Wyoming and Teton County exemplify the dynamic and diverse nature of the U.S. economy, with key sectors such as technology, health care, education, aerospace, agriculture, mining, and tourism driving economic growth. Despite having just 4.3% of the global population, the U.S. economy accounts for over 26% of global GDP. Wyoming's 'can-do' spirit reflects the nation's resilience and ability to overcome challenges [a4b5e3a4].
Wyoming continues to be a leader in self-employment, with Sheridan County boasting the highest percentage of self-employed jobs in the state. According to a report from the Wyoming Department of Administration and Information, Sheridan County had a self-employment rate of 50.4% in 2022. Wyoming itself leads the nation in self-employment, with over one-third of its 436,564 full-time and part-time jobs being self-employed. Johnson County in Wyoming came in second with 47.4% of jobs being self-employed. The growth of self-employment in Wyoming from 2019 to 2022 was 32.2%, while wage and salary employment decreased by 2.4% [6cba1d5d].
The increase in self-employment can be attributed to COVID-19 migration trends, as many people opted for remote work and moved to lower-density areas. Wyoming's favorable tax policies, low cost of living, abundant natural resources, and supportive business environment have attracted self-employed workers to the state. The real estate and rental industry in Wyoming had the highest proportion of self-employed jobs, followed by the finance-insurance and farming industries. In comparison, the nationwide share of self-employment in 2022 was 25.6%, with only Montana, Florida, and Texas exceeding a 29% self-employment rate [6cba1d5d].
The U.S. Small Business Administration has selected the Wyoming Small Business Development Center to administer a two-year statewide Cybersecurity for Small Business Pilot Program. The program aims to offer no-cost training and resources to Wyoming small businesses to protect themselves from cyber-attacks. This initiative recognizes the importance of cybersecurity in the modern business landscape and seeks to equip small businesses with the necessary tools and knowledge to safeguard their operations [b0a2170b].
In other news, Wyoming's construction sector leads job growth, while the mining sector's sales and use tax revenues continue to improve. The Wyoming Insight reports that oil prices have also increased, indicating positive trends in the state's economy. Additionally, the University of Wyoming and Colorado State University will collaborate on a $2.5 million project at Wyoming's Integrated Test Center to convert industrial carbon dioxide into high-value materials using an algae-based carbon transfer process. This innovative project aligns with the state's commitment to sustainability and finding alternative uses for carbon emissions [b0a2170b].
Furthermore, the beef industry in Wyoming has seen a significant development, as Cheyenne rancher Mark Eisele has been appointed as the president of the National Cattlemen's Beef Association. This appointment highlights Wyoming's prominent role in the beef industry and Eisele's expertise and leadership in the field [b0a2170b].
In the arts sector, the National Endowment for the Arts has awarded $35,000 in direct grants to three Wyoming organizations. This recognition and support for the arts in Wyoming will contribute to the cultural and creative growth of the state [b0a2170b].
Teton County, Wyoming is the wealthiest county in the US with a per capita income of $406,054. It leads the nation in a new economic model driven by outdoor recreation. A study by economist Jonathan Schechter found that Teton County had the highest per capita income growth at 89% from 2018 to 2022. The county also led in both per capita income and four-year growth rate. The study identified 10 counties, including Teton County, as wealth-attractors, with eight of them strongly linked to the natural world. The trend of remote work and virtual suburbanization has contributed to the economic boom in Teton County and other areas in Wyoming. However, the influx of wealth has caused growing pains, such as rising property values and a lack of affordable housing. The trend is also spreading to other parts of Wyoming, leading to an increase in property tax values. The current funding mechanism for the state, which dates back to the 1900s, is creating problems as the economy becomes more diverse. Schechter suggests the need for property tax reform and a modernization of the funding mechanism to address these issues [ba40a604].
Food insecurity is a public health and economic issue in Wyoming, with 10.6% of residents being food insecure. The Food Bank of Wyoming distributed 11 million pounds of food in 2023, a 9% increase from the previous year. Rising food costs, inflation, and the end of COVID-era benefits have contributed to the increased need. St. Joseph's Food Pantry in Cheyenne feeds 550-600 families in Laramie County weekly, with the amount of food provided dependent on family size. Residents express gratitude for the assistance, stating that it has helped them tremendously in light of the high cost of living and food. Community support and donations are crucial in combating food insecurity [219e88f8].
Pitkin County in Colorado has the third-highest per-capita personal income in the United States, behind Teton County, Wyoming, and Summit County, Utah. The county's per-capita income reached $224,772 in 2022, while the average wage per job paid $78,816 per year before taxes. However, there is a growing disparity between per-capita personal income and average wages in the county. The data shows that a significant portion of income in the county comes from passive sources, such as investments and remote jobs, rather than work-related earnings. In 2022, nearly two-thirds of the total income paid to Pitkin County residents came from passive sources. This gap between residents' net earnings and personal income has been widening over the years. The increase in passive income is a contributing factor to the growing income gap in the county. The county's luxury appeal and the influx of wealthy individuals with external passive income have affected the local economy. The rising housing prices in Aspen, driven by passive income, have made it more difficult for workers to afford to live in the county. As a result, many workers commute from nearby counties. The gap between wages and personal income has never been greater post-pandemic, leading to affordability pressures in the county. The disparity between personal income and labor earnings is driven by passive income, which accounts for a significant share of total income in Pitkin County. The share of revenue coming from dividends, interest, and rents in the county is higher compared to the state and national averages. The growth of passive income in the county has outpaced the growth of net earnings over the years. The increase in passive income can be attributed to higher rental prices, short-term rentals, and a few individuals with significant wealth. The growing income gap and the scarcity of affordable housing in Pitkin County have led to an increase in commuting jobs from neighboring counties. The number of people working in Pitkin County but living in Garfield County and Eagle County has been on the rise. The county is also a provider of labor, with many residents working outside the county. Despite income inequality, Pitkin County has seen a decrease in inequality over the past decade compared to the state of Colorado as a whole. However, the affordability challenges faced by residents and the impact of passive income on the local economy remain significant issues.