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Wyoming Insight report: sales and use tax collections continue to decrease

 

CHEYENNE (WNE) — Total sales and use tax collections in Wyoming year-over-year decreased once again, and mining collections continued to fall, according to the latest issue of Wyoming Insight, which serves as an energy index and business indicators report for the state.

Total sales and use tax collections in December summed to $73.9 million, $8.6 million (-10.4%) less than December last year. 

“Sales & use tax collections have declined year-over-year in seven of the last 10 months,” said Dylan Bainer, principal economist for Wyoming’s Economic Analysis Division, in a news release. 

Collections from the mining sector continue to see large declines, down 22.3% year-over-year. This is the fifth consecutive month that collections from the mining sector have declined by more than 20% year-over-year.

Meanwhile, natural gas prices have risen and oil prices are slightly above $70/bbl.

The December natural gas price at the Opal Hub averaged $2.76 per million British thermal units (MMBtu), $0.54 more than November. The Henry Hub natural gas price averaged $3.02/MMBtu in December, $0.92 more than November.

The West Texas Intermediate (WTI) monthly average price for crude oil was $70.12 per bbl. in December, 2.5% less than a year ago. 

Average active oil rigs were 12 in December, and the conventional gas rig count was four.

Total employment increased year-over-year.

Employment in Wyoming totaled 297,500 jobs in November 2024, 3,200 (+1.1%) more than November last year. 

“This is the highest total employment since 2015,” said Bainer. 

Private education and health added the most jobs, up 1,100 jobs year-over-year.

The December 2024 issue of the Wyoming Insight is available at the state of Wyoming’s Economic Analysis Division website, ai.wyo. gov/divisions/economic-analysis. 

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