, he said.

    Related Posts

    Have a news tip or an awesome photo to share?