{"id":4749,"date":"2016-07-06T15:35:00","date_gmt":"2016-07-06T15:35:00","guid":{"rendered":"http:\/\/minutes.machine.market\/?p=4749"},"modified":"2016-07-06T15:35:00","modified_gmt":"2016-07-06T15:35:00","slug":"decline-in-mining-worst-in-wyoming-history","status":"publish","type":"post","link":"https:\/\/machine.market\/blog\/decline-in-mining-worst-in-wyoming-history\/","title":{"rendered":"Decline in mining worst in Wyoming history"},"content":{"rendered":"

Wyoming lost nearly 8,700 jobs from the first quarter of 2015 to the first quarter of 2016, according to a new report from the state\u2019s Economic Analysis Division.\u00a0Of those, about 5,500 were in the mining and logging industries, and another 1,370 were in the construction industry.<\/p>\n

Wenlin Liu, the chief economist for the state Economic Analysis Division, said the last time the state unemployment rate was higher than the country\u2019s was during the Great Recession.<\/p>\n

\u201cThe largest factor is the mineral extraction industry,\u201d he said.<\/p>\n

\u201cDue to the reduction in energy activities caused by the dramatic downturn of both oil and natural gas prices, sales of equipment, supplies and services, the mining sector experienced a year-over-year contraction of 55.1 percent for the first quarter of 2016,\u201d the report said.<\/p>\n

The report went on to say the decline is \u201cthe steepest drop ever in Wyoming\u2019s history.\u201d\u00a0The contraction in mineral extraction translates into dramatic drops in sales tax collections.<\/p>\n

Total taxable sales declined statewide by 24.5 percent from the first quarter of 2015 to the same period in 2016.<\/p>\n

About a fifth of sales tax collections are from the minerals extraction industry, and counties most dependent on that industry had the worst declines.<\/p>\n

The report said the $110 million in mineral severance taxes generated in the first quarter of 2016 was the lowest amount since the fourth quarter of 2002.<\/p>\n

Personal income in Wyoming dropped 1.2 percent, while personal income nationwide increased 4.4 percent.<\/p>\n

Permits for single-family home construction were down 17 percent in the first quarter of 2016 compared to the same period in 2015, but permits for multi-family housing doubled.<\/p>\n

Liu said rising oil and gas prices, although slow, point toward an improvement in the economy sometime in the future.<\/p>\n

\u201cThe worst is either behind us or approaching,\u201d he said.<\/p>\n

By Matt Murphy, Wyoming Tribune Eagle<\/strong><\/p>\n

\u00a0 Online extra<\/strong>
\nTo see a copy of the Economic Analysis Division\u2019s \u201cEconomic Summary: 1Q 2016\u201d report, read this story online at WyomingNews.com<\/a>.<\/p>\n

By the numbers<\/strong>
\nDuring the period from the first quarter of 2015 to the first quarter of 2016:<\/p>\n

*\u00a0 8,680 total jobs were lost in Wyoming.<\/p>\n

*\u00a0 5,490 of those jobs were in the mining and logging industries.<\/p>\n

*\u00a0 State taxable sales dropped 24.5 percent statewide.<\/p>\n

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Wyoming lost nearly 8,700 jobs from the first quarter of 2015 to the first quarter of 2016, according to a new report from the state\u2019s Economic Analysis Division.\u00a0Of those, about 5,500 were in the mining and logging industries, and another 1,370 were in the construction industry. Wenlin Liu, the chief economist for the state Economic […]<\/p>\n","protected":false},"author":1,"featured_media":4751,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":""},"categories":[4,9,12],"tags":[1070],"yoast_head":"\nDecline in mining worst in Wyoming history - MachineMarket Blog<\/title>\n<meta name=\"robots\" content=\"index, follow\" \/>\n<meta name=\"googlebot\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<meta name=\"bingbot\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cranemarket.com\/blog\/decline-in-mining-worst-in-wyoming-history\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Decline in mining worst in Wyoming history - MachineMarket Blog\" \/>\n<meta property=\"og:description\" content=\"Wyoming lost nearly 8,700 jobs from the first quarter of 2015 to the first quarter of 2016, according to a new report from the state\u2019s Economic Analysis Division.\u00a0Of those, about 5,500 were in the mining and logging industries, and another 1,370 were in the construction industry. 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