Wyoming may pride itself on having no income tax, but the latest CNBC ranking of the best states for business didn’t place us near the top.
Instead, we landed well below states with higher tax burdens but more diversified economies, stronger workforces and deeper innovation pipelines.
That ranking is a reminder: Tax policy alone won’t safeguard our future.
If Wyoming is to thrive, we need more than fiscal advantages -- we need a strong University of Wyoming, and especially a thriving College of Business, at the center of our state’s growth.
Wyoming is at an inflection point. We remain one of the least diversified state economies in the nation; our young people are deciding whether to build their futures here or leave; and our communities are searching for new ways to prosper.
As dean of the College of Business, I have both a front-row seat to these challenges and a hand in shaping the solutions.
The numbers tell a clear story: When UW and its College of Business are strong, Wyoming is strong.
With a total annual budget of roughly $630 million, UW generates nearly $1.3 billion in statewide economic impact and supports about 14,700 jobs each year.
Within that picture, the College of Business is a key driver -- educating more than 1,500 students annually and graduating professionals who power accounting firms, banks, energy companies, nonprofits and start-ups statewide.
Graduates earn, on average, $16,000 more annually than non-degree holders -- wages that circulate through local businesses, bolster our tax base and return over time through alumni giving and small-business growth in all 23 counties.
This return shows up in very human ways. Wyoming faces workforce shortages in health care, education, energy, technology and business. Each year, our college graduates accountants, analysts, sales professionals and entrepreneurs -- many of whom stay in the state to fill roles our communities depend on.
When I travel the state, one refrain I hear again and again is simple: Wyoming needs more accountants.
One of our major firms recently told me it could double in size tomorrow if UW could supply the talent.
More accountants mean faster service during tax season and more business staying in Wyoming rather than going out of state.
We’re answering that call -- expanding our accounting pipeline and connecting students directly with employers at our career fair, where one-third of students now meet and interview with firms each year.
This is what a thriving College of Business looks like in action: listening to employers, scaling programs and filling workforce gaps.
But what about the graduates who leave Wyoming? Far from being a one-way drain, they extend our reach.
Take Annabelle Pierson, a recent graduate from Montana and one of the stars of our sales program.
That program enjoys nearly 100 percent job placement, and Annabelle is now representing UW on the national stage with her first job at the Atlanta Hawks of the National Basketball Association.
As an out-of-state student who chose UW, she’ll carry the Wyoming brand with her wherever her career takes her -- proof that a thriving College of Business projects our state’s strengths far beyond our borders.
Annabelle’s story is not unique. At one time, three of Shell’s top five executives were UW graduates.
Today, UPS CEO Carol Tomé stands among the world’s most influential business leaders, and Josh Allen’s rise in the NFL has given Wyoming unprecedented visibility.
These alumni succeed globally but remain connected to their alma mater and to our state -- opening doors for future graduates and supporting UW in tangible ways.
Many who leave eventually return. Alumni gain experience elsewhere, then come home in their 30s or 40s to raise families, launch businesses or take leadership roles in their communities.
They bring back skills, networks and perspectives that strengthen Wyoming from within. This “cycle of return” is one of the hidden dividends of a thriving business college.
Our contributions go beyond graduates. Faculty and students work directly with Wyoming entrepreneurs through centers focused on leadership, entrepreneurship and economic development.
From helping small businesses write growth plans to guiding towns through downtown revitalization, our applied projects turn classroom learning into statewide impact.
The CNBC ranking underscores that Wyoming’s challenges are real: We cannot lean on tax policy and natural beauty alone to drive growth. Our workforce is thin, our economy under-diversified and our growth inconsistent.
But a strong College of Business -- anchored within a strong University of Wyoming -- bridges that gap. It educates, retains, attracts and reconnects talent. It fuels entrepreneurship, innovation and cultural life.
And it gives Wyoming a future beyond fossil-fuel dependence -- a future defined by resilience, opportunity and pride.
The question isn’t whether Wyoming can afford a strong College of Business. The real question is whether the state can afford not to.
When the College of Business thrives, UW thrives -- and when UW thrives, Wyoming thrives. The stakes couldn’t be higher, and our best future is already in motion, in classrooms, centers and alumni stories across this great state.
Scott Beaulier is the H.A. “Dave” True Dean of UW’s College of Business.
