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, U.S. Bureau of Economic Analysis
- Wyoming Private Sector Gross Domestic Product (GDP) $31,025 Billion
- 2021 Manufacturing GDP – $2.770 Billion
- 4th largest component of private sector GDP at 8.9%
- Manufacturing Workforce
- 2020 Manufacturing employment – 11,806
- Manufacturing Payroll
- 2020 Total Payroll - $960,565 Million
- 2020 Average annual earnings – $ 81,362
- Manufacturing average annual earnings per employee are 2nd highest behind only Mining/Oil & Gas
Conclusion
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 taxes and regulation 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 approximately 40 other states have similar incentives to help grow their manufacturing industries, including all of our neighboring states. Wyoming should not penalize an industry sector that is vital to providing economic benefits through the energy transition. 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.
In 2022 and beyond, Wyoming is clearly at an economic and a cultural crossroads. While government/education spending and tax revenue generation are both going to need to change, Wyoming’s new economic opportunities present unprecedented new markets for Wyoming manufacturers with local regional, national and global customers. The list of opportunities is impressive:
- Small and Micro Nuclear Energy Technologies, Including High Assay Low Enrichment Uranium (HALEU) Fuels
- Hydrogen Production and Transportation, both Blue and Green
- Carbon Capture, Utilization and Sequestration Technologies
- Advanced Renewable Energy Technologies, including wind, solar, liquid fuels, and energy storage
- Project Sentinel, U. S. Ground Based Strategic Deterrent Missile Replacement
it is more important than ever to make sure that the productive contributors to our Wyoming economy, like manufacturing, are kept productive by avoiding unnecessary tax increases and burdensome regulations that hurt innovation, productivity and high quality employment. We hope you will join in the effort to keep manufacturing a growing and critical contributor to a strong Wyoming.
For more information contact:
The Alliance of Wyoming Manufacturers
Info@wyomanufacturing.com
Robert Jensen
