People living in Albany County earn considerably less money compared to the rest of the state, according to a recent state study, with the discrepancy linked to unique features in the community.
The study reported the 2012 per capita personal income in the state boasted an average of $50,567, whereas the county was $38,601, creating a $12,000 difference. The income gap is linked to the lack of an energy industry in the county, as well as Laramie being a college town, Wenlin Liu, Economic Analysis Division for Wyoming principle economist, said.
Liu helped compile the data for the recent study, and stressed the findings are not abnormal for Albany County.
“This is typical for a college town – the population is higher and the income is lower because of students,” he said. “If you take off the students then the measure of income comes out different – it’s a lot higher.”
The poverty rate in Albany County, which is linked to income levels, is 26.2 percent, with the state average at 11 percent, according to the study. When compared to past U.S. Census Bureau studies, the county’s poverty rates could potentially drop to 13.9 percent when not accounting for college students, Liu said.
Aside from students, the types of jobs available largely affect income, Annette Mello, center manager for Laramie and Rawlins Workforce Center, said. Wyoming counties like Sublette and Campbell boast average per capita incomes near $60,000, Mello said, adding the mining and oil industry make up a majority of the jobs. In comparison, Albany County lacks an energy industry, with the majority of jobs being administrative or educational, she said.
The low-income levels, however, are not directly related to unemployment rates in the county. For September, Albany County boasted 3.7 percent unemployment, whereas the state average was 4.7 percent, according to a Wyoming Department of Workforce Services report.
“Because of the types of jobs we have, more people are qualified to work them because of it being a college town and highly educated community,” Mello said.
The economy is relatively always stable because of the college influence, Liu said, adding this also drives up the cost of living. The demand from students pushes industries like real estate and jobs; thus, creating a competitive, but positive economy in the county, Liu said.
“For counties with a mineral industry, their economy is always fluctuating,” he said. “Albany County is much more stable, and is always moderate and gradually growing.”
Although the income levels may be relatively low, this is clearly not always negative, Mello said, noting it’s not overtly apparent in the community. The Laramie Business Alliance actively works to continuously improve the economic situations in the county, she said.
“It all ties together – it’s not negative in anyway,” Mello said. “We always hope for our community to increase wages and bring in new businesses into the community.”
