Growth Lab Working Paper Series
July 2024
Abstract
Wyoming is facing two distinct labor market challenges: in the short-term, low workforce availability is a constraint while in the long-term job and wage growth have stagnated. An often-discussed solution is to increase the supply of training and education – this has merits in its own right but will not solve the long-term labor market challenge facing Wyoming. A main driver of Wyoming’s lagging performance has been the comparatively low labor productivity in the state. To address the long-term issue, Wyoming needs to create the conditions for a more complex economy that can use the potential of its human capital instead of excessively relying on its natural resources. In the short term, solutions that are focused on increasing the available labor pool within the state appear most promising in easing the current constraint.
Citation
Lamby, Lucas, Sophia Henn, Tim O’Brien, and Ricardo Hausmann. "Diagnosing Wyoming's Workforce Challenges." Growth Lab Working Paper Series, July 2024.