The Wyoming Economic Analysis Division has released the March 2025 edition of its Wyoming Insight report, providing an overview of key economic indicators for the state.
The report includes updates on energy prices, sales tax collections, and employment data, offering a snapshot of Wyoming’s economic performance.
A key highlight from the report is the continued strength of natural gas prices. The Henry Hub monthly average price for natural gas was $4.13 per million British thermal units (MMBtu) in March, reflecting a slight decrease of $0.10 from February, but still up $2.64 from March 2024. Meanwhile, the Opal Hub natural gas price averaged $2.74/MMBtu, a decline of $0.69 compared to February but an increase of $1.27 from the same time last year.
Crude oil prices, on the other hand, saw a decline in March. The West Texas Intermediate (WTI) crude oil price averaged $68.24 per barrel, which marks a 4.6% decrease from February and a 16% decrease from March 2024. The number of active oil rigs in Wyoming increased slightly from last year, with 14 rigs in operation in March compared to 10 rigs in March 2024.
In terms of state revenue, total sales and use tax collections were down in March 2025. The state collected $62.3 million, a decrease of $2.7 million (or 4.1%) compared to March 2024. Mining collections, in particular, continued to show a downward trend, with a 27.4% drop year-over-year, marking the 11th consecutive month of declines. However, the utilities sector saw significant growth, with collections increasing by 51.9% year-over-year.
On the employment front, Wyoming’s job market saw positive growth. Total employment in the state reached 297,000 jobs in February 2025, an increase of 3,700 jobs (+1.3%) compared to February 2024. The construction sector led the way in job creation, adding 1,500 jobs, while the leisure and hospitality sector saw a gain of 1,000 jobs.
Dylan Bainer, Principal Economist for Wyoming’s Economic Analysis Division, commented on the data, noting that while employment continues to grow, the pace of growth is slowing. He also highlighted the decline in mining tax collections and the positive performance of the utilities sector as notable trends in the state’s economy.
The full Wyoming Insight report, which serves as an energy index and business indicators summary for the state, is available on the Economic Analysis Division’s website at ai.wyo.gov/divisions/economic-analysis.
Oil City News and Wyoming Tribune Eagle contributed to this report.
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