August 25, 2014
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Wyoming's Business Tax Climate Ranked #1 Nationally
The Tax Foundation ranked Wyoming's Business Tax Climate 1st among all states for the 4th year in a row.
Wyoming's Tax Burden Lowest Percent of Income in Nation 


According to a recent ranking by the Tax Foundation, Wyoming's 2011 state and local tax burden was the lowest of all 50 states, accounting for only 6.9% of per capita income.

Sheridan's Property Tax Rate Almost Half of National Average


Sheridan's effective property tax rate of $6.09/$1,000 of home value only slightly over half of the national average of $11.20/$1,000.

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Welcome to the third issue of Sheridan's monthly economic development eNewsletter! This month, we're showcasing the importance of fostering target industries specific to our community. In future issues, we will explore in more detail each of the target industries called out below.

We are also continuing with an updated snapshot of several key economic indicators, which provide additional context for the featured topic of each newsletter. 

I urge you to to others in the community who might find it useful, and encourage them to use the links provided to join the mailing list for future issues.

I hope the information in these newsletters provides you with information and resources to continue building your businesses and our community, and thereby continue to improve this wonderful area in which we live. Welcome home, Sheridan!
- Mayor John Heath
What Are Sheridan's Target Industries?

Of Sheridan's six target industries, the three projected to have the most potential growth in terms of number of jobs over the next several years are Professional Services, Healthcare, and Light Manufacturing. Altogether, these industries are projected to add 318 jobs to the Sheridan area through 2017. 

  • Professional Services
    With the projected addition of 156 new jobs between 2012 and 2017, Professional Services is the largest of Sheridan's target industries. While this industry is comprised of many
    different subsectors, the top three are Environmental Consulting Services, Engineering Services and Securities, Commodities and Other Related Activities. Growth among related occupations is also projected to exceed the national average during that time.
  • Healthcare
    Healthcare is one of the fastest-growing industries nationally, and Sheridan's position as a regional healthcare hub presents a continuing opportunity. The relatively high average salary of its subsectors, combined with the high concentration of Healthcare-Related Occupations, make the 139 projected jobs a clear benefit to the local economy.
  • Light Manufacturing
    Though not as large as the sectors described above, the performance of Wyoming's Light Manufacturing industry in recent years shows its importance to the local economy. From 2007 to 2012, Light Manufacturing in Sheridan grew by 17% while declining 10% nationally. The performance of this industry makes it a prime target for retainment and selective growth. Similar to Professional Services, Light Manufacturing is comprised of a wide variety of subsectors and related occupations.
Why Do Target Industries Matter?

Understanding the specific opportunities and key industries for a city or economic region significantly enhances the potential return on investment for economic development resources. Knowing the relevance of our key industries to our economy clarifies where we should be focusing our business retention activities. Furthermore, understanding and capitalizing on an area's unique strengths and opportunities can more efficiently bolster a community's economy - even in contrast to broader-level economic trends.


Between 2007 and 2012, Sheridan's top three target industries grew by 11.9%, despite the nationwide recession that drove these same industries to decline by 0.8% nationally during that same period. Together, all six target industries still posted a growth rate of 6.2% in Sheridan while declining 1.6% across the nation.

How are Target Industries Identified?
In 2007, Forward Sheridan contracted the Wadley-Donovan Group (WDG), which specializes in location and economic development consulting, to assess the economic competitiveness of Sheridan and the surrounding area. A significant part of the overall assessment included an in-depth examination of the area's assets and challenges for various economic factors. WDG also examined Sheridan's economic drivers against comparable state and national drivers to evaluate the unique needs and opportunities of Sheridan.

Since 2013, the Sheridan Economic and Educational Authority (SEEDA) has worked in conjunction with the Council for Adult and Experiential Learning (CAEL) and Avalanche Consulting to monitor development of the target industries, particularly in light of changing economic conditions between 2007 and present. In response to such conditions, the primary target industries and development strategies have also been refined to the current list of Professional Services, Healthcare and Light Manufacturing.
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