Key Facts
- Per Capita Real GDP
- $40,303 Rank: 13/50 (2007)
- Population
- 532,668 Rank: 51/50 (2008)
- Per Capita Personal Income
- $40,676 Rank: 6/50 (2006)
- Unemployment Rate
- 2.70% Rank: 2/50 (2008)
- Business Tax Climate Index
- Rank: 1/50 (2008)
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Wyoming: Introduction
The Great Plains meet the Rocky Mountains in the Northwest state of Wyoming. The Continental Divide separates the waterways of the state from the northwest to the south central border. The fairly dry climate of the Great Plains region renders hay, wheat, and barley to be the most significant agricultural crops in Wyoming. Natural plant life is fairly sparse in Wyoming, meaning that the animals of the state need larger grazing areas. This has led to the average ranch size in Wyoming being ranked as the second largest in the nation.
The federal government owns half of the state’s land. Much of this land can be accounted for as national parks, but a significant portion is also used for mining. The state and federal governments both collect royalties from mining companies who operate on such land.
Mining is the largest contributor to Wyoming’s economy. Natural gas, coal, and petroleum lead the way in mining followed by sodium carbonate, uranium, gold, iron, and various clays. Tourism is another leading industry in the state’s economy, led by several world-class ski resorts and national parks that together bring in tourists year-round. Each year approximately six million people visit the state’s national parks and monuments, including three million who visit Yellowstone National Park. Wyoming’s lack of both individual and corporate income taxes makes it especially attractive to business.
