The economy of Wyoming is largely based on the extraction and production of natural resources, such as coal, oil, and natural gas. Additionally, Wyoming has a diverse economy that includes agriculture and tourism.
Wyoming’s primary economic drivers are mining, energy production, and tourism. The state is the nation’s largest producer of coal and is also home to significant reserves of oil and natural gas. Coal mining accounts for a significant portion of Wyoming’s total economic output and employs over 8,000 people in the state. Oil and gas production also provides a significant contribution to the state’s economy; in 2018, oil production alone accounted for over $2 billion in revenue for the state.
Agriculture is another important sector of Wyoming’s economy. The state produces large quantities of beef cattle, sheep, hogs, hay, grains (such as wheat), vegetables (such as potatoes), fruits (such as apples), poultry (such as chickens), eggs, milk products (such as cheese) and honey. In addition to traditional livestock farming operations, many farmers are now diversifying into specialty crops such as hemp or vegetables grown in greenhouses or hydroponically.
Tourism is an important industry in Wyoming that provides jobs for thousands of people each year. The state boasts some of America’s most beautiful national parks including Yellowstone National Park which attracts millions of visitors each year from all over the world. Other tourist attractions include Grand Teton National Park with its stunning mountain views; Devils Tower National Monument; Fossil Butte National Monument; Flaming Gorge National Recreation Area; Hot Springs State Park; Jackson Hole Ski Resort; Sinks Canyon State Park; Buffalo Bill State Historic Site; Shoshone National Forest; Wind River Indian Reservation; Bighorn Canyon National Recreation Area and many more attractions across the state draw people from all over the world every year to experience its unique beauty and culture.
In recent years Wyoming has experienced strong economic growth due to booming energy production which has resulted in higher wages than other states across the country on average according to Economic Policy Institute data from 2017-2018 period. Additionally due to low population density while still having an abundance of natural resources it tends to have lower taxes than other states allowing businesses more money available for investment which has helped attract new businesses into the area creating more employment opportunities for local residents.
Overall Wyoming’s economy is well diversified with mining energy production agriculture tourism all playing their part in helping make it one of America’s strongest economies with continued growth expected in years.
Top 3 Counties in Wyoming
According to countryaah.com, main counties in Wyoming include:
Laramie County is the top county in Wyoming. It is located in the southeastern corner of the state and is home to the city of Cheyenne, which is also the state capital. The county covers an area of 4,310 square miles and has a population of 97,631 people. The majority of Laramie County’s economy is based on agriculture and livestock production, especially sheep and cattle. There are also some major oil and gas production facilities in the county. The University of Wyoming is located in Laramie County, as well as several other higher education institutions.
The second largest county in Wyoming is Natrona County with an area of 7,958 square miles and a population of 75,450 people. This county has a strong presence in both tourism and energy production. Casper is its largest city, which serves as a hub for travelers from all around the world who come to visit Yellowstone National Park or explore some of its many outdoor attractions such as fishing, hunting, hiking and camping sites. Natrona County also houses various oil refineries that help to power Wyoming’s economy.
The third largest county in Wyoming is Albany County with an area of 5,717 square miles and a population of 40,769 people. This county contains two major cities: Laramie (the state capital) and Rock River (the second largest city). Agriculture continues to be an important part of Albany County’s economy with beef ranching being one of its main industries; however it also has many small businesses that contribute significantly to its overall economic health as well as some energy production facilities such as coal mines and natural gas wells. Additionally there are several colleges located here including University of Wyoming at Laramie and Wyoming Technical Institute at Rock River that offer educational opportunities for students from all across the state.
