Sublette Countys Economy
Our Economy is Relatively Stable
Local Economy
Two years ago, Sublette County's economy was among the best in the nation, with one of the highest per capita wealth rates and an unemployment rate under 2% the area might be the envy of many. However, the national economy has had a profound effect on our local economy. The natural gas industry in Sublette County has remained relatively strong continuing to support a strong workforce for local residents. The traditional mainstay industries of ranching and recreation/tourism continue to support many residents as well.
For regularly updated homes & land sales statistics in Sublette County, WY visit http://www.sublettewyo.com/index.aspx?NID=271
Learn More About the Area
Learn About the Jonah
Local Communities
There are three incorporated towns and a number of distinct smaller communities in Sublette County. Pinedale is the county seat and largest town with a population of approximately 1,846 (2006 estimate). The side-by-side towns of Big Piney and Marbleton are home to 461 and 862 respectively. Post offices are also found in Bondurant, Cora, Daniel and Boulder. Sublette County was the 5th fastest growing in the nation between 2006 and 2007, with a rate of 9.4%.
Real Estate Outlook
Clearly no one can foresee exactly where the Pinedale real estate market is headed over the course of the next six months to a year, but the national economy has had a strong impact on the current state of our local real estate market. Sublette County has been largely affected, but some would consider our market more protected or cushioned than other parts of the nation. The natural gas industry continues to provide jobs for many residents and Sublette County and still boasts a relatively low unemployment rate. Our current real estate market is flooded with excess inventory. As of April, 2010 there are 669 properties actively listed for sale and only 20 properties are presently under contract on our local multiple listing service. Homes in the $200,000 to $300,000 price point seem to be more attractive to perspective Buyers. The First Time Home Buyers Tax Credit has seemed to have stimulated some sales in this price range. Land sales have been minimal over the last two years. Prices seemed to have peaked in 2007 and have slowly declined over the last two years.
Gas Development in Sublette County, Wyoming
Jonah Field
Taken directly from http://www.sublette-se.org/Jonah.html
Jonah Field, located in southern Sublette County, WY about 35 miles south of Pinedale and about 70 miles north of Rock Springs, after being "rediscovered" in the early 1990's was heralded as one of the most significant on-shore natural gas discoveries in the second half of the 20th century. Jonah represented a turning point in natural gas production as the gas contained in Jonah is trapped deep underground in extremely "tight" sand formations. New technologies and higher gas prices allowed companies to lucratively produce gas from an "unconventional" source. Due to the depth of the wells and complexity of the perforation techniques used to fracture the underground sand formations, drilling and production in Jonah requires substantially larger workforce requirements over a longer period of time then compared to conventional on-shore fields. The success of effective and lucrative gas extraction from the tight sand field led the way to future expansion of the nearby Pinedale Anticline field a few years later.
As of January 1st, 2008, there are about 15 rigs drilling in Jonah, which is down from an all-time high of 22 in fall of 2006.
The amount of drilling activity had increased dramatically in the past few months, after the release of the Jonah Infill Project Record of Decision (see right). However the rig count dropped about half of that increase over the winter of 06/07.
Drilling in the Jonah Field began in earnest in mid 1999, after the initial BLM Jonah II Record of Decision was released. Recently, rig activity in the Jonah has more than doubled in the past year, after experiencing a decline during 2002-2004.
In the summer of 2005, Jonah was averaging about 9 rigs in operation - slightly more than the peak during 2001 - and compared to about 6 rigs during the summer of 2004 and 4 rigs during the summer of 2003.
The Pinedale Anticline Project Area (PAPA)
Taken directly from http://www.sublette-se.org/PAPA.html
The Pinedale Anticline Project Area (PAPA) is located within Sublette County, WY on a narrow, diagonal swath of land that stretches from just outside the Pinedale town limits along U.S. Hwy 191 to about 70 miles north of Rock Springs. Exploration and production in the PAPA began in earnest in late 2000 after new drilling and perforation techniques employed in the in the deep, tight sand reservoirs of the nearby Jonah Field proved successful. After the release of the Bureau of Land Management Record of Decision on drilling in the PAPA, the volume of drilling activity in the PAPA quickly surpassed the Jonah Field as the project area is larger than Jonah and thought to be ultimately more lucrative. The gas reserves are several thousand more feet deeper than Jonah and winter restrictions on drilling were put into place to protect wildlife habitat, however many of those restrictions are in the process of being lifted through various winter drilling proposals.
Drilling in the PAPA
Taken directly from http://www.sublette-se.org/PAPA.html
As of January 1st 2008, there are about 28 drilling rigs working in the PAPA, this is about the same level of drilling as this time last year at the beginning of 2007. In the summer months of 2007, PAPA averaged about 30 rigs working at a time.
The number of rigs working in the Pinedale Anticline Project Area (PAPA) has increased almost exponentially between 2000 and 2005, with large seasonal fluctuations. Since then the growth has leveled somewhat, and restrictions on winter drilling have been lifted in some cases.
The average drilling time in the PAPA is about 40 days, as the average depth of the wells is about 13,000 - 15,000 feet. In addition, a number of the wells are directionally drilled, also adding to the drilling time and ultimate workforce requirements.
Local Gas Development Photo Gallery
What to Expect When Moving to Sublette County, Wyoming
For Businesses
Because of the natural gas exploration and development, many
jobs were created in the natural gas fields south of Pinedale. The
establishment of these jobs has created winter time job
opportunities and resulted in an influx of residents to Sublette
County. This influx of people has attracted employers and employees
from other sectors as well. In addition, the growth in Sublette
County's housing has provided additional opportunities for
employment.
For Families
The cost of living in Sublette County has been on the rise since 2000. It is estimated that on average, the cost of living is 19% higher than the rest of Wyoming and second only to Teton County.
Housing proves to be the most expensive item in Sublette County with housing rentals and sales costing 32% more than the Wyoming average.
While the cost of living in the state of Wyoming as a whole is
above average when compared to the United States, it has been
falling in recent months. Currently Wyoming ranks as the 23rd most
expensive state in the union.
Pinedale, Wyoming in the 1970's
Pinedale, Wyoming in 2008 (from the same location)
