Wyoming’s economic performance generally surpassed projections in 2023, according to Wenlin Liu, Chief Economist with the Wyoming Department of Administration and Information’s Economic Analysis Division. Liu pointed out several bright spots, including a relatively low unemployment rate and diverse growth across different sectors, with particularly noticeable success in tourism.

However, Liu also acknowledged some concerns for the state’s economy. The unemployment rate experienced a slight uptick in November, although it remains lower than the national average. There was slower growth in retail and financial sectors, possibly an outcome of rising interest rates orchestrated by the Federal Reserve throughout the year. Liu predicts that high interest rates might somewhat dampen economic performance in 2024.

On the brighter side, Liu disagreed with assertions that COVID-19 would trigger a major recession, based on the stronger than expected economic growth observed in 2023. Liu noticed adequate rebounds in many employment sectors after the Covid-19 pandemic, even exceeding pre-pandemic levels.

However, all is not rosy for Wyoming as Liu pointed out declining taxable sales and the waning mining industry, particularly attributable to declining interest rates and the downturn in the state’s coal, oil and gas sectors.