#EconDevWeek: 5 Aspects of Economic Development That Extend Beyond Business Attraction

Governor Mark Gordon officially proclaimed May 11-17, 2025, Economic Development Week for the State of Wyoming, in alignment with the International Economic Development Council. This is a particularly important event for the Wyoming Economic Development Association (WEDA) because it allows the general public to gain a greater understanding of what economic development professionals do.

“Most people think economic development teams focus solely on bringing new businesses to the state,” says Brett Kahler, executive director of WEDA. “But our roles are increasingly intertwined with other parts of community management. People want to live in vibrant communities, and businesses go where the people are.”  

Celebrate Economic Development Week with Governor Gordon and WEDA. Learn about the lesser-known aspects of economic development and why they are bringing Wyoming communities into a brighter future. 

1. Education

For the past several years, access to a strong workforce has been the biggest factor in site selection. Companies need to know that they are expanding into areas with enough people to staff their organizations effectively.

This means economic development teams are increasingly involved in workforce development and education programs. These teams want to ensure the local workforce gets the training it needs to step into new roles.

There are also quality-of-life aspects to education investment. People want to live in areas with good schools for their kids. When one person moves, they bring their family members, and the entire community benefits from the new residents. This is why education funding and curriculum development are economic development issues. 

2. Entrepreneurship

Business attraction is important to economic development, but so is business retention and expansion. As entrepreneurs grow their businesses, they need more space and additional employees. Economic development teams need to provide resources to meet the needs of these growing startups so they continue to expand and don’t move to different regions.

The Gillette College Foundation - Office of Economic Transformation has done an excellent job of supporting entrepreneurs in Campbell County, Wyoming. They recognize the importance of sharing resources and creating a community of local innovators. Economic development doesn’t just apply to large corporations, it also means supporting small startups. 

3. Housing

Communities across the United States face a housing challenge. Zillow estimates that there is a deficit of 4.5 million homes, and many Americans are worried about home and rent prices. Wyoming isn’t exempt from the housing crunch, especially as more people discover this beautiful state.

“Housing is one of the most important aspects of economic development right now,” says Kahler. “Any company that has employees is affected by housing inventory. You can’t attract or retain a workforce if there aren’t ample homes to live in.”

Nearly 10,000 people moved to Wyoming in the past four years. WEDA works closely with communities and legislatures to ensure these new residents have somewhere to live. 

4. Quality of Life 

Quality of life improvements are some of the most intangible aspects of economic development but they also offer some of the most colorful examples. Quality of life projects can range from access to parks for exercise to the opening of breweries and restaurants. A high quality of life makes people want to stay in or relocate to an area.

“Wyoming has an impressively high quality of life,” says Kahler. “The natural beauty and access to parks can’t be beat. Our towns and cities are full of people who care about their neighbors and there are dozens of non-profits and hobby organizations in each region. You can find your community when you live here.”

Even public art projects are part of economic development because they support the quality of life in the state. The murals and sculptures you see in various Wyoming towns reflect the inspiration of the people living there.

5. Policy Advocacy 

Economic development professionals don’t just work with businesses and site selectors. They also meet directly with government leaders and strive to change the state for the better. Many of WEDA’s legislative priorities reflect to issues on this list. Some of our focus items for 2025 include:

• Direct and protect adequate funding to Wyoming’s cities, towns, and counties.
• Support job training and education programs. 
• Encourage the development of affordable workforce housing for Wyoming’s current and future workforce.

WEDA’s lobbying efforts support housing development, access to education and workforce development programs, and funding for infrastructure and quality-of-life investments.

“Across the state, other economic development teams are also making their voices heard on these issues,” says Kahler. “Together, we can work toward the best solutions for a stronger Wyoming.”  

Celebrate All Aspects of Economic Development This Week

Business attraction and development are big parts of economic development, but there are countless small parts that contribute to those efforts. Everything from maker spaces in K-12 schools to new housing complexes falls under the economic development umbrella. The entrepreneurial baker is just as valuable to a community as a large employer. Everyone is part of the economic ecosystem.

Read the proclamation from Governor Gordon on Economic Development Week and think about why it’s important to you. Then learn more about WEDA and how you can get involved in economic development on a state or regional level.