Wyoming’s per capita personal income ranked 9th in the U.S.
Wyoming’s per capita personal income of $60,095 in 2018 earned the state a national ranking of ninth, based on estimates released by the U.S. Bureau of Economic Analysis on March 26.
Personal income for the Rocky Mountain region was $51,226 per person in 2018, and $53,172 for the U.S. Total personal income for the state reached $34.7 billion in 2018, an increase of 4.5 percent compared to 2017, matching the U.S. growth rate, while the Rocky Mountain region grew at a rate of 5.7 percent.
The majority of Wyoming’s income improvement in 2018 was attributed to the mining, transportation and warehousing, and construction industries.
The agency also released fourth-quarter 2018 estimates of personal income. Wyoming’s personal income increased at an annualized rate of 5.1 percent in the last quarter of 2018 over the previous quarter. Personal income for the Rocky Mountain region – which includes Wyoming, Colorado, Idaho, Montana and Utah – grew at a considerably higher pace of 5.8 percent, exceeding the U.S. growth rate of 5.2 percent. Colorado’s fourth-quarter growth of 6.2 percent led the region, followed by Idaho at 6.0 percent; Utah, 5.1 percent; Wyoming, 5.1 percent; and Montana, 4.6 percent.
Wyoming’s total personal income increased by $437 million in the fourth quarter of 2018 compared to the third quarter of 2018, with net earnings accounting for most of the gain of $229 million. Property income and transfer payments added $159 million and $49 million, respectively.
Southwest Wyoming Regional Airport growth continues
Southwest Wyoming Regional Airport started 2019 off with strong growth as January and February traffic was up 33.75 percent on a year-over-year basis.
Compared to January 2018, passenger traffic grew 23.61 percent, going from 3,231 passengers to 3,994 in January 2019. Compared to February 2018, passenger traffic increased 45.66 percent, from 2,751 people to 4,007 in February 2019, according to the airport.
The growth in early 2019 is building upon the successes seen in 2017, when the airport experienced 11.73 percent growth, from 32,466 passengers in 2016 to 36,273 in 2017, and 2018, when the number of passengers grew to 47,766. January and February 2019 marked the 25th and 26th consecutive months of passenger growth for the airport.
4 Rivers Equipment opening service in Albany County
Farmers and ranchers in Albany County won’t have to drive to Cheyenne for agricultural equipment parts anymore after 4 Rivers Equipment opens a new service location in early April.
Located west of Laramie at 292 U.S. Highway 230, the service center will have many of the amenities the Cheyenne location has, including parts for sale, as well as in-house and field service technicians for both home and garden equipment and agricultural equipment.
The Colorado-based company has been an official John Deere agriculture equipment dealer since it started in 1926 as Romer Mercantile. In the almost 100 years since, the company has expanded locations into Wyoming, Texas and New Mexico, and combined its locations under the 4 Rivers Equipment name in 2013.
While not a John Deere dealership, Albany County’s 4 Rivers Equipment location can service the agriculture equipment to fit the area’s needs.
Professionals announce Wyoming Trust Association
Members of Wyoming’s legal, accounting and banking industries announced the formation of the Wyoming Trust Association in March. The WTA is membership based, bringing together professionals across multiple disciplines associated with the trust and estates industry.
Founding members include Long Reimer, Winegar, MHP, Rocky Mountain Bank, Teton Trust Company, Willow Street Trust Company of Wyoming and Wind River Trust Company.
The newly chartered organization will focus on centralized communication, and connecting opportunities for industry professionals and the customers they serve.
WTA will work to become a leading resource for the trust industry, allied professionals, legislators and regulators, and act as a significant voice for the trust industry throughout Wyoming.
BenchMark Engineers announces expansion to Fort Collins, Colorado
BenchMark Engineers, a Cheyenne-based civil engineering firm, planned to open a second location in Fort Collins, Colorado, in early April.
The company has consulted on critical features in Cheyenne, such as Cheyenne Regional Medical Center, Prairie Wind Elementary School, Davis Hospice Center, the Wyoming Capitol and the Laramie County Library. The firm has also designed several Cheyenne communities, including The Pointe, The Bluffs, Crest Ridge and Sunrise Estate subdivisions.
BenchMark Engineers serves local, state and federal governments, as well as developers and other clients throughout Wyoming, Colorado and Nebraska. For more information, visit benchmarkengineers.com.
Cheyenne DDA launches program to benefit area businesses
Cheyenne Downtown Development Authority is launching a new program to highlight Cheyenne’s artisans and local craftspeople called Cheyenne Crafted. This program will highlight and support businesses and people who provide “authentically Cheyenne” products.
Cheyenne Crafted products include everything made in the area. Products that are a part of Cheyenne Crafted will be given the program’s logo, which becomes a badge of recognition for artisans, craftspeople and manufacturers.
To be eligible, the person or company producing the product must sign a “self- attest” form that states the product meets the Cheyenne Crafted product criteria as follows:
Producers: The product must be made in Cheyenne.
Retail stores/online retailers: Must carry a variety of Cheyenne Crafted registered products in their regular inventory.
Restaurants: Only restaurants that offer freshly made menu items are eligible.
Bars, breweries and distilleries: Must serve a significant selection of Cheyenne-produced spirits, liquors or brews on tap.
To be a part of the Cheyenne Crafted, contact Jennifer Adu at firstname.lastname@example.org.
Cheyenne City Council doubles fees paid to WYCO Recycling
The Cheyenne City Council approved a contract modification between the city and WYCO Recycling that doubles the existing tipping fee, minimum payment and not-to-exceed cost Cheyenne pays to operate its recycling program last month.
A tipping fee is what the city pays per ton of waste it takes to WYCO for sorting and distribution. Previously, the fee was set at $40 per ton, with a minimum of $10,000 per month and a $200,000 annual cap.
The modification increases the tipping fee to $80 per ton, with a $20,000 minimum per month and $400,000-per-year cap.
After years of buying recycled materials from the U.S., China reduced its imports last year due to large amounts of foreign trash mixing with recyclables.
To submit a business news item to the Wyoming Business Report, email it to email@example.com; fax it to 307-633-3189; or mail it to Chrissy Suttles, c/o Wyoming Business Report, 702 W. Lincolnway, Cheyenne, WY 82001.