State of Wyoming with a population of about 500,000 and its capital and largest city is Cheyenne. The second largest city is Casper, and the third largest city, Laramie is the home of the University of Wyoming. Ranching is widespread in the Wyoming state, though farming is limited due to the scarce rainfall. Farm products include beef, wool, wheat, and hay. Wyoming is a big state for National Parks, including such as Yellowstone, established in 1872, Grand Teton and the Bighorn Canyon National Recreational Area. There are no sales or corporate tax in Wyoming. The two biggest sectors of the Wyoming economy are mining and tourism. Wyoming has become the number one coal producing state in the United States, with almost 400 million tons of coal produced per year.

According to the 2005 U.S. Bureau of Economic Analysis report, Wyoming’s gross state product was $27.4 billion. Wyoming’s unemployment rate for 2006 was approximately 3.3%, which is lower than the national average of 4.6%. Components of Wyoming’s economy differ significantly from those of other states. The mineral extraction industry and the travel and tourism sector are the main drivers behind Wyoming’s economy. The Federal government owns 50% of its landmass, while 6% is controlled by the state. Total taxable values of mining production in Wyoming for 2001 was over $6.7 billion. The tourism industry accounts for over $2 billion in revenue for the state.

In 2002, over six million people visited Wyoming’s national parks and monuments. The key tourist attractions in Wyoming include Grand Teton National Park, Yellowstone National Park, Devil’s Tower National Monument, and Fossil Butte National Monument. Each year Yellowstone National Park receives three million visitors.

Historically, agriculture has been an important component of Wyoming’s economic identity. Its overall importance to the performance of Wyoming’s economy has waned. However, it is still an essential part of Wyoming’s culture and lifestyle. The main agricultural commodities produced in Wyoming include livestock (beef), hay, sugar beets, grain (wheat and barley), and wool. Over 91% of land in Wyoming is classified as rural.

Mineral production
Wyoming’s mineral commodities include coal, natural gas, coal bed methane, crude oil, uranium, and trona. Wyoming ranks highest in mining employment in the U.S. In fiscal year 2002, Wyoming collected over $48 million in sales taxes from the mining industry.

* Coal: Wyoming produced 395.5 million short tons (358.8 tonnes) of coal in 2004. The state is the number one producer of coal in the U.S. Wyoming possesses a reserve of 68.7 billion tons (62.3 billion tonnes) of coal. Major coal areas include the Powder River Basin and the Green River Basin
* Natural Gas: In 2004, natural gas production was 1,929 billion cubic feet (54.6 billion m3). Wyoming ranks 5th nationwide for natural gas production. The major markets for natural gas include industrial, commercial, and domestic heating.
* Coal Bed Methane (CBM): The boom for CBM began in the mid-1990s. CBM is characterized as methane gas that is extracted from Wyoming’s coal bed seams. It is another means of natural gas production. There has been substantial CBM production the Powder River Basin. In 2002, the CBM production yield was 327.5 billion cubic feet (9.3 billion m3).
* Crude Oil: Production of Wyoming crude oil in 2004 was 51.7 million barrels. The state is ranked 7th among producers of oil in the U.S. Petroleum is most often used as a motor fuel, but it is also utilized in the manufacture of plastics, paints, and synthetic rubber.
* Trona: Wyoming possesses the largest known reserve of trona in the world. Trona is used for manufacturing glass, paper, soaps, baking soda, water softeners, and pharmaceuticals. In 2002 Wyoming produced 17.3 million short tons (15.7 million tonnes) of trona.
* Uranium: Although Uranium mining in Wyoming is much less active than it was in previous decades, recent increases in the price of uranium have generated new interest in uranium prospecting and mining.