If you are getting ready to move, we’re betting that you might like to know how the prospective state is doing. Is it a state where things are happening? Is the state growing? How is the economy? These are all important questions, especially if you are relocating without a job or have a family to worry about.
Well, Wyoming, as beautiful as it is, is one of the country’s slowest growing states. The state GDP is about $34 billion, but its growth in 2010 was at an astounding -0.3%. Yeah, we said, “negative.” That means instead of people moving to Wyoming, they’re likely heading out of the state.
Coal production is a leading element of Wyoming’s economy – accounting for about of 40% of all the coal mining in the entire United States. As far as that’s concerned, that isn’t too shabby. But, when states like Kentucky and West Virginia enjoyed strong rebounds in 2010, Wyoming was left lagging behind.
Why did Wyoming suffer when other coal mining states didn’t?
Most of the coal mined and produced in Wyoming is used for making electricity. This past year, the United States’ demand for energy actually declined, so the mining industry suffered a setback.
However, it looks like the demand for energy throughout the United States is rebounding which means that coal prices are soaring. Experts are predicting that Wyoming may very well come out ahead in 2011, which might make it more attractive for both commercial and personal relocations.