Category

Strengths (S)

Weaknesses (W)

Opportunities (O)

Threats (T)

Ease of Doing Business

Most Tax-Competitive State: Ranks #1 overall on the 2025 State Tax Competitiveness Index. It is one of only two states without corporate or individual income tax.

Small-Town Data Challenge: Small populations and limited resources make data collection difficult, posing a challenge for local communities to substantiate "barriers to growth" required for state funding programs.

Digital Economy Pioneer: Has a robust legal framework for digital assets and became the first state to issue a state stablecoin, the Frontier (FRNT) token, signaling a major lead in the burgeoning fintech sector.

Dependence on Tax Structure: Extreme reliance on its low-tax model; any future pressure to introduce an income or corporate tax would immediately eliminate its primary competitive advantage.

Domestic Manufacturing

High Output/High Productivity: Manufacturing sector output has more than doubled since 1997 with only a modest increase in employment, indicating high labor productivity. High Wages: Manufacturing jobs pay a wage significantly higher than the statewide average.

Small Relative Size: Manufacturing makes up a relatively small percentage of total nonfarm jobs (≈3.5%), and the sector's contribution to GDP is smaller than mining and real estate.

Diversification Efforts: The state is actively using the Wyoming Innovation Partnership (WIP) to diversify the economy beyond minerals, including the growth of sectors like Controlled Environment Agriculture (CEA).

Dominance of Mining Sector: The entire economy, including revenue collections, remains highly sensitive to fluctuations in the mining (oil, gas, and coal) industry, overshadowing growth in emerging sectors.

Sustainability Initiatives

Focus on Resilient Economies: The Wyoming Business Council prioritizes "building strong, self-reliant communities" through long-term, systemic, sustainable growth. Nature & Conservation Expertise: Home to global conservation discussions, such as the "Managing Wildlife in Large Landscapes" conference in the Greater Yellowstone Ecosystem.

Legacy Energy Reliance: Historically, the state's economy is centered on mineral extraction, creating a deep-seated challenge in transitioning to a clean energy economy that maintains current revenue levels.

High-Tech Agriculture: Launch of the Controlled Environment Agriculture (CEA) Network fosters innovation in sustainable, resource-efficient agriculture and creates new, high-skill jobs.

Climate Change Impact: Climate-related changes pose a direct threat to the vast, iconic natural landscapes that underpin the state's significant tourism and outdoor recreation industry.

Balance of Trade & Global Contribution

Exports to FTAs: Nearly half (47%) of Wyoming's goods exports go to current Free Trade Agreement (FTA) partners, providing stable trade routes. SME Export Driver: Small and medium-sized enterprises (SMEs) generate a significant portion (≈30.8%) of the state's total exports.

Concentrated Export Market: Exports are highly concentrated, with the largest market, Canada, taking almost 1/5 of total goods exports, making the state vulnerable to policy changes with this single partner.

Trade Expansion Programs: The State Trade Expansion Program (STEP) offers grant funds to help more small businesses increase their export value and explore new global trade opportunities.

Commodity Price Volatility: Wyoming's exports are dominated by natural resource commodities. Global price and demand volatility for these goods can cause sudden, large swings in the state's total export value and overall economic health.