Wyoming Economic Development FAQs

Economic development is the process of creating more opportunities for residents through business and industry development. The goal is to create a strong economy for the state – and each community – by growing existing businesses and attracting new ones. This will create a diverse, stable ecosystem with a range of careers for residents.

Economic developers work with new entrepreneurs and enterprises alike, as more jobs and businesses contribute to the availability of amenities, the tax base, and residents' quality of life. 

Wyoming is a large, rural state. It is one of the least densely populated in the nation, home to residents who are proud of their resilience and independence. Economic growth creates opportunities for people in local communities, enabling them to advance their careers, support their families, and enjoy life.

Diverse economic development also creates stability. It means if one industry is struggling, other sectors can keep the state going until it recovers. WEDA works to create a bright future for Wyoming that attracts new residents and makes the next generation excited to stay here.  

Wyoming is a leader in energy production at a time when energy demand across the United States is higher than ever. The state is working to produce more energy while investing in sustainable options that can last for decades. Wyoming also has a strong tourism economy, and some communities are working to create more full-time, year-round jobs through business development and attraction. These are just two sectors, amongst others, that are a focus at this time.  

Additional economic development issues include meeting housing needs in rural communities, which can affect population growth, and investing in a future-ready workforce. When Wyoming communities invest in residents, they can pave the way for new businesses to open and existing ones to expand. 

Wyoming’s three biggest industries are energy, tourism, and agriculture. However, other essential industries are moving this state forward. Manufacturing remains a major sector across all communities, alongside technology and data storage. Logistics and distribution are also key sectors with Wyoming’s strategic location in the American West.

In addition to supporting major industries, WEDA celebrates entrepreneurs who are creating new sectors in Wyoming. These innovators are creating the state's future economic drivers.

Every Wyoming citizen is affected by economic development in some way. When more companies open their doors in Wyoming, they create jobs. Economic developers work to attract companies that offer high-paying positions and opportunities for employees to grow lasting careers.

Job growth sends ripple effects through communities. Better-paying positions increase residents' spending power, allowing them to invest in their communities by buying from local businesses. This also allows communities to have more amenities, as new restaurants, stores, and entertainment entrepreneurs launch their concepts.

Additional companies and work opportunities also increase tax income, giving communities larger budgets to fund essential programs like fire departments, schools, roads, and parks. The broader community benefits from every business that is added or expanded. 

Both WEDA and the Wyoming Business Council are good places to start to launch a business in Wyoming. These organizations can share resources and steps to get your business going. You can also connect with your local economic development teams and see how they help entrepreneurs. Many Wyoming communities have startup incubators, pitch competitions, and networking groups to help new businesses grow. 

Many economic development teams are ready to welcome new businesses to their area. The Wyoming cities you decide to work with can support your efforts and make it easier to navigate the site selection, permitting, and utility connection processes. If you aren’t sure how to connect with a specific community, don’t hesitate to contact our team at WEDA. We will be happy to make professional introductions to local municipalities.

WEDA’s member directory is a good place to start to learn more about local economic development organizations. Find the local or county-level organization near you and reach out with business questions and support needs. You can also contact WEDA and ask for help finding your community economic development team. If there isn’t one directly in your area, WEDA will connect you with other resources and professionals who can offer assistance. 

Established in 1985, WEDA is a professional organization representing economic developers in the state of Wyoming. It is a non-profit that supports local community teams through advocacy, resource sharing, networking, and education. WEDA represents nearly 200 economic development organizations, ranging from major cities and counties to small towns. 

WEDA welcomes economic development professionals and organizations based in Wyoming. The goal of membership is to learn from each other, share resources, and grow as a whole. When one community attracts a new business or supports local entrepreneurs, it can send ripple effects to surrounding towns and counties. Together, we can create a diverse, vibrant economy for Wyoming residents. 

WEDA offers both in-person and virtual professional development. Virtually, members can read news articles, listen to podcasts, and explore resources that can help their organizations. In-person, WEDA hosts an annual conference that brings economic developers together and highlights important issues facing local communities. Towns across Wyoming are facing similar issues, and professional development can help their representatives identify solutions and opportunities to overcome them. 

WEDA has an advocacy arm and regularly meets with representatives in the state legislature. It speaks on behalf of economic development professionals across the state and the businesses and residents they represent. Learn more about WEDA's legislative priorities and current advocacy work.  

There are multiple ways to contact WEDA to ask about membership and learn about collaboration opportunities. Reach out via email at info@wyomingeda.org or by phone at 307-640-9425. You can also meet with WEDA in person at 315 W. 27th Street, Cheyenne, Wyoming 82001.