SHERIDAN — The Wyoming Business Council released its annual Benchmarks Report this week, which describes an economic development strategy the organization has developed over the past year that could have a direct impact on local economic growth.
That strategy, in general, calls for the WBC to focus on expanding the assets and companies already in the state and leveraging that growth to gradually attract new industries to Wyoming.
In a statement in the report, former WBC CEO Shawn Reese — who stepped down from the agency in September — said the WBC’s new, more targeted approach to economic development was developed through public feedback and discussions with both public and private community leaders.
The report also highlights the instability of Wyoming’s economy over the last five years and contrasts it with the rest of the country.
According to the report, Wyoming’s workforce has varied, on average, by 7,000 workers each year and its annual gross domestic product has fluctuated by $1.3 billion during that span.
That instability, the report explains, is the result of an over-reliance on the state’s three core industries: mineral extraction, tourism and agriculture.
“Wyoming’s GDP is four times more volatile and its employment is eight times more volatile than the U.S. over the same period,” the report says. “New economic sectors have proven much more stable than our core industries over that time period (in the U.S.).”
Forecasts from other state agencies indicate the economic volatility the report describes will continue into the future if Wyoming cannot diversify the industries driving its economy.
That broad diagnosis is nothing new in Wyoming, but the report describes what the WBC hopes will be a more effective strategy for improving the state’s economic outlook. Some of the WBC’s recent efforts have had a direct local impact.
For instance, the report highlights the support the Business Ready Community Program has provided — through a $2,850,000 BRC grant and a $1,510,671 BRC loan — to a project that will facilitate the expansion of Sheridan-based Kennon Products, Inc.
That funding will allow the Sheridan Economic and Educational Development Authority to build a new 40,000-square-foot manufacturing facility in Sheridan’s Hi-Tech Business Park, which the group plans to lease to Kennon.
That facility will nearly quadruple the size of Kennon’s current facility and lead to the creation of an estimated 39 new jobs.
The report also details the WBC’s plans to support efforts to promote entrepreneurship at a local level and notes that it has supported the efforts of Sheridan’s Wyoming Technology Business Center, a local start-up incubator, in the past year. Economic diversification is a persistent goal at nearly every level of the state. As Wyoming embarks on a new year, the efficacy of the WBC’s new approach could prove to be a major determining factor in how much progress the state makes toward realizing that goal.
Finalists named for WBC top position
CHEYENNE — Wyoming Business Council Board of Directors Co-Chairwoman Megan Goetz Thursday announced two finalists in the national search for the state economic development agency’s next chief executive officer.
The candidates are Josh Dorrell, senior vice president at Trihydro Corporation, and Steve Farkas, assistant dean for the University of Wyoming College of Business.
Dorrell leads the Technology Services and Solutions business unit at Laramie-based Trihydro. He also teaches at UW as an assistant lecturer in the College of Business. Dorrell was named Professor of the Year in 2015. He graduated from UW with a degree in mechanical engineering in 1998. Dorrell has spent his career in technical sales and leadership roles. Dorrell lives in Laramie with his wife, Amanda, and their four children.
Farkas leads the College of Business’ strategic planning and engagement, and serves on the college’s Executive Committee and Advisory Board. Farkas serves as a university liaison to state leadership in support of statewide economic development, and works closely with regional and community economic development organizations.
Farkas also serves as an executive consultant specializing in market entry strategy, organizational integration and business process optimization for a variety of businesses ranging from technology and retail startups to established energy and financial service firms. Farkas has held leadership positions on private and public company boards in addition to serving on the boards of directors for the Cheyenne Chamber of Commerce and Visit Cheyenne.
Goetz said the CEO advisory search committee received approximately 160 applications from candidates across the country.
“Our interview process for the next CEO has been a great one,” Goetz said. “We have worked with the committee every step of the way. The talent within our state is evident. I am so excited for the future of the Wyoming Business Council with either of these two leaders at the helm.”
Business council staff will meet both candidates Jan. 7.
The Business Council Board of Directors will convene a public special board meeting at noon Jan. 8 at Laramie County Community College’s Pathfinder Building, Room 108, in Cheyenne.
The CEO interviews will begin at 1 p.m. Each candidate will have 75-minute interviews consisting of introductions, 30-minute presentations by the candidates and 30 minutes of questions. The Business Council will live stream the interviews via Zoom, and the agency’s Facebook page.
A CEO announcement won’t be made Jan. 8. Goetz said it will come after an offer is made and details are finalized with the candidate.
Contact Ron Gullberg at 307-777-2833 or [email protected] for more information.
