Wyoming Governor’s Business Forum Update
Posted by Bobbie Frank on November 16, 2023
Tyler Valentine, President & CEO StagePoint FCU and Bobbie Frank, Vice President Legislative Affairs participated in the Governor’s Business Forum this week. The Forum, hosted by the Wyoming Business Alliance, hosted over 300 attendees.
Panels of business, education and political leaders covered a host of important topics affecting Wyoming’s economy and communities.
The University of Wyoming College of Business provided an overview of the first-ever Wyoming economic forecast. University of Wyoming College of Business Assistant Dean Dr. Anne Alexander gave an overview of the first-ever Wyoming economic forecast. She started by looking at the economic past. Wyoming’s booms have been very pronounced. Dr. Alexander then spoke more specifically about Wyoming. She said that in the last decade employment in the natural resources and mining industries has fallen, and there has been a rise in tourism and hospitality, while construction has stayed stable. The natural resource and mining industries are expected to rebound to their pre-pandemic rates in 2024. She remarked that Wyoming’s income has outpaced the mountain region (except Colorado) and should continue to do so into 2024. The population is expected to slightly increase in 2024 driven by residents over 65 years of age and all other ages are expected to decline. In recent years technology, R&D, business formation, science and engineering graduates, patents awarded, and venture capital dispersed have all increased. The State has unfortunately seen significant out-migration; about 70% of UW graduates. Wyoming housing has become relatively unaffordable for individuals. Physical and technological connectivity continue to be barriers to Wyoming’s economic growth.
Legislative leaders discussed the state’s challenges and opportunities heading into the 2024 Budget session.
GoWest has become the Wyoming Business Alliance to open more opportunities for Wyoming Credit Unions to network with Wyoming’s political and business leaders.