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Published September 02, 2022
A bulletin recently published by University of Wyoming 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 are 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, says co-author Anders Van Sandt, an assistant professor in the UW 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 says.
Residents may want to examine wage and salary fluctuations in their counties. 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, a community development specialist in the UW 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 says.
For a free downloadable copy of the new publication, visit www.bit.ly/wyo-personal-income.
Readers also are 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 www.bit.ly/wyolearn-community-development.
For more information, call Williams at (307) 766-3695 or email firstname.lastname@example.org.
About University of Wyoming Extension
Since 1914, UW Extension has provided lifelong learning opportunities to Wyoming citizens across the state. With roots in agricultural education, UW Extension supports rural communities facing contemporary challenges and changes. UW Extension brings the university’s resources to each of the state’s 23 counties and the Wind River Indian Reservation. To learn more about UW Extension, call (307) 766-5124 or visit www.uwyo.edu/uwe.