 Outline of Report
| Park County vs. Wyoming Comparative Trends Report: Total Employment, 1969-2021 Briefing Report Outline: Page 1 of 15 Introduction  Park County: 2021 Jobs = 21,916 2021 Percent of State = 5.36% Wyoming: 2021 Jobs = 409,176 2021 Percent of U.S. = 0.20% Employment numbers remain the most popular and frequently cited statistics used for tracking local area economic conditions and trends. The Bureau of Economic Analysis (BEA) employment estimates reported measure the number of full- and part-time wage and salary employees, plus the number of proprietors of unincorporated businesses. People holding more than one job are counted in the employment estimates for each job they hold. This means BEA employment estimates represent a job count, not a people count. Also, BEA employment is by place-of-work, rather than by place-of-residence. Jobs held by neighboring county residents who commute to Park County to work are included in the employment count for Park County. Data Definition: The BEA employment series for states and local areas comprises estimates of the number of jobs, full-time plus part-time, by place of work. Full-time and part-time jobs are counted at equal weight. Employees, sole proprietors, and active partners are included, but unpaid family workers and volunteers are not included. Proprietors employment consists of the number of sole proprietorships and the number of partners in partnerships. The description "by place of work" applies to the wage and salary portion of the series and, with relatively little error, to the entire series. The proprietors employment portion of the series, however, is more nearly by place of residence because, for nonfarm sole proprietorships, the estimates are based on IRS tax data that reflect the address from which the proprietor's individual tax return is filed, which is usually the proprietor's residence. The nonfarm partnership portion of the proprietors employment series reflects the tax-filing address of the partnership, which may be either the residence of one of the partners or the business address of the partnership. The employment estimates are designed to be consistent with the estimates of wages and salaries and proprietors' income that are part of the personal income series. The employment estimates are based on the same sets of source data as the corresponding earnings estimates and are prepared with parallel methodologies. Two forms of proprietors' income-the income of limited partnerships and the income of tax-exempt cooperatives-have no corresponding employment estimates. Page 2 of 15 Total Employment, 1969-2021  Figure 1. Figure 1 tracks Park County's annual total employment for the period 1969-2021 to illustrate total employment patterns over time. During this 53-year period, Park County's total employment rose from 8,896 in 1969 to 21,916 in 2021, for a net gain of 13,020, or 146.36%. Page 3 of 15 Total Employment, 1969-2021  Figure 2. Figure 2 tracks Wyoming's annual total employment for the period 1969-2021 to illustrate total employment patterns over time. During this 53-year period, Wyoming's total employment rose from 157,954 in 1969 to 409,176 in 2021, for a net gain of 251,222, or 159.05%. Page 4 of 15 Total Employment Indices (1969=100): 1969-2021  Figure 3. Figure 3 shows Park County's total employment growth in a broader context by offering direct comparisons across time with Wyoming, the United States. The growth indices shown here express each region's total employment in 1969 as a base figure of 100, and the total employments in later years as a percentage of the 1969 base figure. This method allows for more direct comparison of differences in total employment growth between regions that may differ vastly in size. Park County's overall total employment growth was 146.36% over 1969-2021 trailed Wyoming's increase of 159.05%, and topped the United States' increase of 120.91%. Page 5 of 15 Total Employment as a Percent of the Wyoming Total: 1969-2021  Figure 4. Another interesting and insightful way of contrasting the total employment growth of Park County is to compare its individual percentage contributions to Wyoming's statewide total employment over time, as shown in Figure 4. A rising share means a region's total employment grew faster, or declined less, than Wyoming's total employment, while a declining share shows it grew more slowly. In 1969, Park County's total employment totaled 5.63% of Wyoming's total employment, while in 2021 it totaled 5.36% thereby yielding a -0.28% share-shift.
Page 6 of 15 Park County Total Employment: Annual Percent Change, 1970-2021  Figure 5. Figure 5 displays the short-run pattern of Park County's total employment growth by tracking the year-to-year percent change over 1970-2021. The average annual percent change for the entire 52-year period is also traced on this chart to provide a benchmark for gauging periods of relative high--and relative low--growth against the backdrop of the long-term average. On average, Park County's total employment grew at an annual rate of 1.78% over 1970-2021. The county posted its highest growth in 1994 (9.12%) and posted its lowest growth in 1986 (-5.91%). In 2021, Park County's total employment grew by 3.86% Page 7 of 15 Park County Total Employment: Annual Percent Change and Decade Averages Over 1970-2021  Figure 6. Over the past five decades some counties have experienced extreme swings in growth, and often such swings have tended to coincide with the decades themselves. Figure 6 again shows the annual percent change in Park County's total employment since 1970, but this time they are displayed with average growth rates for the decade of the 1970s, 1980s, 1990s, 2000s, 2010s, and 2020-2021. During the 1970s, Park County's annual total employment growth rate averaged 3.86%. It averaged 0.56% in the 1980s, 2.44% throughout the 1990s, 1.65% in the 2000s, 0.60% during the 2010s, 0.88% thus far this decade (2020-2021). Page 8 of 15 Total Employment Growth: Average Annual Percent Change by Decade  Figure 7. Figure 7 compares the decade average growth rates for Park County noted in the previous graph with the corresponding decade averages for Wyoming and the nation. As the chart reveals, Park County's average annual total employment growth fell below Wyoming's average throughout the 1970s (3.86% vs. 5.38%), led Wyoming's average in the 1980s (0.56% vs. 0.01%), recorded above Wyoming's average throughout the 1990s (2.44% vs. 1.74%), amounted to less than Wyoming's average in the 2000s (1.65% vs. 2.11%), led Wyoming's average during the 2010s (0.60% vs. 0.53%), and surpassed Wyoming's average over the 2 year period of the current decade, 2020-2021 (0.88% vs. 0.13%). Finally, relative to nationwide total employment growth trends, Park County outperformed the nation in the 1970s (3.86% vs. 2.21%), fell below the nation over the 1980s (0.56% vs. 1.88%), surpassed the nation during the 1990s (2.44% vs. 1.73%), led the nation over the 2000s (1.65% vs. 0.74%), lagged the nation in the 2010s (0.60% vs. 1.51%), and led the nation over 2020-2021 (0.88% vs. -0.08%). Page 9 of 15 Job Ratios (Employment/Population): 1969-2021  Figure 8. The job ratios shown in Figure 8 for Park County, Wyoming and the nation not only portray a number of important trends, they also serves as a thumbnail guide to evaluating an economy's capacity to generate enough jobs fast enough to absorb the increasing number of workers attendant to a growing population. The job ratio is the number of full-time and part-time jobs by place of work, divided by population. Nationally, the job ratio rose from 0.45 to 0.61 between 1969 and 2021. Park County's job ratio registered 0.51 in 1969, and 0.73 in 2021. Underlying the rising job ratio over the past several decades have been the increases in the labor force participation rates, with the number and proportion of women in the labor market playing a leading role. An assortment of other factors can contribute to regional differences in the job ratio. They include differences in the proportion of elderly and retirees who no longer work and participate in the labor force, differences in the number and proportion of part-time vs. full-time workers, differences in industry composition, and differences in age and sex distribution and degree of urbanization. Also, a disproportionate number of workers commuting to work outside a county tends to lower its local county job ratio, while a net inflow of workers commuting to work inside the county tends to augment its local county job ratio. Avoid interpreting the job ratio as the fraction (or percent) of the local population employed. This interpretation should only apply to the "employment-population ratio" statistic compiled by the Bureau of Labor Statistics (BLS) from the Current Population Survey (CPS). Page 10 of 15 Job Ratios (Employment/Population) as a Percent of the U.S. Average: 1969-2021  Figure 9. To highlight trends in a local job ratio relative to nationwide trends, Figure 9 tracks Park County's, Wyoming's job ratio as a percent of the national job ratio over 1969-2021. Page 11 of 15
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