Casper's economic health improves with rising real estate prices and additional jobs

CASPER, Wyoming – Three of the four key metrics of Casper’s overall economic health have increased since last year, state economic analysts say.

The State of Wyoming's Division of Economic Analysis released its economic indicators reports for Casper, Cheyenne and the entire state on Wednesday, concluding that Casper's overall economic health continues to improve, albeit at a slowing pace.

Although the unemployment rate in Natrona County increased from 3.0% to 3.3% from June 2023 to June 2024, the total number of nonfarm jobs increased by 500 during the same period.

“This could be because there is a larger labor force and more people looking for work,” said Dylan Bainer, the department's chief economist. The unemployment rate only takes into account those who are actively looking for work and have been looking for less than four years, according to the U.S. Bureau of Labor Statistics formula.

Other metrics of Casper's economic health include sales tax revenue and single-family home values. Natrona County's revenue from the 4% sales and use tax was $9.6 million in June 2024, up 4.3% from June of last year, the report said.

The average home value in Natrona County increased 5.3% in June 2024 compared to June 2023.

These four metrics represent Casper's overall health index, which rose from 105.5 in June 2023 to 105.8 in June 2024, the report said. The last time this index was below the baseline was during the 2020 COVID-19 pandemic, and it has been above the baseline since early 2021.

The index reflects a similar review of state metrics, which rose from 107.3 in June 2023 to 107.6 in June 2024. That report also tracks unemployment rates and the number of nonfarm jobs in the state, but focuses on sales and use taxes collected in the mining sector and lodging tax revenues, which serve as an indicator of the tourism economy, according to the state.

Wyoming's mining sales and use tax revenues decreased 16.3% in June 2024 compared to the same period in 2023, with the state collecting $8.7 million. In contrast, lodging tax revenues increased 30.5%, totaling $6.0 million for the month.

The full status report can be found below.

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