Casper: Economy
Major Industries and Commercial Activity
In 2004, Forbes magazine named Casper one of the nation's "Top 25 Best Small Places for Business" based on the comparatively low costs of operating in the Casper area. The city's central location and proximity to a wealth of natural resources has attracted mining and petroleum exploration industries to the area.
Casper also grew up as a cattle and sheep ranching town, and remains as such today. Businesses related to the care and feeding of livestock have maintained a hold on the economy in Casper and the surrounding Natrona County area.
The medical industry is healthy, as Casper serves as the site for a Department of Veterans Affairs Clinic in addition to the Wyoming Medical Center. The tourism trade is growing as well, grounded in local Wild West history, rodeos, and proximity to natural wonders such as Grand Teton National Park and Yellowstone.
Items and goods produced: oil, natural gas, coal, gravel, fire equipment, agricultural products
Incentive Programs—New and Existing Companies
Local programs
The lack of a local income tax and a low municipal sales tax rate are the main business incentives employed by the City of Casper. The Foreign Trade Zone at Natrona County International Airport provides further encouragement for importers to frequent Casper, as international goods can be warehoused at the airport without undergoing full U.S. Customs scrutiny.
State programs
Wyoming's primary business incentive is a non-existent corporate income tax rate, coupled with relatively minimal sales tax rates. The state also does not tax intangibles or inventory and has kept property taxes low.
Job training programs
The Casper Workforce Center is part of a statewide network of workforce development resources, including services for businesses, job seekers and employment data researchers. Expanding businesses can tap into the Business Training Grant program for new positions, which subsidizes tuition, registration, travel, continuing education and wages associated with newly-created positions in growing companies. Large and small business owners can take advantage of the Wyoming Job Network to search online for prospective employees; the Workforce Center additionally operates an Alien Labor Certification program, which allows employers to utilize immigrant labor for positions that are difficult to fill with U.S. citizens. On the other side of immigrant labor issues, the Workforce Center offers a Migrant and Seasonal Farmworker program, with bilingual staffers encouraging economic self-sufficiency among migrant workers through job training and employment matching services.
Job seekers can avail themselves of several programs organized under the Workforce Investment Act passed in 1998. The intent of the act was to create a seamless continuum of employment, education, and training programs to support business with a skilled workforce. Programs supported by the act include Title II Adult Basic Education, Title IV Vocational Rehabilitation programs, dislocated worker programs, youth tutoring, alternative secondary school services, youth summer employment programs, youth internships, and job shadowing. The Workforce Center offers specialized programs for older workers and workers who identify themselves as having disabilities.
Development Projects
The proposed McMurry Business Park planned along the extension of 2nd Street in Casper is likely to be a $25 million investment property zoned for commercial use. Covering 500 acres, the project will involve access road improvements and major utility installations.
Not to be outdone, the Natrona County International Airport Business Park has undergone a sizable expansion during the last few years, including up to 18,000 square feet of available office space, approximately 135 buildings that can accommodate businesses that range from manufacturing to retail to aviation, and an adjacent acreage that has been designated for future development.
The Downtown Casper Reconstruction and Improvement Project is designed to revitalize an aged and deteriorating area in an effort to make it more inviting to tourists and businesses. A one-cent sales tax is providing the funding, with construction beginning in spring 2005 and expected to end in fall 2006.
Commercial Shipping
The largest airport in Wyoming, the Natrona County International Airport, is located in Casper and encompasses Foreign Trade Zone #157, which allows imported goods to remain onsite without undergoing full U.S. Customs processing. Four regional carriers offer business class travel; both Sky West and Northwest Airlines also offer cargo transportation services. The airport is additionally home to the air cargo facilities of UPS, FedEx and DHL package delivery services.
Burlington Northern Santa Fe (BNSF) Railway passes through Casper, with routes to the West Coast, the Southwest, the Midwest, and other points west of the Mississippi River. Freight services offered include agricultural, mineral, industrial, and consumer goods. Freight forwarding and direct connections with dock spurs are available to shippers.
Casper's central location makes it a highway hub, with Interstate 25, U.S. Highways 20 and 87, and state highways 220, 254 and 20 all meeting within its city limits. Casper is served by approximately 48 over-the-road trucking companies and has access to package delivery services such as UPS, FedEx and DH.
Labor Force and Employment Outlook
While it's expected that Wyoming will remain identified with production of natural gas and coal, a slight decline in total mining jobs is anticipated. Most employment growth is expected to occur in non-goods producing sectors, including service and retail trade. The State of Wyoming predicts that the aging of the baby boomer generation will result in possible labor shortages as that group retires. An aging population will also increase demand for health care and social services, creating a potential spike in those professions.
The following is a summary of data regarding the Casper metropolitan statistical area labor force, 2004 annual averages.
Size of nonagricultural labor force: 35,800
Number of workers employed in . . .
natural resources and mining: 3,000
construction: 2,400
manufacturing: 1,500
trade, transportation and utilities: 8,200
information: 500
financial activities: 1,800
professional and business services: 2,800
educational and health services: 4,500
leisure and hospitality: 3,400
other services: 1,700
government: 5,500
Average hourly earnings of production workers employed in manufacturing: $16.88
Unemployment rate: 4.2 (January 2005)
| Largest employers | Number of employees (2004) |
| Natrona County School District #1 | 1,427 |
| Wyoming Medical Center | 921 |
| The Industrial Company | 600 |
| Key Energy | 558 |
| City of Casper | 505 |
| Casper College | 343 |
| OfficeMax | 339 |
| Wyoming Machinery Company | 315 |
| Natrona County Government | 278 |
| McMurry Ready Mix | 225 |
| True Companies | 201 |
Cost of Living
The following is a summary of data regarding key cost of living factors for the Casper area.
2004 ACCRA Cost of Living Index: Not reported
2004 ACCRA Average House Price: Not reported
State income tax rate: None
State sales tax rate: 4%
Local income tax rate: None
Local sales tax rate: 1%
Property tax rate: assessed at 9.5% of market value
Economic Information: Casper Area Economic Development Alliance, 300 South Wolcott Suite 300, Casper, WY 82601; telephone (307)577-7011; toll-free (800)634-5012