Wyoming Economy & Cost of Living

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Traditionally reliant on natural resource industries, Wyoming is currently undergoing the transformation from a goods-producing to a service-oriented economy. This modernization, current prosperity and a moderate cost of living make Wyoming an ideal climate for both business and families.

The largest employing industry in Wyoming is government, followed closely by the services industry, which has increased faster than any other sector, except construction. Other dominant industries by employment include retail trade, mining and construction. Agriculture is a dominant industry in terms of economic impact. The largest sectors within this industry are beef, hay, sugarbeets and wheat.

Several economic trends show clear signs of an already successful transformation. In the last decade, wholesale and retail trade and manufacturing have increased the most in their share of the GSP, while agriculture, forestry and fishing have decreased. Wyoming has received high rankings in several national indicators. According to the Progressive Policy Institute's 1999 The State New Economy Index, Wyoming ranked 13th in digital economy, a combined measurement of the percentage of the population with Internet access, technology access in K-12 education, the use of technology by the state government and the number of Internet domain names registered per firm. Wyoming also ranked 18th in workforce education.

In 1998, Wyoming’s real GSP was $17.53 billion. While small on a national scale, this figure translates to a greater share than its population, as well as a per capita GSP of $36,517, 8th highest in the nation and almost 13% greater than the national average. Economic prosperity has effected a moderately low cost of living and high homeownership rates. According to the American Federation of Teachers, Wyoming enjoys a lower than average cost of living. In 2000, Wyoming had a homeownership rate of 70%, almost 6% higher than the U.S. average of 66.2%.

The Wyoming Business Council provides comprehensive information on programs, services and tax incentives of interest to both emergent and established businesses in Wyoming. The Wyoming Small Business Development Center, assists entrepreneurs with all aspects of business development.

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