Wyoming Income Ranking 7th In Nation
Wyoming's average personal income of just over $55,000 ranked seventh in the nation in 2015. Wyoming workers earned over $10,000 higher than the average in the region.
However, wages decreased by $37 million in the fourth quarter of 2015, compared to the third. According to the state's Economic Analysis Division, the construction sector has had the largest impact on income growth, while mining and farming have seen the biggest decline.
Economist Jim Robinson says despite recent downward trends in the energy industry, he expects things to stabilize.
"The current number is eleven rigs - maybe five for oil, six for gas. Compare that to a year ago, where we were in the low thirties for the two areas combined. So we've really slowed down a lot, and I don't think there's much more we can lose in the state," he says. "We probably aren't going to see too much more of a decline. So what we'll be seeing going forward probably is very small changes to that personal income just because the economy in Wyoming now has really slowed down quite a bit. There's really not much more room for the economy to slow down."
Robinson says over the past few years, Wyoming's income ranking has remained in the top ten, partially due to the state's small and stable population.