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What is the largest industry in Wyoming? Check out the list below for the major Wyoming industries:
Wyoming’s #1 Industry (and taxpayer): Mining
In 2004 Mining contributed $5.99 billion to Wyoming Gross State Product, or 25% of all private industry in Wyoming. (Total GSP from Private industry: $20,606,000) Mineral Production is taxed as property tax, although it is in fact a severance tax based on market value of the natural resource being severed. Wyoming taxes minerals at 100% of value, unlike “other” property taxes, which are taxed at rates between 9.5 and 11.5%. In the end, because of higher valuations than other lands and higher tax rates, mineral production ends up paying 94.4% of all “property taxes” paid to the State of Wyoming.
Wyoming’s #2 Industry: Tourism for economic impact when considering the $2
billion in spending. (Source Lynn Birleffi , Executive Director, Wyoming Lodging & Restaurant Association)
In 2004 Tourism contributed $94 million to state and local tax receipts.
- State Sales - State - $35.2 million
- State Sales - Local - $14.8 million
- Local Sales - $16.8 million
- Lodging Tax Local - $4.8 million
- Gasoline - $22.6 million
Wyoming is looking to recruit more high-tech and manufacturing businesses to help diversify the state's economy. Interested? Contact us. |
