This article will help anyone looking for information pertaining to a commercial real estate and commercial lending in the State of
Wyoming is a large state with a small population. The population has been slowly
but steadily rising over the past two decades. Between 1990 and 2000 the population
rose 8.9%, and since 2000 the population has risen another 3.1%. This is an improvement
over the population loss that the state was experiencing in the 1980s. The per
capita income of the residents of Wyoming is $37,305, higher than the national
Wyoming commercial real estate is some of the least expensive
in the country. It has a commercial real estate market that is markedly different
from most others in the United States. However, Wyoming's real estate prices,
across the board, are on the rise on account of growth-fueled demand for a very
limited supply of land. It's not that Wyoming does not have a lot of land, rather,
much of Wyoming's land is already in the hands of the federal or state governments.
The best way to get hands on it is through leases and licenses with the government,
but this doesn't promote development. However, Wyoming's chief industries are
mineral extraction and tourism, both of which only require
rights of use.
In Wyoming's cities - Casper, Jackson Hole and Laramie - the economy shows
vibrant growth, so much so that experts are becoming worried about the lack
of workers and any sort of housing to put them in. The housing slowdown plaguing
the rest of the country goes largely unnoticed in Wyoming, in part because Wyoming
mortgage lenders issued so few subprime loans during the boom and in part because
demand is so strong. Housing demand is particularly strong in oil and gas boom
towns like Gilette, where new construction can't go up fast enough. Like many
other western states, the desire for new residential construction is eating
into agricultural lands. The percentage of agricultural land in Wyoming - mostly
for grazing and feed crops - stands at about 55% and is rapidly dropping.
Inside and outside of the cities, Wyoming is becoming a destination for speculators
and out of state real estate investors. A far-sighted investor
might look to Laramie, Wyoming, home of the University of Wyoming and The Wyoming
Technical Institute. The educated population (the city has the largest population
of PhDs in the country) is drawing high-tech and biotech companies to the area.
In the not too distant future, Laramie may become a much more cosmopolitan city.
Another attraction for businesses to the state is the tax policy that is favorable
to businesses and their employees. The state levies no individual or corporate
income tax making doing business in Wyoming more profitable.