Platform: Major Manufacturing is Critical to Wyoming’s Economy
The manufacturing sector is a critical part of Wyoming’s economy. It is also a key component that needs to continue to grow and expand and diversify our economic base. Consider the following from the most recent data available:
- For the period 2009 – 2013 the manufacturing industries have continued to grow at a faster pace than the overall private sector economy in Wyoming
- For the period 2009 – 2013 manufacturing as a percentage of the overall private sector economic base has continued to grow
- For the period 2010 – 2014 Manufacturing employment growth outpaced the growth of all industries
- For the period 2005 – 2014 average manufacturing wage growth outpaced the wage growth for all industries
- Average manufacturing wages are consistently higher than average wages for all industries
- 2005 – Average manufacturing wages 19.38% higher than average all industry wages
- 2014 – Average manufacturing wages 24.59% higher than average all industry wages
Nov. 2015 Wyo. Dept. of Revenue Report: “The effects of the Sales and Use Tax Exemption for Manufacturing Machinery”
By any measure, the manufacturing industry is strong and growing in Wyoming. It provides good paying jobs and significant amounts of capital investment. That private capital investment is the foundation of a growing private sector economy. It is critical that Wyoming continue to encourage the manufacturing sector to minimize the economic impacts of the energy downturn. Increasing the tax on the manufacturing would penalize this important industry and the people that they employ, hurt their ability to compete and would hurt Wyoming’s economy at a time when it cannot sustain further uncertainty or declines.
Currently 37 other states have similar incentives to help grow their manufacturing industries, including all of our neighboring states with sales taxes. Wyoming should not penalize an industry sector that is vital to providing economic benefits through the energy downturn. If anything, Wyoming should continue to encourage the manufacturing industry, and all businesses and look for new ways to enhance the business climate for major existing Wyoming manufacturers and those who will want to come here.
For more information contact:
The Alliance of Wyoming Manufacturers