Wyoming’s personal income increased at an annualized rate of 5.0 percent (compared to Q4 of 2017) for the first quarter of 2018. Based on estimates released by the U.S. Bureau of Economic Analysis (BEA) on June 21, 2018, personal income for the Rocky Mountain region, which includes Wyoming along with Colorado, Idaho, Montana, and Utah, also grew at a pace of 5.1 percent exceeding the U.S. growth rate of 4.3 percent. Utah’s first quarter growth of 6.0 percent led the region followed by Colorado, Montana, Wyoming, and Idaho. Personal income is defined as income received by all persons from all sources consisting of (1) net earnings (wages and salaries), (2) property income (including dividends, interest, and rental income), and (3) government transfer payments (including Social Security benefits, Medicare and Medicaid benefits, and unemployment insurance compensation).
The BEA noted that first quarter personal income grew in all fifty states with Washington leading the way with an increase of 7.4 percent while Idaho experienced the least amount of growth with a rate of 2.0 percent compared to the previous quarter. Wyoming’s total personal income increased by $408 million in the first quarter of 2018 compared to the fourth quarter of 2017 with net earnings accounting for most of the gain with an increase of $303 million while property income and transfer payments added $68 million and $37 million, respectively.
Jim Robinson, principal economist for the state’s Economic Analysis Division, commented, “The state saw growth in 22 of the 24 BEA-defined industries in the first quarter of 2018 with the mining sector, which includes oil and gas activities, having the largest impact on private earnings growth (+$102 million, +1.2%) followed by the farm sector (+$52 million, +0.6%).” Of the two industries that had a negative contribution to earnings, the state & local government sector incurred the largest decrease. “State & local government contributions fell by $14 million (-0.17%) compared to the fourth quarter of 2017. The other services sector recorded the second largest decline where earnings contributions fell by $1 million (-0.01%),” added Robinson.