Wyoming's economy holds strong

LARAMIE, Wyo. - The recession that has gripped the country appears to have sailed over and around Wyoming.

Wyoming boasts an unemployment rate of 3.7 percent, which is the lowest in the country.

The high energy prices of the last few years are behind the state's resiliency, according to University of Wyoming economist Rob Godby.

"Revenues went through the roof and the state was sitting on a huge surplus," Godby said.

Wyoming directed a significant portion of that surplus to infrastructure projects.

"They're rebuilding and replacing old school infrastructure all over the state," Godby said.

Those projects have stretched into 2009 helping to keep people and their paychecks together.

The surplus also safeguarded government positions, which make up 25 percent of Wyoming jobs.

Recently, though, Wyoming began to show its vulnerability.

With energy prices down, there are questions surrounding the source of future revenue.

Plus, the unemployment rate, while relatively low, is still one percentage point higher than last year.

"What we're waiting to figure out is whether that's part of the national trend which is what it looks like it may have been," Godby said.

Godby is pinning his hopes on the stimulus package coming out of Washington.

He says money designated for construction projects could ensure future work.

"If we're lucky, that'll take us through the recession and out the other side," he said.