Wyoming
Wyoming, Delaware, and Montana are the most entrepreneurial states of 2024 so far. It might be due to business-friendly taxes.
Business is booming out West, even in the country’s least populated state.
Wyoming leads the nation for most new business openings per 100,000 residents since the start of 2024, according to Census Bureau data and Business Insider’s analysis of population data.
Delaware and Montana are second and third in new business openings per 100,000 residents since the start of 2024.
Wyoming has seen 1,657 new businesses open since the start of the year, according to the Census Bureau. In Delaware, 1,583 have opened. And in Montana, 1,207. All of those states are particularly tax-friendly for new entrepreneurs.
The boom in business translates to 283 new businesses per 100,000 residents in Wyoming, 153 in Delaware, and 106 in Montana.
As many Americans face high costs of living and seek out new opportunities, states like Wyoming and Montana have seen a surge in economic activity. Wyoming also led the nation in new business applications per capita in 2023, according to the Chamber of Commerce. And the number of new business applications in Wyoming in 2022 was seven times greater than in 2005, according to data from the St. Louis Fed.
According to Census Bureau data, Wyoming was the least populated state in the nation as of 2023, with 584,057 residents. Yet, Wyoming’s population is steadily growing, increasing 1.2% from 2020 to 2023.
In Montana, the population increased by 4.5% from 2020 to 2023, according to Census Bureau data.
It’s yet another sign that the economy is heading away from traditional coastal hubs, and more South and West. The pandemic shifted workers and money away from stalwarts like New York City and San Francisco, with many opting for wide open (cheaper) spaces in areas like Wyoming. And while pandemic-era population and job shifts may have slowed, it looks like business is still booming in Wyoming — perhaps showcasing a more permanent trend.
Business is bustling in some states, but many new ones won’t make it
While business is booming, it’s important to recognize that about a quarter of all new private businesses in the US fail within their first year, according to an April report by LendingTree, a loan service. Within five years, that number climbs to nearly half.
According to the Chamber of Commerce, small businesses make up 99.9% of all businesses in the US. As the Fed holds interest rates at 20-year highs and inflation cools slightly, many new business owners may struggle to find their footing.
But the Bureau of Labor Statistics does have its own measure to approximate just how many new businesses actually came of those applications; BLS splices data on past new businesses with their forecast of new businesses to yield a measure showing what actual formations might look like. And according to that measure, Wyoming and its Western counterparts — along with Delaware — are due to have businesses with some staying power.
In fact, the St. Louis Fed listed Wyoming and Delaware as the two states with the largest growth rates in number of business applications from 2005 to 2022.
Business-friendly taxation
Wyoming, Delaware, and Montana are all particularly attractive to new business owners due to their tax laws. It’s a reason that entrepreneurship might stay strong.
Wyoming is one of three states alongside South Dakota and Nevada that does not impose a corporate income tax, according to the Tax Foundation, a Washington D.C. based think tank.
Furthermore, Wyoming does not impose an individual income tax, another appeal for potential business owners.
Delaware is known for its business-friendly tax structure. About 68% of all Fortune 500 companies were incorporated in Delaware as of 2022, according to the state’s Division of Corporations.
More recently, the Economic Innovation Group found that as of 2023, a “startup surge” in new businesses has been led by “two clear belts of states in the Mountain West and Southeast.” For places like Wyoming and Delaware, EIG attributes the surge in applications partly to favorable state corporate laws.
“The startup suge is both powered and shaped by numerous local forces and policies that will affect its long-term economic impact on communities, as well,” EIG found.
And so, if you’re looking for a small business to frequent — or have an idea you want to make a reality — you too might want to head West.
Are you a new small-business owner in Wyoming, Delaware, or Montana? Contact these reporters at jtowfighi@businessinsider.com and jkaplan@businessinsider.com.
Wyoming
Evacuations spread from fires in South Dakota, Wyoming due to strong winds from coast-to-coast storm
CLIMATE TECH: As wildfires grow stronger, faster, and more expensive, a California-based startup is taking a high-tech approach to fight these fires using autonomous drones designed to extinguish flames before they turn deadly. Founder & CEO Stuart Landesberg joins FOX Weather to discuss Seneca’s firefighting drones.
Large, fast-moving fires are causing evacuations in South Dakota and Wyoming due to the impacts of a coast-to-coast storm.
The FOX Forecast Center said winds have been gusting up to 70 mph in the Pennington County, South Dakota area, which has caused the wildfire to spread rapidly.
COAST-TO-COAST STORM CAUSES TRAVEL ISSUES DUE TO HURRICANE-FORCE WINDS, HEAVY RAIN ACROSS NORTHWEST
The blaze, known as the Greyhound Fire, is approximately 200 acres in size. The fire is burning two to three miles south of Keystone and is moving east, according to the Pennington County Sheriff’s Office.
The Greyhound Fire in South Dakota spans 200 acres.
(FOX Weather / FOX Weather)
Highway 40 and Playhouse Road are closed as crews work to contain the fire.
People living along the highway between Playhouse Road and Rushmore Ranch Road have been evacuated, officials said.
TWO KIDS WAITING FOR THE BUS CRITICALLY INJURED DUE TO STRONG WINDS IN IDAHO
Crews are asking anyone in an evacuation zone to leave the area. Officials are advising people in the area to check the Pennington County Public Safety Hub.
A grass fire has caused evacuations in the Winchester Hills section of Cheyenne, Wyoming.
(FOX Weather / FOX Weather)
People in the Winchester Hills area of Cheyenne, Wyoming, have also been evacuated due to a grass fire.
The FOX Forecast Center said winds are gusting up to 75 mph in the area.
The National Weather Service has issued a Fire Warning and says there is a shelter at South High School for evacuated residents.
Check for updates on this developing story.
Wyoming
University of Wyoming sues former energy research partner for $2.5M – WyoFile
The University of Wyoming filed a lawsuit this week seeking $2.5 million from an energy company it partnered with to research enhanced oil recovery.
The university in 2024 signed a contract with Houston-based ACU Energy to advance research at the university’s Center of Innovation for Flow Through Porous Media, according to the university’s complaint filed Monday in Wyoming’s U.S. District Court. ACU Energy agreed to pay the university $15 million over the six-year research period. The company, according to the complaint, was to pay the university $2.5 million annually with two payments each year.
While the university kept up its end of the bargain — by assembling a research team, training research members and incurring costs to modify laboratory space — ACU Energy “failed to pay the University even a cent owed under the Agreement, leaving $2,500,000 outstanding in unpaid invoices,” the complaint alleges.
ACU Energy did not respond to a WyoFile request for comment before publication.
The company notified the university in February that it was terminating the contract, and the university notified ACU Energy in May of its breach of contract, according to court filings. The university asked the court for a jury trial.
Enhanced oil recovery refers to methods used to squeeze more crude from reservoirs that have already been tapped for primary production, extending the life of an oilfield.
The university commonly accepts money from private businesses in return for lending resources and expertise to advance research. The Center of Innovation for Flow Through Porous Media is part of the university’s Research Centers of Excellence in the College of Engineering and Physical Sciences.
The Center of Innovation for Flow Through Porous Media, led by Mohammad Piri, a professor of petroleum engineering, bills itself as “the most advanced oil and gas research facility in the world.” The center conducts research at the university’s High Bay Research facility, which “is funded by $37.2 million in state dollars and $16.3 million in private contributions, with an additional $9.2 million in private gifts for research equipment,” according to the center’s website.
The center has received donations from oil industry heavyweights like ExxonMobil, Halliburton and Baker Hughes.
Piri was tapped to serve as “principal investigator” for the UW-ACU Energy partnership, according to the university’s complaint. As of press time, ACU Energy had not filed a response to the lawsuit.
Wyoming
Search for fugitive wanted for child-sex crimes leaves Wyoming town on alert
With a population under 600, Byron, Wyo., is generally a quiet town. In recent weeks, streets have been even quieter as both local and federal law enforcement search for 39-year-old fugitive Anthony Pease, who is wanted for six counts of sexual assault involving a minor.
Authorities have been searching the area for weeks, and a reward for information leading to an arrest now sits at $2,000.
See how the search impacts the town:
Search for fugitive wanted for child sex crimes leaves Wyoming town on alert
Saturday morning, law enforcement shared there was a confirmed sighting of Pease near town and reminded residents to remain vigilant by locking their doors and reporting suspicious activity. According to Wyoming’s Big Horn County Sheriff’s Office, before the weekend sighting, Pease hasn’t been seen since Nov. 1.
The Big Horn County Schools Superintendent, Matt Davidson, told MTN News a school resource officer on staff stays up to date with the latest on search efforts, and some parents say they’ve been keeping their kids indoors when they’re not at school.
As the search continues, the mayor as well as some residents, say they are taking law enforcement’s advice while keeping a watchful eye.
“I never used to lock my house during the day. I didn’t even lock my vehicles at night. In fact, a lot of the time I’d leave the keys in them. I’ve talked to other people and there is quite a few people that are nervous. I would hope that a lot of us are nervous because this is a bad thing,” said Byron Mayor Allan Clark.
In fact, investigators could be seen around Byron knocking on doors and scanning land outside of town.
“There’s just so much area and a low population, so much area for him to hide and seek shelter,” Clark said.
With so many wide-open spaces and abandoned buildings in the area, Clark understands why the search has gone on so long.
According to the US Marshals Service, Pease is 5 feet 11 inches tall and may also be going by the name Abraham. They also ask that anyone nearby who has a collection of silver dollars to ensure they are still there, and if not, to report to authorities.
Marshals say Pease is considered dangerous, and the public is told to not approach him and instead call 9-1-1. As the search has stretched over six weeks, many residents hope a capture will bring life back to normal.
“I hope that they capture him soon, and I hope that us as community members and around the area keep our eyes open and report anything suspicious,” said Clark.
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