State economic analysis shows some boosts from wind development, oil prices; mining still suffering By Greg Hirst on February 9, 2021
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CASPER, Wyo Indicators from Wyoming’s Economic Analysis Division released Monday confirm that mining has been by far the hardest hit sector of the state’s economy in the past year.
January’s Wyoming Insight report, which tracks energy index and business indicators in the state, shows an overall improvement from December, with wind farm activity boosting collections and crude oil prices having its best showing in 11 months.
January sales & use tax collections from the mining sector were down $5.6 million (-54.0%) compared to January last year, said Dylan Bainer, the division’s principal economist. The industry also lost 5,900 jobs year-over-year in January.
CASPER â For Wyomingâs miner, the COVID-19 pandemic has been brutal.
A new report by Wyomingâs Economic Analysis Division this week shows the mining sector lost more jobs than any other last year â 6,000 as of November 2020 â a staggering 29% decline from a year ago.
The mining sector encompasses a wide variety of jobs involved in the extraction of oil, gas, coal, trona, uranium, copper and more, Dylan Bainer, the stateâs principal economist, said.
The collapse in energy markets worldwide incited by the pandemic led many mineral producers to dramatically scale back production, shut down wells and hope for better times.
Wyoming s mining industry still suffers as economy slowly recovers, new report shows fairfieldsuntimes.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from fairfieldsuntimes.com Daily Mail and Mail on Sunday newspapers.