The University of Wyoming Extension Office reports that a bulletin recently released by the office provides a valuable new resource for government officials, community planners, local business owners and citizens interested in personal income trends. in Wyoming.
Entitled “Assessment of Total Personal Income 2001-2018 and Its Components for the Rocky Mountain Region, Wyoming and its Countiesthe publication provides a data-driven overview of the strengths, opportunities and challenges facing local economies. National and regional data are presented to provide context to state and county level trends.
The study spans nearly two decades and offers a detailed report on how previous economic shocks, such as the 2008 recession and fluctuating energy prices, have affected personal income, according to the co -author Anders Van Sandt, assistant professor in the UW Department of Agriculture and Agriculture. Applied Economy.
“This is a great moment of change, not only for families and businesses, but also for local government and community developers,” he said.
The UW Extension Office notes that residents may wish to examine fluctuations in wages and salaries in their county. Local business owners can use the newsletter to better understand revenue and demand trends, while government officials may be interested in delving into income inequality and commuting patterns.
Building successful economic development programs depends on a thorough understanding of a community’s economy, said co-author Duane Williams, community development specialist in the Department of Agricultural and Applied Economics.
“This understanding goes beyond local perceptions by engaging in the analysis of economic and demographic data to help paint a picture of the economic base, diversity and competitiveness of the community,” explains- he.
For a free downloadable copy of the new publication, click here.
Readers are also encouraged to explore related newsletters to gain a more complete understanding of Wyoming’s economy. These publications, available by clicking here, include “Measuring Wyoming’s Economic Diversity”; Assess the key components of employment evolution”; and “Job Rating by Proportion, Earnings, Concentration and Diversity.”
For those who want to apply data from bulletins to their home communities, Williams recommends the free online UW Extension course.”Clues to Successful Community Development», to discover by clicking here.
Contact Duane Williams at [email protected] or (307) 766-3695 with questions.