A new publication from the University of Wyoming Extension offers a valuable resource for Wyoming business owners, elected officials, community planners, and residents interested in understanding local and regional sales trends.
“Retail sales can be an important part of a community’s economy,” says author Duane Williams, a UW Extension community development specialist. “Retail activities can attract new dollars to flow into a community or be a source of dollars leaking out of the local economy.”
Titled “Assessing 2001–2018 Total Retail Sales and Its Components for the Rocky Mountain Region, Wyoming, and Its Counties,” the new publication is designed to help communities pinpoint the types of retail sales that have historically driven their economies and identify potential areas for growth.
The report details annual changes in total retail sales in each county as well as sales per capita and the relative percentage of sales associated with different categories of retail establishments, including gas stations, motor vehicle and parts dealers, and food and beverage stores.
Business owners navigating today’s economic uncertainty may find it useful to track historical patterns in retail sales and the impact of events like the 2008 recession or fluctuations in fuel prices.
The study also shows that in many geographic units, sales tax has become an important revenue source for local governments. “A more complete understanding of retail sales activities could aid in a community’s successful management of this public revenue stream,” Williams notes.
To download a free copy of the publication, visit bit.ly/wyo-retail-sales.
Readers are encouraged to explore related publications, including a recent analysis of personal income in Wyoming, at www.wyoextension.org/publications.
Williams also recommends the free online UW Extension course “Clues to Successful Community Development,” found at bit.ly/wyolearn-community-development.