Wyoming’s Economy Takes A Hit With A Surprising Tax Revenue Drop

The boom had to slow sometime.

For three straight years, Wyoming’s tax revenues raced ahead — fueled by bustling construction, energy recovery, and a post-pandemic rush of consumer and tourism spending. But in Fiscal Year 2025, the state’s economic engine finally downshifted.

According to the Wyoming Economic Analysis Division, total sales and use tax collections reached $1.3 billion, marking a 2.2% decline from the previous year — the first dip since 2021.

“This moderate decline is mostly the result of reduced purchases from mineral extraction businesses,” explained Dr. Wenlin Liu, the state’s Chief Economist. “Efficiency gains in those operations, and weaker consumer consumption overall, also played a role.”

In Wyoming, the story almost always starts with minerals. The state’s defini