Here is Why A Diverse Economy is Critical

Friday, August 17, 2018

Economic diversification is the best way to position Wyoming for the future. It is the way to lessen the harsh effects of mineral commodity bust cycles. And it is the way to ensure opportunities exist for current and future generations of Wyomingites to live and work here. After all, economic diversification is about avoiding reliance on a single industry to sustain Wyoming’s infrastructure and employ its citizens. In an innovative, rapidly-changing world one industry cannot shoulder the burden alone.

A recent article painted economic diversification as a bad strategy for Wyoming, arguing that, given our existing tax structure, new or expanding businesses not directly related to mineral extraction cost more in public services than they contribute.

A broadened tax structure must be a part of the conversation, to be sure, but our state cannot wait for tax reform before pursuing economic prosperity.

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