Star Valley and Lincoln County continue to lead the state in growth as noted in a message to the Star Valley Chamber of Commerce during a February luncheon.

FIND THE FULL REPORT AT BOSV.COM –

Marcus Weber, President and CEO of the Bank of Star Valley, noted the local developments in an interview with SVI Media.

“Lincoln County and North Lincoln, in particular, is one of the strongest growing communities within all of the state of Wyoming,” he said. “So we’re very fortunate in that regard that we’re not fighting some of the depopulation problems found elsewhere. But we’re also having our own struggles and challenges.”

He noted the challenges with growth. “Affordable housing is probably the biggest one,” he said.  “So, real estate in Star Valley, if you’re a landowner, you’ve seen your house double in value since COVID.”

He continued, “The median sales price prior to COVID was about $300,000 in Star Valley and now we’re close to $600,000. If you’re an asset owner, that’s a great thing, right? But if you’re looking to buy a house or migrate here, it’s a tough market to get into. That is a challenge.”

Weber also noted the challenges with labor. “And, we’re also seeing a tough labor or a tight labor market,” he said
“So, our unemployment rate in Lincoln County is below [average], it’s a 2.5%; that’s a very…low rate, but it also brings its own challenges. There have been more listings for job opportunities, job openings, than there have been people available to fill them. So business owners have felt that challenge.

“In addition, if you’re gonna hire someone, it’s hard to find housing here. So that’s been really tough on businesses here in Star Valley. Yeah, and essentially the local government.”

He continued “So that’s been both a headwind for those trying to move here, but also kind of a tailwind to help keep the people who are here feeling good about the economy.”

Weber noted the effect of the Stock Market.

“If you look at the stocks today, we’re close to 50,000 on the Dow Jones industrial average. Again, you’ve seen people’s portfolios double since COVID, and those who have those assets, it feels really good. Those who don’t, it’s tough.”

With those developments, Weber further explained the challenges of a dual economy.  “We’re seeing almost two economies develop. Those who have the assets and are feeling really good about things, but also those who are struggling because they see prices at the grocery store continue to increase. They look at their rent payment that’s now more than the mortgage payment.”

To review the entire Bank of  Star Valley economic report, see bosv.com, Weber concluded, “We’d love for everyone to go and read it and be familiar with what’s going on here, and we’d love for Star Valley to continue to be a thriving, economic engine going forward.”