The Jackson Hole economy is not headed in the same direction as the state of Wyoming’s economy. While much of Wyoming is dependent on the energy sector and is struggling as a result of the decline in that sector Jackson’s economy, which is largely dependent on tourism, is benefiting from the lower energy prices as it decreases the cost for people to travel to the National Parks and the surrounding areas. Over the past year the Teton County’s sales tax revenue has increased by 4.1%. At the same time the Wyoming economy has had a decrease in sales tax revenue of 21.3%. Furthermore, Jackson businesses can look forward to a busy summer with bookings for lodging up 13% over the last year while the State of Wyoming economy looks dire with the continued decline in the energy sector, specifically in the coal sector. What this means for Jackson Hole investors and Business People: - Make hay while the sun shines. Business is good during boom times. - The cost to do business in Jackson will go up while the cost to do business in many other parts of the state should go down. Employees in Jackson will demand higher wages and rents will go up for both commercial and residential real estate. - Diversify. No economy is continually the best performer. Consider ways to decrease your exposure to any one economy. Track down Cody and Chad for more information on what the local and world economy mean for you. Cody and Chad are Financial Advisors for Wells Fargo Advisors in Jackson
. You can visit with them at 307-733-9155
or at the Well Fargo Advisors Office on Pearl Street, next to the Town Hall.
*Feature Image: h/t Buckrail / Pitchengine Communities*
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