A bulletin recently published by UW Extension provides a valuable new resource for public officials, community planners, local business owners, and citizens interested in personal income trends in Wyoming.
Titled “Assessing 2001-2018 Total Personal Income and Its Components for the Rocky Mountain Region, Wyoming, and Its Counties,” the publication provides data-based insight into the strengths, opportunities, and challenges facing local economies. National and regional data is presented to provide context for state- and county-level trends.
Spanning nearly two decades, the study offers a detailed report on how previous economic shocks, such as the 2008 recession and swings in energy prices, affected personal income, notes co-author Anders Van Sandt, assistant professor in UW’s Department of Agricultural and Applied Economics.
“This is a big time for change, not only for families and businesses, but also for local government and community developers,” he comments.
Residents may wish to examine wage and salary fluctuations in their county. Local business owners may use the bulletin to better understand income and demand trends, while public officials may be interested in diving into income inequality and commuting patterns.
Building successful economic development programs depends on a thorough understanding of a community’s economy, says co-author Duane Williams, community development specialist in the Department of Agricultural and Applied Economics.
“This understanding moves beyond local perceptions by engaging in economic and demographic data analysis to help develop a picture of the community’s economic base, diversity and competitiveness,” he explains.
For a free downloadable copy of the new publication, visit bit.ly/wyo-personal-income.
Readers are also encouraged to explore related bulletins to gain a more complete understanding of Wyoming’s economy. These publications, available at www.wyoextension.org/publications, include “Measuring Wyoming’s Economic Diversity”; Evaluating Key Components of Employment Change”; and “Assessing Employment by Proportion, Earnings, Concentration, and Diversity.”
For those interested in applying data from the bulletins to their home communities, Williams recommends the free online UW Extension course “Clues to Successful Community Development,” found at bit.ly/wyolearn-community-development.
Please contact Duane Williams at williadd@uwyo.edu or (307) 766-3695 with questions.
