Economic Indicators for the Laramie Area

Transcription

1 Economic Indicators for the Laramie Area ANNUAL TRENDS Wyoming Center for Business & Economic Analysis, Inc. Volume X, Number 1 March, 2012

2 Economic Indicators for the Laramie Area Annual Trends Edition Wyoming Center for Business & Economic Analysis, Inc Carey Ave., Suite 520, Cheyenne WY Volume X, Number 1 March, 2012

3 Communications Data Center Phone: (307) Data Center FAX: (307) Editor Mailing Address: Wyoming Center for Business & Economic Analysis, Inc Carey Ave., Suite 520 Cheyenne, WY Editor...R.T. O Gara Research Assistance...Cindy Branch Typography...Stacy Shultz-Bisset The articles appearing in this publication represent the opinions of the authors and do not necessarily reflect the views of the various funding organizations. Duplication or quotation of material in this publication is welcomed, but it is requested that the Center be credited.

4 TABLE OF CONTENTS 2011 In Review... 1 BUSINESS TRENDS... 2 Laramie/Albany County Profile Albany County Retail Sales by Sub-Sectors... 6 Albany County Sales and Use Tax Receipts, Figure 1 - Total Tax Receipts, Selected Albany County Sales and Use Tax Distributions, Growth Rates Albany County, Figure 2 - Growth Rates: Population v. Employment City of Laramie Electric Power Hookups, City of Laramie Natural Gas Hookups, Albany County Auto Registrations, Albany County Enplanements EMPLOYMENT TRENDS Labor Force Averages Figure 3 - Unemployment Rate Albany County Employment BEA Albany County Covered Employment Albany County Employers Albany County Proprietors BEA Figure 4 - Non Farm Proprietors Share of Total BEA Jobs Figure 5 - Total Non Farm Proprietors Income as a Share of Total Personal Income Figure 6 - Avg. Proprietor Income v. Avg. Real Annual Wages ( ) Firms by Size and Industry WAGES, EARNINGS & INCOME TRENDS Incomes and Average Wages Figure 7 - Real Avg. Wages v. Real Avg. Proprietor Income ( ) Figure 8 - Average Wage and Average Compensation Albany County Average Annual Earned Income Per Capita Personal Income Figure 9 - Per Capita Personal Income Personal Income and Earnings By Industry Figure 10 - Personal Income Albany County, Wyoming and U.S Figure 11 - Passive Income s Share of Total Personal Income Albany County Total Payroll Average Annual Pay By States DEMOGRAPHIC TRENDS Census Detail Population Estimates and Annual Growth Figure 12 - Population Estimates Population Profiles Population By Race and Ethnic Groups Population By Age and Gender Migration and Commuters Figure 13 - Commuting Flows Figure 14 - Net Residential Adjustment Commuter Income Flows Education Profiles Public and Private School Enrollment Figure 15 - Total Enrollment HOUSING TRENDS Average Residential Sales Price Housing Rental Rates Housing Profile Albany County Housing Profile City of Laramie Figure 16 - City of Laramie Residential Housing Building Permits City of Laramie Residential Construction Activity Historic Housing Occupancy Vacancy Rates DEVELOPMENT TRENDS Private Sector Commercial Construction Activity Figure 17 - Residential and Commercial Construction Valuation Major Property Tax Districts Figure 18 - Major Property Tax Districts... 66

5 PREFACE The goal of this Annual Trends edition is to provide users with an analysis of the long-term performance of both Albany County economy and the City of Laramie s economic system. The report presents the latest available federal, state and local agency statistics dealing with economic and demographic growth patterns. Business and government planning requires a realistic assessment of past trends of the existing economy and realistic assumptions about the future. The indicators and statistics contained in this report can be used as a relative measure of future economic activity for both entities. The statistics contained in this publication are reported on an annual basis. Data in the September edition of the Indicators are, in contrast, reported on a monthly basis. In addition, this edition presents a number of data sets not found in the other report. These additional sets are not appropriate as quarterly indicators because of their lack of timeliness, i.e., they are one year or more behind or they are not made available monthly. The Data Center welcomes all comments and suggestions and would encourage users to contact us. Please see the Table of Contents for communication contacts.

6 Economic Indicators 2011 In Review So how did the greater Laramie area economy perform in 2011? It s a pretty straight forward question and our wish for a straightforward answer was not to be, because the data did not fully cooperate. Our general conclusion was growth returned to most sectors of the local economy in 2011, but its rate was too low in most instances and that pre-recession levels have not been achieved, especially in the labor market. Below is a more detailed assessment. Two prime economic indicators moved positively in 2011 but the rates of increase were not as rapid as desired. First, employment or new job creation was positive. The Wyoming Department of Workforce Services reported that employment grew by 0.84 percent in 2011 which translated into a gain of 154 employed persons. Average employment in 2011 was 18,573 as compared to 18,419 in Second was retail sales which increased at a rate of 3.6 percent last year which was certainly better than the 2.4 percent decline posted in In actual dollars, this indicator rose 11 million dollars in Estimated retail sales, which are lower than actual sales, were million dollars in Grocery store food sales and governmental sales are not subject to sales taxes and thus total retail sales are understated. (See Table 1.1 for details). The positive turnaround in retail sales implied two things: First, that personal income continued to increase in 2011 (income statistics for 2011 are not yet available), and second, consumers were more optimistic about their overall economic and financial condition A third prime indicator, new residential construction, sent mixed signals. Construction of new single-family homes fell marginally from 2010 which was disappointing. The number of such new units dropped by 8 in 2011 or by 6.2 percent, but still totaled 121 units which was well above 2009 s total of 96. On the positive side was new multi-family construction which saw construction of 318 units last year. This was an increase of 783 percent over 2010 s total of 36 units. The question that cannot be answered regarding the surge in new multi-family construction is whether it represented a response to growth in demand for multifamily housing or was it a replacement demand response which seemed more probable? Another prime indicator, commercial and industrial construction, did not fare well in The dollar value of new commercial construction fell by 33 million dollars or 76 percent from When new construction dollars were combined with remodeling activities, the final result was no better. The combined total decreased by 73 percent or 100 million dollars. Table 6.0 provides details. Similar to the prime indicators discussed above, secondary indicators also provided a conflicted picture of the local economy s performance in One of the best performing secondary indicators was help-wanted advertisements, which are not presented in this publication, but are mentioned here because they increased 21 percent last year which suggested that hiring picked up as 2011 progressed. Its performance in 4 th quarter 2011 was 9 percent ahead of 4 th quarter 2010, and thus there should be continued job growth in The number of unemployed workers also decreased last year which was an additional positive. The unemployment rate averaged 4.5 percent in 2011 as compared to 4.9 percent in The number of unemployed workers fell from an average of 951 per month in 2010 to 869 per month in Auto registrations also increased in 2011, up 3.3 percent from 2010, but this rate of increase was well behind 2010 s increase of 7.8 percent. In the following five sections of this report, additional details about Albany County s economic performance during 2011 will be provided along with some insights as to how it might perform in Economic Indicators Page 1

7 Business Trends The Business Trends section contains core data sets for measuring overall economic growth in Albany County and the City of Laramie. Table 1.4 provides 10 historical economic and demographic series along with 5-year and 10-year rates of growth. Job growth rates were computed using Wyoming Department of Workforce Services (DWS), formerly the Department of Employment, statistics in Table 1.4. As presented, the 5-year growth rate was 0.24 percent and the 10-year rate was 0.41 percent. Both were anemic rates of increase which suggested long-term economic stagnation. However, the Bureau of Economic Analysis (BEA) which is an arm of the U.S. Department of Commerce, estimates job growth also, and its 5-year growth rate of 1.2 percent was considerably more robust than the DWS rate of 0.24 percent. The problem with the BEA rate was that it stopped at year Their 10-year was 0.62 percent which was more in line the DWS rates. Ideally, the greater Laramie economic system should see job growth at consistent rates of 1.5 percent and above. There are four data series in Table 1.4 that measured growth in local area income and wages. All four posted positive growth through 2009 for this critical measure of economic wellbeing and indicated that local residents saw gains in their incomes and wages that consistently outpaced the corrosive effects of inflation over recent years. This income growth, of course, contradicts the stagnation scenario implied by the very low job growth rates mentioned immediately above. Our frustration is that there were no income statistics for years 2010 and 2011, and thus, there is no assurance this past growth has continued into the present even though we feel it has. Figure 2 presents the relationship between changes in population and employment growth rates. The traditional relationship between these two series calls for population to increase as employment increases SECTION 1 BUSINESS TRENDS Table 1.0 Laramie/Albany County Profile Albany County Retail Sales by Sub-Sectors Albany County Sales and Use Tax Receipts, Figure 1 - Total Tax Receipts, Selected Albany County Sales and Use Tax Distributions, Growth Rates Albany County, Figure 2 - Growth: Population v. Employment 1.5 City of Laramie Electric Power Hookups, City of Laramie Natural Gas Hookups, Albany County Auto Registrations, Albany County Enplanements and vice versa. As employment growth decreases, population growth should also decrease. As can been seen from the graph, this relationship generally held true during the 1990 s but then became much more erratic over the past decade. Last year we had hoped that once the annual population estimates between 2000 and 2010 were smoothed to reflect the 2010 Census, the traditional relationship between the two series would be restored. However, population growth handily exceeded job growth from 2007 to This contradictory behavior was due to the fact that the Census Bureau revised its population estimates upwards over this period to better reflect the resident University population. Historically, the Bureau had under estimated the University population. Table 1.1 presents local retail sales by sub-sectors. As mentioned earlier, retail sales increased 3.6 percent last year. Growth in General Merchandise sales accounted for the majority of this increase. This sub-sector registered a 14.2 percent increase in 2011 or a rise in sales of more than 5 million dollars. Total retail sales rose 11 million dollars over 2010 and thus the General Merchandise sales increase accounted for 45 percent of the total increase. Eating and Drinking

8 Places had the next large dollar increase ($2.0 million) and increased by 3.7 percent. Of the 14 sub-sectors presented in Table 1.1, auto sales experienced the largest decrease in sales last year, down 2.6 million dollars or 5.2 percent. In Cheyenne, by comparison, auto sales rose 25 percent (+ $42.2 million) in 2011.

9 Table 1.0 Laramie/Albany County Profile 2011 Demography Items Most Recent Previous Period Period Year Value Year Value % Change In Value Total Population - Laramie¹ , , % Total Population - Albany County , , % Total Male Population , , % Total Female Population , , % Population - Under 18 Years Old , , % Population - 65 Years & Older , , % Median Age % % of Population - White Alone (Non-Hispanic) % % 0.8% % of Population - Native American Alone % % 1.9% % of Population - Hispanic or Latino % % 11.7% % of Households (HH) Headed by Married Couples % % -12.1% % of HH Headed by Single Female (w/own children <18 yrs.) Weather & Geography % % -49.3% Total Area (sq. miles)¹ ,273 Water Area (sq. miles) Mean Elevation (ft.) ,163 Normal Mean Temperature (F) - Laramie % Average Annual Precipitation (inches) - Laramie % Average Wind Speed (mph) % Crime & Law Enforcement Crimes , % Crimes per 100,000 Persons , , % Murders per 100,000 Persons Rapes per 100,000 Persons % Robberies per 100,000 Persons % Aggravated Assaults per 100,000 Persons % Burglaries per 100,000 Persons % Larcenies & Thefts per 100,000 Persons , , % Motor Vehicle Thefts per 100,000 Persons % Education % of Pop. (25 yrs. & older) with High School Degree % % 1.4% % of Pop. (25 yrs. & older) with Bachelor s Degree % % -3.5% ACT Average Composite Score (range 1-36) % Official Enrollment Albany County School District , , % Pupil -Teacher Ratio in Public Schools % Section 1 Business Trends Page 4

10 Items Most Recent Previous Period Period Year Value Year Value % Change In Value Public High School Graduation Rate % % 1.2% Expenditures Per Pupil in Public Schools ($) $11, $10, % Total School Enrollments , , % % of Students in Private Schools % % -0.2% % of Students Home-Schooled % % 3.4% Fall Semester Full-Time Equivalent (FTE) Enrollment at the University of Wyoming , , % Average Student Age at UW (Spring Semester) % 4 -Year Graduation Rate at UW % % 0.4% Average Faculty Salary at UW (in thousands) $ $ % Fall Semester Full-time Equivalent (FTE) Enrollment at Laramie County Community College % (Albany County Campus) 7 Housing Average Rent for 2-3 Bedroom House ($) 8 2Q11 $962 2Q10 $ % Average Rent for 2 Bedroom Apartment ($) 2Q11 $658 2Q10 $ % Average Rent for 2-3 Bedroom Mobile Home ($) 2Q11 $647 2Q10 $ % Rental Vacancy Rate 12 2Q % 2Q % 79.5% Albany County s Economy Median Household Income $43, $42, % Per Capita Personal Income ($) $24, $37, % Employment & Labor Average Annual Pay ($) , , % Total Non-farm Jobs , , % % of Jobs in Mining % % 17.9% % of Jobs in Government % % 5.0% % of Jobs in Construction % % -1.7% % of Jobs in Manufacturing % % -16.3% % of Jobs in Leisure & Hospitality % % -0.5% % of Jobs in Professional & Business Services % % -6.3% Sources: 1 U.S. Census Bureau 2 Western Regional Climate Center 3 Wyoming Division of Criminal Investigation 4 Albany County School District 5 Wyoming Department of Education 6 Office of Institutional Analysis, University of Wyoming 7 Laramie County Community College 8 State of Wyoming, Dept. of Admin. & Info., Economic Analysis Division 9 U.S. Commerce Department, Bureau of Economic Analysis 10 Wyoming Department of Workforce Services 11 US Census Bureau - Small Area Income & Poverty Estimates 12 Wyoming Housing Database Partnership Section 1 Business Trends Page 5

11 Table 1.1 Albany County Retail Sales by Sub Sectors Industry (NAICS) Auto Dealers and Parts 24,908,843 24,307,600 22,397,500 23,233,300 25,188,100 Gasoline Stations 13,155,544 13,863,900 14,867,600 15,653,400 16,266,800 Home Furniture and Furnishings 8,734,370 10,213,500 8,664,100 7,117,300 6,892,900 Electronic and Appliance Stores 21,076,705 22,784,400 19,310,900 13,455,900 14,814,700 Building Material & Garden 37,709,048 29,940,200 26,264,000 25,045,900 25,282,600 Grocery and Food Stores 11,822,700 12,400,500 11,114,000 11,428,100 11,713,800 Liquor Stores 6,941,360 7,385,700 6,899,800 6,926,600 7,366,700 Clothing and Shoe Stores 6,051,696 6,145,000 6,368,400 6,947,000 6,633,200 Department Stores 10,036,553 9,204,500 7,628,800 6,518,500 7,036,500 General Merchandise Stores 48,134,395 56,460,000 61,063,600 56,577,900 64,596,100 Miscellaneous Retail 17,428,444 15,033,000 14,376,300 14,601,600 13,176,600 Lodging Services 16,598,891 17,865,400 16,560,500 16,407,600 16,606,200 Eating and Drinking Places 48,986,648 50,869,000 52,011,900 53,668,500 55,662,900 Automobile Sales 58,548,188 54,996,900 47,665,000 50,084,900 47,457,300 TOTAL $330,133,385 $331,469,600 $315,192,400 $307,666,500 $318,694,400 Source: Wyoming Department of Revenue Section 1 Business Trends Page 6

12 Table 1.2 Albany County Sales and Use Tax Receipts Annual Total Year Total Sales Tax Distributions 4% State & 1% Optional 4% State Sales and Use Tax Distributions Local Optional 1% Sales and Use Tax Distributions 1990 $4,865,448 $2,682,961 $2,182, $5,100,297 $2,828,932 $2,271, $5,376,354 $2,957,903 $2,418, $5,540,070 $3,057,855 $2,482, $6,005,542 $3,280,610 $2,724, $6,169,718 $3,391,469 $2,778, $6,735,539 $3,675,996 $3,059, $7,249,262 $3,880,142 $3,369, $7,202,414 $3,844,472 $3,357, $7,551,979 $3,980,571 $3,571, $8,289,554 $4,334,057 $4,041, $8,942,632 $4,668,400 $4,181, $8,983,454 $4,777,946 $4,115, $9,270,688 $4,958,375 $4,312, $9,602,616 $5,157,815 $4,444, $10,202,044 $5,495,357 $4,706, $12,223,942 $6,851,004 $5,642, $10,736,348 $5,746,422 $4,989, $10,502,656 $5,618,146 $4,884, $10,477,735 $5,407,291 $5,070, $10,033,318 $5,372,677 $4,660, $10,329,630 $5,637,580 $4,692,050 Source: Wyoming Department of Revenue and Taxation Section 1 Business Trends Page 7

13 14 Millions Figure 1 Albany County Total Tax Distributions State 4% & 1% Optional Sales and Use Tax Section 1 Business Trends Page 8

14 Table 1.3 Selected Albany County Sales and Use Tax Distributions Annual Total (Dollars) Year Lodging Tax Receipts (A) % Change Estimated Total Taxable Sales (B) % Change , ,248, , % 227,136, % , % 241,845, % , % 248,221, % , % 272,493, % , % 277,824, % , % 305,954, % , % 336,912, % , % 335,794, % , % 357,140, % , % 404,134, % , % 418,129, % , % 421,550, % , % 431,222, % , % 444,480, % , % 470,668, % , % 597,101,185* 26.9% , % 565,177,960* -5.3% , % 562,435,259* -0.5% , % 594,344,453* 5.7% , % 516,989,123* -13.0% , % 469,205, % Notes: (A) Lodging Tax Receipts: 1/1/99-3/31/03, 3%. Effective 4/1/03 4% (B) Estimated Total Taxable Sales: amounts were added to reflect loss in sales taxes levied on food *2006- $328,074 * $661,853 * $739,843 * $873,000 * $509,250 Source: Wyoming Department of Revenue & Taxation Section 1 Business Trends Page 9

15 Table 1.4 GROWTH RATES Albany County Year Albany County City of Laramie DOE Employment BEA Employment Avg. Wage Per Job Population % Chg. Population % Chg. # Jobs % Chg. # Jobs % Chg. $ % Chg , % 27, % 14, % 18, % 18, % , % 27, % 15, % 18, % 18, % , % 28, % 16, % 19, % 18, % , % 28, % 16, % 19, % 19, % , % 27, % 16, % 19, % 19, % , % 27, % 17, % 20, % 20, % , % 27, % 18, % 20, % 21, % , % 27, % 17, % 21, % 22, % , % 27, % 17, % 20, % 22, % , % 27, % 17, % 20, % 24, % , % 27, % 17, % 20, % 25, % , % 27, % 19, % 20, % 26, % , % 27, % 18, % 20, % 27, % , % 27, % 18, % 20, % 28, % , % 27, % 18, % 21, % 30, % , % % 18, % 21, % 31, % , % 28, % 18, % 21, % 32, % , % 30, % 18, % N/A 33, % , % 31, % 18, % N/A N/A 10-Year Avg. 1.21% 1.24% 0.41% 0.62% 4.41% 5 -Year Avg. 1.49% 2.18% 0.24% 1.2% 4.45% Source: Census Bureau Source: Census Bureau Source: Wy. Dept. of Employment Source: BEA Source: BEA Year Personal Income Per Capita Income Per Capita Real Income New County Housing Units Commercial Construction $ % Chg. $ % Chg. $ % Chg. # Units % Chg. $ % Chg , % 15, % 10, % % 10,437, % , % 16, % 11, % % 19,125, % , % 17, % 11, % % 6,379, % , % 18, % 11, % % 11,853, % , % 19, % 12, % % 20,836, % , % 21, % 12, % % 22,732, % , % 22, % 13, % % 18,320, % , % 24, % 14, % % 31,285, % , % 25, % 14, % % 15,657, % , % 26, % 14, % % 27,914, % , % 28, % 15, % % 17,946, % , % 28, % 15, % % 22,255, % , % 30, % 15, % % 40,414, % ,078, % 32, % 16, % % 16,044, % ,112, % 34, % 16, % % 67,924, % ,233, % 37, % 17, % % 128,427, % ,270, % 37, % 17, % % 36,942, % 2010 N/A N/A N/A % 137,030, % 2011 N/A N/A % 37,430, % 10-Year Avg. 5.86% 5.29% 2.65% 24.80% 62.73% 5 -Year Avg. 6.19% 5.41% 2.73% 24.42% % Source: Census Bureau Source: BEA Source: WCBEA Source: City & County Building Permits Section 1 Business Trends Page 10

16 Figure # Net Change Albany County Growth Population vs Employment Population BEA Employment LAUS Employment Section 1 Business Trends Page 11

17 Table 1.5 City of Laramie Electric Power Hookups Monthly Average Year Industrial Commercial Residential 1990 N/A N/A N/A 1991 N/A N/A N/A 1992 N/A N/A N/A 1993 N/A N/A N/A 1994 N/A N/A N/A 1995 N/A N/A N/A 1996 N/A N/A N/A ,792 11, ,836 11, ,865 11, ,878 11, ,917 11, ,028 12, ,074 12, ,097 12, ,115 12, ,128 13, ,172 13, ,233 13, ,248 13, ,252 13, ,231 13,615 N/A - Data is not available Source: Pacificorp Section 1 Business Trends Page 12

18 Table 1.6 City of Laramie Natural Gas Hookups Monthly Average Year Commercial Residential 1990 N/A N/A 1991 N/A N/A 1992 N/A N/A 1993 N/A N/A 1994 N/A N/A 1995 N/A N/A 1996 N/A N/A , , , , , , , , * 1,102 9, ,098 9, ,100 9, ,157 10, ,166 10, ,150 9, ,145 9,824 N/A - Data is not available *The Public Service Commission new regulations and guidelines required reclassification of accounts Source: KNEnergy Source Gas Section 1 Business Trends Page 13

19 Table 1.7 Auto Registrations (Titles) Albany County Annual Total Year # Titles , , , , , , , , , , , , , ,778 Source: Albany County Clerk Section 1 Business Trends Page 14

20 Table 1.8 Albany County Enplanements Annual Total Year Enplanements , , , , , , , , , , , , , , , , , , , , , ,504 Source: Laramie Regional Airport Section 1 Business Trends Page 15

21 Employment Trends This section provides a comprehensive overview of Albany County s past and present labor market trends. Table 2.0 presents Wyoming Department of Workforce Services, formerly the Wyoming Department of Workforce Services, labor market data. The county s labor force grew 2.3 percent in 2009 which was the heart of the Great Recession and then remained essentially unchanged in It then grew by 0.4 percent in 2011 or by 71 persons. The fact that the labor force did not decline sharply over the recession years and then resumed positive growth in 2011 was positive. Given the abnormally large percentage of government employment (37 percent) that exists within the local economy, the demonstrated resilience to recessionary trends was an expected result. In addition to its large percentage of total employment, the government sector also contributed or accounted for a remarkable 49.2 percent of all non-farm wage and salary earnings in This factor explained why there was no drop in total personal income or other dollar measures of personal financial wellbeing. Please see table 3.3 for details. No real economic ground was lost over the past 3 years. As mentioned earlier in the Review Section, employment growth was positive in 2011, even if it was a meager rate of growth, 0.8 percent. The unemployment rate also fell to 4.5 percent in 2011, down by 82 unemployed workers on average. Table 2.1 provides BEA labor market statistics through year 2009 and allows the user to examine which economic sectors have been growing or shrinking over time. BEA employment statistics count jobs, not workers, and thus the numbers are higher than those reported by Wyoming s Department of Workforce Services. SECTION 2 EMPLOYMENT TRENDS Table 2.0 Labor Force Averages Figure 3 - Unemployment Rate Albany County Employment BEA Albany County Covered Employment Albany County Employers Albany County Proprietors BEA Figure 4 - Non Farm Proprietors Share of Total BEA Jobs Figure 5 - Total Non Farm Proprietors Income as a Share of Total Personal Income Figure 6 - Avg. Proprietor Income v. Avg. Real Annual Wages ( ) 2.5 Firms by Size of Industry 2009 From 2001 to 2008, Albany County gained 1,472 jobs, an increase of 7.2 percent over the period. The simple annualized growth rate was 0.9 percent which was too small or too slow in reality. State and local government accounted for the majority of this growth (64%) with an increase of 936 jobs over the period. The FIRE sector (Finance, Insurance & Real Estate) added 372 jobs while the Accommodation and Food Services sector contributed another 352 jobs. We suspect that the Healthcare sector was also a positive contributor to job growth but the data is not available back to On the downside, manufacturing lost 246 jobs over this past eight year period while retail lost 269 jobs. Tables 2.3 and 2.5 present data on the number of employers in Albany County from two different sources. As tallied by the Wyoming Department of Workforce Services in Table 2.3, there 1,213 employers in 2010 which was a decrease of 18 from The source for Table 2.5 was the U.S. Census Bureau, and for 2009, it reported that there were 1,026 firms in Albany County which was a decrease of 15 firms from 2008 s figure of 1,041 firms. The County had three firms with over 250 employees in 2009 which was one greater than the year before. Fifty-seven percent of all firms employed between 1 and 4 workers which was unchanged from previous years. Government agencies were not included in this table.

22 As reported by BEA (Table 2.4), the number of non-farm proprietors in 2009 stood at 3,019 which was a small gain of 1.5 percent from 2008 and was well below last s year reported gain of 6.7%. However, BEA revised the statistics for the most recent three years with the result that previously reported gains for the period were reduced. For example, the gain between 2007 and 2008 presented in table 2.4 is now 2.4 percent, not the 6.7 percent previously reported. In 2001, non-farm proprietors accounted for 11.9 percent of all jobs in the county and by 2009, that share had increased to 13.8 percent. This has been a long-term trend for Albany County. This trend of rising non-farm proprietor share of total employment suggested local workers need or want a second job in order to augment their primary wage and salary income. Figure 4 presents the share of total jobs proprietors accounted for between 1970 and As discussed in earlier editions of this publication, Figure 5 presents nonfarm proprietors share of total personal income and clearly demonstrates that non-farm proprietors contribution to total income has diminished steadily since the mid-seventies. Non-farm proprietors have not served to diversify the Albany County economy. If they had, their share of total income should have increased overtime, not decreased. Figure 7 presents average real Albany County wages and average real proprietor incomes from 1996 to The gap between the two series widened sharply after 2001 with average proprietor s earnings falling well behind average non-proprietor wages. By 2009, the average proprietor s wages were 42.5 percent less than the average real wage in the county.

23 Table 2.0 Labor Force Averages For Wyoming, Albany County & Laramie (a) LABOR FORCE Wyoming 269, , , , , , , , , ,626 Albany County 18,360 18,627 19,699 19,478 18,854 18,787 18,945 19,383 19,370 19,441 City of Laramie 15,496 15,722 16,628 16,441 15,916 15,859 15,992 16,316 16,292 N/A EMPLOYED Wyoming 258, , , , , , , , , ,273 Albany County (LAUS) 17,740 17,990 19,104 18,925 18,351 18,322 18,448 18,586 18,419 18,573 Albany County (Covered) 14,511 14,932 16,728 15,302 15,173 15,376 15,603 15,683 15,168 15,236 (b) City of Laramie 14,980 15,191 16,132 15,980 15,496 15,472 15,578 15,726 15,560 N/A UNEMPLOYED Wyoming 11,192 12,118 10,733 10,256 9,229 8,388 9,319 18,710 20,100 17,353 Albany County City of Laramie N/A UNEMPLOYMENT RATE (%) Wyoming 4.2% 4.5% 3.9% 3.7% 3.2% 2.9% 3.2% 6.4% 6.9% 5.9% Albany County 3.4% 3.4% 3.0% 2.4% 2.7% 2.5% 2.6% 4.1% 4.9% 4.5% City of Laramie 3.3% 3.4% 3.0% 2.8% 2.6% 2.4% 2.6% 3.6% 4.5% N/A Notes: (a) figures are not benchmarked. (b) figure is averaged for first 2 quarters N/A - Data is not available. Source: Wyoming Department of Workforce Services Section 2 Employment Trends Page 18

24 Figure 3 Unemployment Rate City of Laramie Albany County Wyoming Section 2 Employment Trends Page 19

25 Table 2.1 Albany County Employment (BEA) Full & Part Time Employment By Industry Total Employment 20,578 21,245 20,372 20,121 20,351 20,560 20,926 20,888 21,563 21,745 21,844 By Type Wage and Salary 16,895 17,398 17,649 17,496 17,730 17,775 18,055 17,874 18,276 18,390 18,445 Proprietors 3,683 3,847 2,723 2,625 2,621 2,785 2,871 3,014 3,287 3,355 3,399 Farm Nonfarm (a) 3,373 3,536 2,416 2,288 2,314 2,476 2,558 2,704 2,904 2,973 3,019 By Industry Farm Nonfarm 20,184 20,836 19,891 19,586 19,870 20,088 20,469 20,445 21,066 21,242 21,348 Private 13,398 13,791 12,744 12,550 12,634 12,632 12,870 13,001 13,384 13,594 13,279 Ag. Serv., For., Fish., & Other (b) (b) Mining (b) (b) Utilities (b) (b) (b) (b) (b) (b) (b) (b) 35 Construction 919 1,110 1,099 1, ,000 1,047 1,157 1,262 1,285 1,270 Manufacturing Wholesale Trade (b) (b) (b) (b) (b) 187 Retail Trade 3,831 2,844 2,327 2,163 2,177 2,198 2,237 2,159 2,178 2,141 2,058 Transportation & Warehousing (b) (b) (b) (b) (b) (b) Information N/A N/A 430 (b) 360 (b) (b) (b) Finance, Insurance, & Real Estate 1,366 1,482 1,035 (b) 1,076 1,108 1,157 1,195 1,291 1,379 1,407 Services 5,474 5,580 N/A N/A N/A N/A N/A N/A N/A N/A N/A Professional & Technical Services 1,295 1,219 1,225 1,167 1,275 1,330 1,391 1,369 1,289 Management of Companies & Enterprises (c) (c) (b) (b) (b) (b) (b) (b) (b) Administrative & Waste Services (b) (b) (b) (b) (b) (b) (b) Educational Services (b) (b) Healthcare & Social Assistance (b) (b) 1,306 1,338 1,389 1,405 1,410 1,760 1,837 Arts, Entertainment & Recreation Accommodation & Food Services 1,465 1,631 1,697 1,730 1,746 1,730 1,767 1,931 1,817 Other Services 1,195 1,212 1,233 (b) (b) (b) 1, Government & Government Enterprises 6,786 7,045 7,147 7,036 7,236 7,456 7,599 7,444 7,682 7,648 8,069 Federal, Civilian Military State and Local 6,343 6,608 6,708 6,586 6,791 7,021 7,171 7,025 7,269 7,241 7,644 Notes: (a) Excludes limited partners. (b) Data not disclosed (c) Less than 10 jobs, but the estimates for this item are included in the totals. N/A - Data is not available Source: U.S. Commerce Department - Bureau of Economic Analysis. Section 2 Employment Trends Page 20

26 Table 2.2 Albany County Covered Employment by Sector PRIVATE EMPLOYMENT Agriculture, Forestry, Fishing & Hunting Mining Utilities (a) (a) (a) (a) 18 (a) (a) (a) (a) 31 Construction Manufacturing Wholesale Trade Retail Trade ,825 1,798 1,733 1,741 Transportation & Warehousing 1,958 1,830 1,846 1,852 1,882 1, Information FIRE Services N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A Professional & Technical Services 1, Management of Companies & Enterprises (a) (a) (a) (a) (a) (a) (a) (a) (a) (a) Administration & Waste Services Educational Services (a) Healthcare & Social Assistance 1,062 1,056 1,109 1,136 1,179 1,185 1,184 1,518 1,592 1,605 Arts, Entertainment, & Recreation Accommodation & Food Services 1,370 1,524 1,583 1,611 1,641 1,630 1,668 1,828 1,724 1,760 Other Services Government 5,090 5,202 5,443 7,374 5,680 5,556 5,566 5,658 6,045 5,859 Federal Government State Government 3,105 3,154 3,340 5,277 3,616 3,522 3,515 3,596 3,945 3,788 Local Government 1,733 1,779 1,844 1,823 1,831 1,819 1,848 1,863 1,891 1,872 Total 14,448 14,601 15,023 16,809 15,311 15,174 15,376 15,603 15,683 15,168 Notes: (a) Not disclosed N/A - Data is not available Source: Wyoming Department of Workforce Services Section 2 Employment Trends Page 21

27 Table 2.3 Albany County Employers Covered Employment PRIVATE EMPLOYMENT Agriculture Mining (a) 6 (a) Utilities (a) (a) (a) (a) (a) (a) (a) (a) (a) 5 Construction Manufacturing Wholesale Trade Retail Trade Transportation & Warehousing Information FIRE Services Professional & Technical Services Management of Companies & Enterprises (a) (a) (a) (a) (a) (a) (a) (a) (a) (a) Administrative & Waste Services Educational Services 8 (a) (a) (a) (a) (a) Health Care & Social Assistance Arts, Entertainment, & Recreation Accommodation & Food Services Other Services Government¹ Federal Government State Government Local Government TOTAL 1,090 1,120 1, ,178 1,183 1,193 1,232 1,231 1,213 N/A - Data is not available 1 Number of Governmental Agencies (a) Not Disclosed Source: Wyoming Department of Workforce Services Section 2 Employment Trends Page 22

28 Table 2.4 Year Non-Farm Proprietors Albany County Proprietors (BEA) Total Non-Farm Proprietor Income ($000) Farm Proprietors Total Farm Proprietor Income ($000) Total Proprietors ,105 $23, $7,676 3, ,194 $25, $5,064 3, ,152 $28, $4,476 3, ,169 $33, $9,204 3, ,353 $37, $7,757 3, ,377 $41, $2,865 3, ,406 $50, $2,262 3, ,568 $52, $3,568 3, ,646 $55, $460 3, ,373 $55, $4,309 3, ,536 $44, $4,696 3, ,416 $50, $6,286 2, ,288 $43, $1,384 2, ,314 $42, $3,515 2, ,476 $44, $4,573 2, ,558 $46, $2,394 2, ,704 $49, $1,733 3, ,904 $46, $4,819 3, ,973 $44, $5,988 3, ,019 $42, $5,496 3,399 Source: US Commerce Department Bureau of Economic Analysis Section 2 Employment Trends Page 23

29 20% Figure 4 Non-Farm Proprietors Share of Total BEA Jobs Albany County % 16% 14% 12% 10% Figure 5 Total Non-Farm Proprietors Income As A Share of Total Personal Income Albany County % 9% 7% 5% 3% Section 2 Employment Trends Page 24

30 Figure 6 $40,000 Average Proprietor Income vs Average Annual Wages Albany County $35,000 $30,000 $25,000 $20,000 $19,188 $19,919 $20,644 $21,072 $22,036 $22,935 $21,070 $24,998 $19,174 $28,515 $26,759 $27,240 $25,921 $18,207 $18,095 $18,238 $18,293 $30,154 $32,941 $31,773 $15,000 $14,910$14,728 $15,245 $16,354 $12,633 $16,150 $15,034 $14,010 $10,000 $5,000 $ Avg Proprietor Income Avg Annual Wages Section 2 Employment Trends Page 25

31 Table 2.5 Firms by size and industry in 2009 Albany County 2009 Number of Establishments by Employment-size class (1) Total Firms Forestry, fishing, hunting, agriculture Mining Utilities Construction Manufacturing Wholesale trade Retail trade Transportation & warehousing Information Finance & insurance Real estate & rental & leasing Professional, scientific & tech. services or more Management of companies & enterprises Admin, support, waste mgt, remed. Serv Educational services Health care and social assistance Arts, entertainment & recreation Accommodation & food services Other services (expect public admin.) Unclassified establishments Total 1, (1) Does not include proprietors, government, household services, or railroad workers. Source: County Business Patterns Section 2 Employment Trends Page 26

32 Wages, Earnings & Income Trends This section presents multiple series on average wages, earnings and personal income for residents of Albany County. The most recent income data is for year The U.S. Census Bureau now provides various income measures using the American Community Survey (ACS) and over recent years has attempted to refine their estimates. The ACS provides 1-year estimates which sample a geographic area with 65,000 plus persons, the 3-year estimate sample includes the 65,000 area, plus areas with 20,000 plus persons. The 5-year estimates (includes both the 1-year and 3 year areas and those areas with less than 20,000 persons. The 5-year estimates are based on 5 times as many sample cases as 1-year estimates. The reader should only compare 1-year estimates to 1-year estimates and 5-year estimates to 5-year estimates. Do not compare 1-year estimates to 5-year estimates, etc. Given the county s population only 3-year and 5-year estimates are provided. The reader needs to be aware that income figures will vary depending upon which estimate is provided. In addition, the ACS income estimates are at the 90% confidence level which adds a larger margin of error to reported numbers. The end result is that reported income measures vary sharply from year-to-year in both absolute size and in the rates of change. Therefore, extreme caution is encouraged when drawing firm conclusions about income measures. The footnotes provided in Table 3.0 explain which estimates have been used. Median household income, for example, was estimated at $42,890 in 2010 which was an increase of 6.9 percent from 2009 s estimate of $40,116. These estimates were 5-year ACS figures and suggested the economy rebounded strongly from the Great Recession. Three-year ACS median household income data is presented immediately to the right of the 5-year estimate. The 3-year estimate for 2010 increased by 1.1 percent by comparison. SECTION 3 WAGES, EARNINGS & INCOME TRENDS Table 3.0 Incomes and Average Wages Figure 7 - Real Avg. Wages v. Real Avg. Proprietor Income Figure 8 - Average Wage and Average Compensation Albany County Average Annual Earned Income Per Capita Personal Income Figure 9 - Per Capita Personal Income Personal Income and Earnings By Industry Figure 10 - Personal Income Albany County, Wyoming and U.S Figure 11 - Passive Income s Share of Total Personal Income Albany County Total Payroll Average Annual Pay By States The first table found in Table 3.0 presents household incomes by income brackets. For instance, 16.0 percent of local households had incomes greater than $100,000 in 2010 as compared to 14.9 percent in Thirty-one percent of all households had incomes less than $25,000. For the nation as a whole, 25 percent of all households make less than $25,000 while 20 percent make more then $100,000. The high percentage of low income households was most likely due to the large number of university graduate students who work for low wages while completing their graduate studies. Average worker compensation as presented in Table 3.0 increased 3.4 percent in 2010 and has risen 13.7 percent since It also rose right through the Great Recession. Inflation over this period was 5.2 percent, so residents experienced real increases in their standard of living. Average compensation includes employer paid benefits and stood at $43,790 in The cost of employer paid benefits has risen steadily since 1998 and is illustrated in Figure 8. The average wage in the county was reported at $33,859 in 2010 and did not include employer paid benefits. It registered gains similar to average compensation.

33 Table 3.1 presents average annual earnings in Albany County by the Wyoming Department Workforce Services. Average earnings have increased for the past six consecutive years and stood 11.7 percent higher than 2007 which was a gain slightly smaller than average compensation mentioned above (13.7%). Per capita personal income as presented in Table 3.2 has marched higher every year since 1990 but continued to lag comparable numbers for the state and nation. Local per capita income in 2009 was 86 percent of Wyoming s per capita and was 96 percent of national per capita income. Figure 10 presents, U.S., Wyoming and Albany County annual personal income totals from 1979 forward with recession years embedded. Albany County closely follows national economic trends, especially in recession years. Personal income data for 2010 and 2011 for Albany County area was not available at the time of this report. Data for 2009 showed that this series tracked well with the Great Recession in 2008 and The long-term trend in interest, dividends and rental payments (considered passive income) as a percent of total personal income is presented in Figure 11. Overtime this percentage has risen from a low of 16.9 percent in 1969 to a high of 30.0 percent in In 2009, the comparable percentage decreased to 28.4 percent. However, 2008 and 2009 saw very large gains in passive income for the county relative to past years (See Table 3.3). These gains once again confirmed the fact that an ever increasing share of the rise in Albany County personal income is due to increasing passive income earnings especially when it is recognized that the long-term national ratio for these two variables fluctuates around 18.0 percent.

34 Table Household Income Albany County Median Household Income Albany County Households Year Median Household Percent Income Change Total: * 14, $26,559 N/A Less than $10,000 1, N/A N/A $10,000 to $14, $28,485 N/A $15,000 to $24,999 1, N/A N/A $25,000 to $34,999 1, $32,374 N/A $35,000 to $49,999 1, $34, % $50,000 to $74,999 2, $31, % $75,000 to $99,999 1, $32, % $100,000 to $149,999 1, $31, % $150,000 to $199, $32, % $200,000 or more $33, % Median household income $42, $34, % Mean household income $59, $34, % *90 percent confidence level margin of error Source: U.S. Census Bureau, American Community Survey, 5-year estimates 2006* N/A 2007* $40, * $43, % 2009* $42, % 2010* $43, % Source: US Census Bureau *American Community Survey, 3-year estimates 2010 Earnings by Gender Population 16 Years and Over (Full-time, year-round) Albany County Average Wage and Compensation Per Job Albany County Year Compensation Change Change Percent Percent Wages Males Females 1992 N/A N/A $17, % Total: 6,371 4, N/A N/A $18, % $1 to $9,999 or loss N/A N/A $18, % $10,000 to $14, N/A N/A $18, % $15,000 to $24, N/A N/A $19, % $25,000 to $34,999 1,198 1, N/A N/A $19, % $35,000 to $49,999 1,363 1, $25,098 N/A $20, % $50,000 to $64,999 1, $25, % $21, % $65,000 to $74, $27, % $22, % $75,000 to $99, $28, % $22, % $100,000 or more $30, % $24, % Median earnings $43,484 $33, $32, % $25, % Mean earnings $54,657 $39, $33, % $26, % Source: US Census Bureau, American Community Survey, 5-year estimates 2005 $34, % $27, % 2006 $36, % $28, % 2007 $38, % $30, % 2008 $40, % $31, % 2009 $42, % $32, % 2010 $43, % $33, % (1) Does not include benefits Source: US Department of Commerce - Bureau of Economic Analysis Section 3 Wages, Earnings & Income Trends Page 29

35 Figure 7 Real Average Wages vs Real Average Proprietor Income Albany County $25 Thousands $20 $15 $15,354 $10 $5 $ Real Avg Wages Real Avg Proprietor Income Figure 8 $6,530 Average Compensation Benefits Average Wages Section 3 Wages, Earnings & Income Trends Page 30

36 Table 3.1 Albany County Average Annual Earned Income (1) (Dollars) PRIVATE Agriculture 26,793 29,991 22,854 21,866 27,092 77,714 53,326 50,570 25,805 28,262 Mining 40,456 42,536 43,797 41,990 39,611 44,538 72,644 55,796 70,213 65,611 Utilities N/A N/A N/A N/A 71,058 N/A N/A N/A N/A 76,024 Construction 28,509 30,030 28,236 28,509 29,185 29,965 32,266 33,696 37,167 33,384 Manufacturing 27,196 27,651 30,511 33,020 31,187 30,849 34,346 37,557 40,781 43,758 Wholesale Trade 29,510 31,278 32,487 44,213 32,318 35,711 36,829 36,595 36,985 37,973 Retail Trade 15,496 16,666 17,069 17,485 17,394 18,668 19,695 20,553 20,644 21,021 Trans & Warehousing 30,927 29,718 30,810 34,203 36,192 40,131 41,652 43,823 41,561 43,459 Information 21,515 15,782 17,628 21,359 20,618 31,837 36,907 34,983 34,047 32,630 FIRE 22,159 22,906 23,634 25,734 26,884 38,428 54,873 63,817 64,363 49,153 Services Professional & Technical Services 21,723 27,482 28,743 35,542 38,480 37,349 41,691 42,770 48,282 51,441 Management of Companies & Enterprises N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A Administrative & Waste Services 15,028 16,627 17,363 16,107 18,590 19,058 17,953 18,304 19,474 19,344 Educational Services 24,167 N/A 27,004 27,677 30,641 N/A 35,698 37,388 38,220 39,169 Health Care & Social Assistance 27,976 29,367 31,343 32,942 33,748 34,047 36,244 34,346 34,827 35,165 Arts, Entertainment, & Recreation 8,762 8,710 9,334 9,789 8,229 9,386 8,112 8,983 10,556 10,751 Accommodation & Food Services 8,671 9,308 9,269 9,269 9,412 10,127 11,128 12,051 12,272 12,480 Other Services 16,302 17,212 17,901 17,589 17,485 18,005 19,487 20,514 20,930 22,126 TOTAL GOVERNMENT 33,085 35,009 36,387 30,108 38,233 39,728 42,107 44,928 45,084 47,281 Federal Government 40,976 42,692 45,162 48,217 51,961 51,675 45,097 47,970 52,572 52,637 State Government 34,892 37,388 39,598 28,886 40,430 42,094 35,191 37,999 47,580 50,414 Local Government 28,392 29,380 29,271 31,187 32,110 33,579 52,143 53,573 39,013 40,365 AVERAGE ANNUAL 24,648 26,416 26,988 26,208 29,068 30,446 32,331 33,891 35,022 36,101 (1) Compiled using quarterly data of average weekly wages N/A - Data is not available Source: Wyoming Department of Workforce Services Section 3 Wages, Earnings & Income Trends Page 31

37 Table 3.2 Year Per Capita Personal Income Albany County (Dollars) Albany County (a) Wyoming (b) United States (c) Percent Difference ((a-c)/c) 1990 $14,282 $17,910 $19, % 1991 $14,676 $18,589 $19, % 1992 $15,284 $19,344 $20, % 1993 $15,527 $20,065 $21, % 1994 $16,544 $20,741 $22, % 1995 $17,634 $21,358 $23, % 1996 $18,339 $22,233 $24, % 1997 $19,699 $23,774 $25, % 1998 $21,096 $25,496 $27, % 1999 $22,410 $27,192 $28, % 2000 $24,126 $29,261 $30, % 2001 $25,632 $31,216 $31, % 2002 $26,925 $31,890 $31, % 2003 $28,437 $33,634 $32, % 2004 $28,807 $35,825 $33, % 2005 $30,360 $38,839 $35, % 2006 $32,928 $43,836 $37, % 2007 $34,259 $45,281 $39, % 2008 $37,264 $49,222 $40, % 2009 $37,404 $43,489 $38, % 2010 N/A $44,861 $39,945 N/A Source: U.S. Department of Commerce - Bureau of Economic Analysis Section 3 Wages, Earnings & Income Trends Page 32

38 Figure 9 60 Thousands Per Capita Personal Income * * * * * * * * * * * * * * * * * * * * * Albany County Wyoming United States Section 3 Wages, Earnings & Income Trends Page 33

39 Table 3.3 Albany County Personal Income and Earnings by Industry (BEA) (Thousands of Dollars) Total Personal Income 721, , , , , , ,032 1,078,614 1,112,694 1,233,403 1,270,947 Derivation of TPI Earnings by Place of Work 493, , , , , , , , , , ,127 Less: Personal Cont. for Social Insur. (a) 53,680 56,686 60,422 64,700 68,789 70,943 72,949 87,258 92,478 97, ,497 Plus: Adjustment for Residence 9,299 9,784 11,124 11,882 12,818 13,763 15,548 18,162 19,214 20,789 18,967 Equals: Net Earn. by Place of Residence 448, , , , , , , , , , ,597 Plus: Dividends, Interest, and Rent (b) 184, , , , , , , , , , ,938 Plus: Transfer Payments 88,485 93, , , , , , , , , ,412 Industry Earnings Farm 7,309 8,452 10,544 3,823 7,801 8,891 6,923 2, , Nonfarm 485, , , , , , , , , , ,776 Private 274, , , , , , , , , , ,570 Ag. Serv., For., Fish, and Other (b) 1,961 1,215 1,241 1,250 1,336 1,288 (b) 1,375 1,378 1,248 Mining (b) ,990 1,696 1,167 (b) 2,030 3,105 3,312 Utilities (b) (b) (b) (b) (b) (b) (b) (b) (b) 3,486 Construction 26,770 38,969 38,102 36,740 31,118 33,550 36,259 40,697 45,211 47,519 52,283 Manufacturing 35,823 23,333 22,001 22,454 24,393 24,802 22,601 25,185 24,928 23,461 21,293 Transportation & Warehousing 16,835 16,714 (b) (b) (b) (b) (b) (b) 16,035 16,777 14,307 Wholesale Trade 6,922 7,006 9,598 9,252 10,096 (b) (b) (b) (b) (b) 10,572 Retail Trade 51,992 53,008 42,070 40,604 43,001 44,109 44,975 47,444 49,690 50,117 48,615 Finance, Insurance, & Real Estate 25,676 22,372 51,668 49,856 53,097 44,109 44,975 47,444 49,690 50,117 59,187 Information 7,266 (b) 7,733 (b) (b) (b) 7,026 6,966 6,671 Services 108, ,840 N/A N/A N/A N/A N/A N/A N/A N/A N/A Professional & Technical Services 35,531 35,724 36,900 37,746 44,108 50,145 57,243 58,295 59,238 Management of Companies & Enterprises 155 2,757 (b) (b) (b) (b) (b) (b) (b) Administrative & Waste Services 4,761 5,656 (b) (b) (b) (b) (b) (b) (b) Educational Services (b) (b) 15,267 15,272 15,990 17,510 15,130 14,652 15,601 Healthcare & Social Assistance (b) (b) 48,605 52,716 54,983 56,573 59,846 72,150 76,350 Arts, Entertainment & Recreation 4,881 6,908 7,392 5,908 4,718 5,094 4,601 4,838 5,198 Accommodation & Food Services 17,620 20,101 21,319 21,836 22,493 24,107 27,379 30,890 29,664 Other Services 22,408 25,149 25,645 (b) (b) (b) 28,823 22,817 22,439 Government & Government Enterprises 211, , , , , , , , , , ,206 Federal, Civilian 14,149 14,811 15,512 17,258 17,520 18,344 18,596 17,441 16,510 16,542 17,210 Military 3,718 3,844 3,938 4,970 6,390 6,922 8,394 8,312 8,695 9,883 11,471 State and Local 193, , , , , , , , , , ,525 Notes: (a) Personal contributions for social insurance are included in earnings by type and industry but excluded from personal income. (b) Not shown to avoid disclosure of confidential information. Estimates are included in totals. N/A - Data is not available. Source: U.S. Commerce Department - Bureau of Economic Analysis Section 3 Wages, Earnings & Income Trends Page 34

40 Figure 10 Figure 11 35% Passive Income s Share of Total Personal Income Albany County % 25% 20% 15% Section 3 Wages, Earnings & Income Trends Page 35