Northeast Wyoming is a Haven to Combat Inflation

Inflation is on everyone’s minds these days. From television and online news to discussions at the local coffee shop, there is no escaping the fact inflation is driving up the cost of everything from utilities to transportation. Reports indicate staggering inflation rates for 2022 over 8% - higher than any since the 1980s. To make matters worse, according to the U.S. Bureau of Labor, real average hourly earnings for all employees decreased by 0.6 percent. That’s the impact of inflation because it reflects a 1.0 percent increase in the Consumer Price Index for All Urban Consumers (CPI-U). More alarming is a 3% decrease in real average earnings from May 2021 to May 2022.

Businesses are seeing their cost of goods soar and consumers are paying for it at the checkout stand and in their monthly bills, leaving many to wonder how they can save money. Escaping to northeast Wyoming may be the answer. 

People and businesses can save money by moving to northeast Wyoming.

Relocating to the five counties the Powder River Energy Corporation serves - Campbell, Crook, Johnson, Sheridan and Weston - offers multiple ways for businesses and their employees to save money.

• Reduce corporate taxes by bringing your business to Wyoming.

Wyoming does not have a corporate income tax and an average combined state and local sales tax rate of 5.22%. These are the most significant factors that have resulted in Wyoming being the #1 state in the nation in the Tax Foundation’s 2022 Business Tax Climate Index! 

• PRECorp and Wyoming offer incentives for new business and business expansion.

When businesses move to or expand in northeast Wyoming, they can qualify for various financial incentives that can help either finance the project or help to reduce the cost through grants and tax credits. For example, PRECorp offers a Low Cost Economic Development Loan for local economic development projects. In addition, PRECorp can help facilitate access to the USDA Rural Economic Development Loan Program, which makes zero-interest loans for projects that will create and retain employment in rural areas. 

• Land is affordable in northeast Wyoming compared to other states.

Several industrial parks in PRECorp’s service area offer sites with amenities capable of meeting any business’ needs. Moving to Croell Industrial Park, Fort Union Industrial Park and Upton Logistics Park can bring immediate operations in a cost-friendly environment to your business today. 

• Lower your personal taxes by moving to Wyoming.

Wyoming does not have an individual income tax. In 2022, the Tax Foundation qualified Wyoming with the country’s second-lowest state and local tax burden at 7.5%. That means every family retains more each paycheck, even if their salary doesn’t go up. The best part of this strategy is that it continues to yield dividends year after year. Even when inflation calms down, people in Wyoming will still benefit from having lower taxes. 

• Lower your cost of living in northeast Wyoming.

Two of the largest economic factors hit by inflation are utilities and transportation. Northeastern Wyoming is fortunate to have some of the best utilities and transportation costs in the country, making it more affordable for families to live there than in most U.S. states. In 2022, the average Cost of Living index for utilities and transportation in PRECorp’s five counties was approximately 10% and 20% lower, respectively, than their national averages per BestPlaces. 

Take advantage of this opportunity to save money and combat inflation by moving to northeast Wyoming.

Inflation has been more substantially impacting daily life than at any time since 1981. But there are still ways businesses and families can maximize their economic situation. Relocating or expanding in northeast Wyoming can save money and the long-term financial benefits are worth the investment.

Regarding “long-term investments,” northeast Wyoming also happens to be one of the top states in the country for retirement, while veterans and their families value proximity to several VA facilities in the area in Sheridan and Buffalo, as well as western South Dakota locations in Sturgis and Hot Springs.

Contact Jeff Bumgarner at jeffb@precorp.coop today to learn more about the benefits northeast Wyoming can offer!