According to a press release from the Wyoming Department of Administration and Information, Wyoming’s gross domestic product (GDP) declined 8.3% in 2020, while GDP declined 2.2% nationally.
“The coronavirus pandemic has devastated businesses and households due to government restrictions and reduced demand,” said Dr. Wenlin Liu, Chief Economist, Department of Economic Research.
Hawaii’s GDP declined the most at 9.7%, followed by Alaska with 8.7%, Wyoming with 8.3%, Oklahoma with 7.7% and Louisiana with 7.5%, while Idaho with 1.7% strongest grew.
“States that have reported the worst burglaries tend to be those that are heavily dependent on industries particularly hard hit by the COVID-19 virus – energy, leisure and hospitality,” Liu said.
In Wyoming, the mining industry suffered the sharpest decline of 25.7% and contributed nearly half of the total decline in GDP in the state in 2020, while lFood service and hospitality saw a 16.4% decrease and the manufacturing industry a 16.3% decrease.
Wyoming’s economy ranked second at $ 36.3 billion in 2020, surpassing only Vermont at $ 33.4 billion.
However, in 2021, Wyoming’s GDP has so far increased from $ 39.7 billion in the first quarter to $ 41.2 billion in the second quarter.
At the same time, unemployment has continued to decline, from a high of 8.5% in May 2020 to 5.1% in January 2021, up to 5.4% in May 2021 and is currently 4.1% (as of October 2021).
“As one of the most under-diversified economies in the country, the structure of Wyoming’s economy has changed dramatically in the past twelve years,” said Liu.
Of Wyoming’s 23 counties, 18 saw GDP decline between 2019 and 2020, with Sublette and Converse counties falling the fastest at 27.5% and 23%, respectively, while Natrona Counties fell 10.5%.
Only five counties with low energy production in their economies saw increases, led by Crook (3.4%), followed by Sheridan (2.1%), Albany (1.4%), Big Horn (1.1%) and Lincoln (0.5%). .
The five largest counties, Laramie, Natrona, Campbell, Sweetwater, and Teton, combined made up 60.8 percent of Wyoming’s total GDP in 2020.
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