Billings Economy Snapshot Draws From 2024 Performance Data

Yellowstone County recorded a GDP of $13.97 billion in 2024, equal to 20 percent of Montana's statewide total and confirming Billings as the state's largest economy. This figure emerged from steady expansion across key local sectors that have long anchored the regional economy.

Context Behind the 2024 Figures

The 2024 numbers reflect a period of measured stability after earlier years of varying growth rates. A 4.2 percent GDP increase in Yellowstone County during 2024 occurred alongside an unemployment rate that settled between 2.9 and 3.0 percent, indicating a tight labor market with little recent fluctuation. These conditions set the stage for wage gains that residents and businesses now reference when assessing household finances and hiring plans.

Sector Contributions and Income Measures

Manufacturing led sector output at $2.08 billion, followed by healthcare at $1.73 billion and real estate at $1.64 billion. The region supported 87,348 jobs with an average annual wage of $62,688. Median household income stood at $73,712, while the median home value reached $343,400. Average weekly wages climbed to $1,314 by the fourth quarter of 2024, a 6.2 percent rise from the prior year that produced an annualized wage of $68,328.

Path to Current Stability

These indicators built on prior data releases from state and federal sources that tracked employment, wages and output over multiple quarters. The combination of low unemployment and sector-specific output gains created the baseline that current local activity continues to reference. Residents track these metrics when evaluating job retention and income growth against housing costs.

Future reporting will continue to monitor the same BLS and regional data series for any shifts in the established patterns of output, wages and employment levels already documented for 2024.