Wyoming: Open For Opportunity

The Equality State is the long-standing tax climate leader, and a cross-section of industries are seeing growth here.

By Anne Cosgrove
From the March/April 2024 Issue

 

Since 2013, Wyoming has been ranked as having the tax system ranked first overall by The Tax Foundation in the think tank’s annual “State Business Tax Climate Index.” There is no corporate or personal state income tax, no inventory tax, no franchise tax, no occupation tax, and no value-added tax. Coupled with key logistics resources, investment in broadband access, well-funded public education, and abundant outdoor space and recreation opportunities, Wyoming businesses and people are thriving.

As the state’s economic development agency, the Wyoming Business Council is focused on adding value to core industries in the state—natural resources, tourism/outdoor recreation, and agriculture. The council is leveraging those strengths to activate new sectors like professional services, technology, and advanced manufacturing.

Wyoming
Wyoming State Capitol Building (Photo: Adobe Stock/Kit Leong)

 

In the manufacturing sector, several new large-scale projects on the horizon include TerraPower’s first NatriumTM reactor demonstration project at a retiring coal plant in Kemmerer, and the U.S. Air Force’s Ground Based Strategic Deterrent (GBSD) missile upgrade in Cheyenne, the state capital.

Wyoming’s economy is growing, and its future is bright, Governor Mark Gordon said in his 2024 State of the State speech. He highlighted that Wyoming’s GDP is the highest in history and unemployment is as low as it has been since 2008. The governor noted the state must continue its efforts to grow its workforce and maintain its position as a leader in energy innovation.

“Wyoming is open for business, constantly seeking to innovate and improve. I can proudly say, Wyoming is on a roll.”

— Governor Mark Gordon

“Wyoming is open for business, constantly seeking to innovate and improve,” said Gov. Gordon in the February speech. “I can proudly say, Wyoming is on a roll.”

The governor emphasized that Wyoming is well-positioned to capitalize on energy opportunities. The state will continue to innovate and invest in fossil energy while remaining a leader in balancing energy and the environment. His budget proposal furthers innovations that help the coal industry and the energy sector overall.

Strategically located in central North America, many routes lead to, through, and from Wyoming. More than miles of interstate crisscross the state, with Interstate 15 connecting to Los Angeles and Canada, and accessible via I-80 or I-90.

BNSF Railway and Union Pacific Railroad own a combined 1,844 route-miles of track in Wyoming. In all, the state’s freight-rail system consists of 1,868 miles of track. Wyoming features 10 commercial airports with final destination service to cities around the world. Three international airports border the state in Denver, Salt Lake City and Billings, MT.

Transportation access in the state has been a factor in the creation of business parks suited to manufacturing and transportation and warehousing companies. In Casper, Casper Logistics Hub (CLH) is one of the newest logistic centers in the western U.S. CLH features 700 acres of industrial land and the CTRAN railyard and transloading facility. It is positioned next to BNSF’s Class I rail lines, Casper/Natrona County International Airport. The state’s Foreign Trade Zone is located centrally along I-25 in Natrona County. The state also features 25 federal opportunity zones.

Wide Open Potential In Sweetwater County, WY

Located in the southwestern region of Wyoming, the Sweetwater County area offers residents and visitors alike breathtaking natural beauty that spans from the mesmerizing Red Desert to the pristine Flaming Gorge Reservoir. Outdoor enthusiasts thrive in its diverse landscapes, engaging in activities that include hiking, fishing, and camping. With a strong community spirit and a history tied to the energy industry, Sweetwater County offers a unique blend of scenic wonders, outdoor adventures, and a close-knit, resilient community. The county’s historical significance, including its connection to the Oregon Trail, adds a layer of cultural depth.

Sweetwater County, Wyoming
Sweetwater County, WY (Photo: Royal Flush Advertising)

 

The Sweetwater Economic Development Coalition — a partnership between the City of Rock Springs, the City of Green River, and Sweetwater County — offers assistance to new and growing businesses in and around the county. These communities are vibrant and growing with a young population (average age 34) that embraces new and exciting challenges. The local governments are pro-business and seek development, industry, and growth that best fits the culture and heritage of Southwest Wyoming.

Leading employers in Sweetwater County include Genesis Alkali, Tata Chemicals, Solvay Chemicals, and JR Simplot Company.

Visit www.sweetwateredc.org for more information.


Check out all the latest news related to Wyoming economic development, corporate relocation, corporate expansion and site selection.

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