With no income taxes, Right to Work laws, and a high rate of economic growth, Wyoming may look like the perfect place to invest, but the state's success has been limited to certain industries. For a stable, profitable investment, place your money in:
Though oil and gas production has declined since the 1970s, it remains one of the major industries in Wyoming, and has recently experienced a small boom as a result of hydraulic fracturing efforts. Fracking is unlikely to increase production in Wyoming to the same degree that it has in North Dakota, but investors and government officials are nonetheless determined to revitalize the industry. One proposal to do this involves converting the kerogen rocks in the state's Green River Formation into petroleum. This plan may yield large amounts of oil, but it cannot do so at a low enough cost to make a profit. Wyoming also produces coal, trona, uranium, diamonds and coal bed methane.
After mining and extraction, tourism is the most important engine of Wyoming's economy. Each year, over 6 million people travel to the state to see Grand Teton and Yellowstone national parks, as well as Fossil Butte and Devil's Tower national monuments. Tourism provides the state government with more than $2 billion in annual revenues and directly employs 12% of the labor force.
Farming has played a central role in the state's history, and it remains one of the major industries in Wyoming. Beef is one of the state's most important products, and with 1.4 million cows, it has nearly 3 times as many cattle as people. These cows earn the state nearly $600 million a year in beef sales. The state also produces $65 million in hay, $32 million in barley, $31 million in wheat and $28 million in corn each year.
Manufacturing contributes $1.25 billion to the Wyoming economy, and the state's manufacturing exports have grown by nearly 50% in the last five years. Wyoming manufacturers specialize in petroleum refinement, with refineries in Evanston, Evansville, Cheyenne, Newcastle and Sinclair refining a total of 170,000 barrels of oil per day. Other manufactures include chemical products, fabricated metal, non-metal mineral products, machinery, electrical appliances and rubber. Two thirds of export manufacturers in the state are small businesses.