State economists have released data from the first quarter of 2017, and while the smaller picture may show declines in sales tax revenue and incomes, the big picture shows a decrease in unemployment, and a rebounding real estate market.
Not only have permits for new residential construction gone up across the state from this time last year, the U.S. housing market has met levels from before the housing bubble burst. Visits to major tourist destinations like Yellowstone and the Grand Tetons are down from last year’s 100th anniversary celebration of National Parks, but visits to the state are expected to jump dramatically this quarter due to the total solar eclipse sweeping across the state in August.
The biggest news out of the Department of Administration & Information’s analysis is that despite seeing a statewide average 2% drop on sales and use tax collections the first part of 2017, exploration in to new energy sources and production have led to a boost in the sale of equipment and services in mining, keeping Campbell County’s revenue drop in the single digits, while other counties saw a 15-35% drop in revenue. Overall, however, it is the smallest average decline in revenue in the past two years.
You can read the entire report by clicking here.