A guide to help you understand the ins and outs of business in Wyoming
Wyoming is a western state, sharing its borders with Montana, South Dakota, Nebraska, Colorado, Utah and Idaho. Cheyenne serves as the state capital and is also the state’s largest city. Although it is the tenth largest state in regard to total land, Wyoming is the least populous state, with a mere 579,000 residents. Wyoming’s GDP for 2019 was $40,420,000,000.
Some of Wyoming’s top industries are Ag Tech and food products, blockchain technology, data centers and IT, firearms manufacturing, wind energy, outdoor recreation, and manufacturing. Outdoor rec is a major part of Wyoming’s economy, with attractions such as Jackson Hole Mountain Resort, the top ski destination in the US, and Yellowstone National Park, which has nearly 8 million annual visitors. Also, Wyoming is the top state in the US for gun registrations. Hunting gear and guns attributed $304 million to Wyoming’s economy. Wyoming has a $1.7 billion agriculture industry. Of that $1.7 billion, $264 million is hay, $33 million is corn, $22 million is beans, and $14 million is wheat.
In 2019, Wyoming exported $17,692 to Qatar with its top exports being: Furniture, bedding, lamps, etc. Nuclear reactors, boilers, machinery, etc.
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The corporate income tax rate is two-tiered: no tax on the first $200,000, and 4% on anything greater. Wyoming only has a single free trade zone, in Casper. The state offers 18 incentive programs, such as the Wyoming Natural Gas Fueling Infrastructure Loan Program and the Challenge Loan Program.