A survey of supply managers indicates Wyoming's economy is in its second straight year of growth.
Surveys from recent months indicated continued positive growth for the next three to six months, according the Goss Institute for Economic Research at Creighton University in Nebraska.
“Construction firms and manufacturers expanded for the month and more-than offset pullbacks for mining firms and firms providing support for the mining sector,” said Ernie Goss, director of the institute, in a news release.
The institute adjusts its Business Condition Index for its Mountain States region based on surveys of supply managers in Wyoming, Utah and Colorado.
The good news for Wyoming from October was offset by worsening news for the region as a whole. Surveys showed neutral growth for the region, with growth slowing over the near term.
In October "the federal shutdown, a pullback in export orders and slower growth in the energy sector more than offset improving construction activity in the region,” Goss said.
The surveys showed that one in six businesses, or 16.7 percent, indicated the federal government shutdown had hurt their firms, with a growing number feeling pain from the across-the-board federal budget cuts known as sequestration.
Slightly more than half of supply managers surveyed said the cuts have had a modest impact on their companies. The remainder said ther cuts had no effect, but eight months of survey results indicated that a growing number of companies are feeling the effects of the cuts.
The Creighton Economic Forecasting Group has conducted the monthly survey of supply managers in Colorado, Utah, and Wyoming since 1994 to produce leading economic indicators of the Mountain States region.
The Institute for Supply Management, formerly the Purchasing Management Association, has been formally surveying its membership since 1931 to gauge business conditions. The Goss Institute uses the same methodology as the national survey.