Skip to content
Wyoming Economy Overview
- Wyoming’s economy relies on tourism, mining, oil, and gas.
- Main industries are government, finance, transportation, and construction.
- Wyoming has no personal or corporate income tax.
- It relies on sales tax, property tax, mineral production for revenue.
- Sales tax is 4-6% and the cost of living is low.
- Tourism generated $3.8 billion in 2019, with Yellowstone National Park being a top attraction.
- Economy relies on mineral extraction for over 60% of revenue.
- Kraken Bank chose Wyoming for a crypto-banking charter.
- Steps to start a business in Wyoming include planning, finances, and legal procedures.
Wyoming’s Federal Funding
- Federal funds play an integral role in Wyoming’s economy.
- Rural states like Wyoming heavily rely on federal funds.
- Wyoming gets the most federal dollars per capita due to funds from leasing rights extracted on public lands.
- Wealthy, highly populated states receive less federal funding per capita than smaller rural states.
Sources of Income for Wyoming
- Sales, property, and mineral taxes provide revenue for Wyoming.
- Tourism generated $3.8 billion in 2019.
- Economy subject to “boom-and-bust” cycles depending on world prices.
- Largest revenue source for operations in Wyoming is sales and use tax.
- Federal budget provides about 30% of state revenue.
- Wyoming’s economy is reliant on energy industries.
