Paid for by Forward Fremont County PAC
To say Fremont County has taken some hard hits economically, this past ten years could be an understatement. Retailers see it every day in their cash drawers. Employers see it when they post a job and get little or no response. Schools see it as their student populations decline.
Today we look at some hard facts, and ask Central Wyoming College President and PhD Economist, Dr. Brad Tyndall, how we got here, what’s ahead and what can we do to ensure the sustainability of our beloved communities.
“Everyone is concerned about the future of our community. As an economist I like to ask, ‘So, what’s our plan?” asks Dr. Tyndall. “Doing nothing is not a plan.”
Fewer People Depresses an Economy: In 2014, Fremont County’s population was estimated at 40,595 by the U.S. Census Bureau. Ten years later it is estimated at 39,815, for a loss of almost 800 or 2%. Comparatively, Wyoming grew slightly at .15% while the nation’s population grew 5.5%. Over this same 10-year period, Fremont County schools saw a decrease in student population of 5.5%, from 6,736 to 6,370 students (based on fall enrollments).
Business Losses Produce Out-Migration of Good Citizens & Taxpayers: According to the Federal Reserve, over five years, Fremont County lost $220 million in real gross domestic product (see chart above). GDP is measured as the total value of goods and services produced in Fremont County. Real GDP filters out inflation for an apples-to-apples view.
What can we do about this? “With Fremont County’s drop in GDP, we really need to redouble our efforts in economic development,” said Dr. Tyndall.
FRED (Federal Reserve) also reports Fremont County’s workforce declined from 19,726 in 2012 (with 6% unemployment) to 18,451 in 2023 (with 3% unemployment) representing workforce shrinkage of 6.5%.
Our Boom & Bust World: From the Past to the Future
Fremont County’s economy for the past 75 years was solidly anchored on firm ground, dependent on mineral and later oil and gas extraction.
Uranium was first mined in the 1950s and peaked in the 1980s when the industry was hit with extreme declines in prices and demand. Soon after, oil and gas production picked up the economic slack:
Oil production in Fremont County decreased in the 1980s, along with uranium, but gas production was headed for a boom that peaked in 2005 with over 100 new wells being completed. Gas production also peaked in 2005. Unfortunately, ten years later, zero wells were installed (see chart below). Production would hold on a few more years, however both oil and gas production are at all-time lows in 2024. The impact can be felt economically. In 2013 there were 1,675 people employed in Fremont County’s construction and extraction industries with annual median earnings of $95,000. Today there are 1,268 in this sector at $78,000.
There may be new hope on the horizon for these sectors, but to date, no single industry has been able to come close to replacing the economic impact of mining and energy on Fremont County.
“Our community needs to grow more opportunities for our citizens, especially our youth, to stop the out-migration of our family and friends. We can do this by supporting the economic development efforts to grow local job and business opportunities,” says Tyndall. “We have so many opportunities in terms of our beautiful natural resources, tourism, agriculture and more. We just need a little focus with everyone pushing in the same direction.”
Wyoming Ranks #1 for Good Reasons
Residents of Fremont County, and the state of Wyoming, have been enjoying some of the lowest rates of taxation in the nation, and that’s attractive to business and industry.
According to the state, here’s how Wyoming stacks up compared to other states:
- Estimated tax burden on household with $50k annual income: 50th in Nation
- Combined state and local sales tax rates: 43rd in Nation
- Ranked 37th for fuel tax
- Ranked 43rd for cigarette tax
- Ranked 50th for taxes on alcohol
- Property taxes on $150,000 home in largest city per state: 49th in Nation
- State & local tax burden as a percentage of income: 48th in Nation
- And with no individual or corporate income tax, we rank 51st (includes D.C.)
All this said, we also rank 50th in nation for population size and 49th for GDP.
From a personal taxation standpoint, this makes Wyoming pretty attractive to businesses as well as individual families. The Washington, D.C.-based Tax Foundation suggests, “Overall, Wyoming’s tax system ranks 1st on our 2024 State Business Tax Climate Index.”
Dr. Tyndall points to this as an opportunity for Fremont County, “We need to be scrappy Wyomingites, invest in and support one another to ensure a solid future for our kids and grandkids.”
However, as much as we enjoy the low rankings on tax rates, we insist on a higher quality of living. So, who pays for all the services it takes to make Fremont County such a great place to raise a family? The answer might surprise you.
As an example, a family of 3 with a home valued around $250,000 and $65,000 annual income, will pay about $3,500 in taxes each year, according to the state. But they will consume $27,000 in services (see chart below). That’s because businesses, particularly in the mining and energy sectors, are picking up the tab. The concern is what happens as those industries struggle to survive.
A Moment in Time That Defines Possibilities for Success
There are clearly reasons for economic concern. But there are also benefits that can be leveraged with appropriate action. At this particular point in time, we have the infrastructure to support industry mostly in place, but it will deteriorate without new investments. And we have the services needed to recruit and support a family-based workforce, like educational resources, medical care, cultural assets. Our business environment is a friendly one. Those things unique to Wyoming are attractive. But the clock is ticking. And making up for recent loses won’t come immediately.
Collaborative Action, Sharing Best Practices
Fremont County has a number of groups that are active in growing our economy, starting with Central Wyoming College. The state provides support through their Wyoming Business Council representative to this region, Patrick Edwards. Some of our other resources include The (CWC) Bootstrap Collaborative for entrepreneur development, Job Corps and Workforce Services for staffing, our municipalities, FAST commercial air services, WRTA buses, utility companies and various state agencies for infrastructure support, including Fremont Council of Governments for municipal coordination, and economic growth recruiters and retainers like Riverton’s IDEA Inc and Wind River Development Company, Lander’s LEDA, the reservation-based Wind River Development Fund, and our various Chambers of Commerce. LIFT (Lander), EDGE (Riverton), MOVE (county) and other municipal councils work to make local business growth investments derived from current sales taxes. All of these groups of individual citizens are willing to invest their time and energy, and in many cases money, into fostering economic growth in Fremont County.
Patrick Edwards recently visited communities in Utah where groups, towns and cities such as ours have come together and been successful in creating economic growth. Mr. Edwards observed, “The state of Utah does a great job of collaborating at the municipal, county and state level on economic development. They use a regional approach to leverage as many resources as possible to fund infrastructure.”
November Ballot Initiative for the Half Cent
The question is now up to the citizens of Fremont County. Four years ago we approved a ½ percent sales tax to address economic development. Nothing like it had been done here before, and only Goshen County had done it in Wyoming. Up for renewal, the initiative provides at least 30% of the ½ cent collections to support transportation (air and ground) and 70% for locally determined investments that create jobs or bring in additional revenues.
Today, the state of Wyoming, that provides matching funds for so many different programs and projects, is asking all counties for similar community investment commitments as a condition for their grant funding.
Dr. Tyndall spends a lot of time working with the state and the legislature to bring funding to Fremont County. “As much as I, and everyone else, are skeptical of taxes, I like to remind myself and others of two important things. First, the local economic tax is by us and for us, the people of Fremont County. This is NOT federal – or even state – money. We can – and we have already done so – adjust its use to best meet our local needs. Second, compared to other states, we don’t pay high taxes in Wyoming and this 1/2 cent is an investment.”
Please vote “YES” for the ½ percent economic growth initiative on this November’s ballot, and encourage your friends, family and co-workers to do the same.
Sources:
Federal Reserve Economic Data
US Census Bureau Population by County
Wyoming Department of Education: School District Enrollment & Staffing Data – Wyoming Department of Education
Wyoming Geological Survey
MineralAnswers.com
State of Wyoming Legislature
Sponsored Post paid for by Forward Fremont County PAC
County 10 does not endorse any political candidate and strictly separates editorial/news coverage from advertising as it relates to a political campaign and election coverage.