Wyoming’s small towns have what it takes to attract big business
By: Bob Jensen, Wyoming Business Council CEO
It’s a common perception: Urban locales are bastions for high tech companies,
pharmaceutical outfits, company headquarters, and other big business operations. But
Wyoming, a state with a total population less than that of most major cities, is proving
that small towns can be successful in industries not commonly associated with them.
Take, for example, Admiral Beverage, a major bottling company headquartered in
Worland, Wyo., that recently won Bottler of the Year in its industry; or Square One, a
high tech robotics company in Jackson, Wyo., that uses its technology to harvest crystals
in labs. Eleutian Technology, in Cody, Wyo., recently announced a partnership with a
large Chinese firm that will translate into the company hiring about 100 new employees
from the state; and Cody Laboratories, a pharmaceutical manufacturing company also in
Cody announced plans to expand its operation.
So many small towns like Cody are proving they have more to offer than what they are
typically known for, which, in Cody’s case, is tourism. While tourism dollars are nothing
to take lightly, neither is the importance of diversification to a community’s economy.
In 2005, the state identified the pharmaceutical industry as one of its targeted industries
in the State of Wyoming’s Targeted Business Analysis conducted by the Wadley
Donovan Group. Shortly thereafter, in 2006, Cody Laboratories moved to its current
location in the former Wal-Mart store in Cody. The following year, the business was
acquired by Lannett Company, Inc., another pharmaceutical company, as a strategic
move to ensure marketability of product and capital for maintaining regulatory
compliance.
With its expansion, Cody Laboratories’ expects to add 45 new positions at a median
wage of $18.75 per hour, for a total workforce of 128 employees. That’s big business
for a small town. Also important, is how this continued growth demonstrates that
pharmaceutical manufacturing and other high tech lab work can be successfully
accomplished in towns around the state.
The ability to diversify a town’s economy, and consequently Wyoming's economy,
through balanced and concerted efforts to attract and retain business makes
sense. Towns around the state are doing this through targeted business recruitment,
growing many different, existing businesses in their communities, and encouraging
entrepreneurship. The Wyoming Business Council has been a resource for these
activities in Cody as well as towns around the state. By working with local economic
development leaders, the Business Council can help communities reach their
development goals.
The Cody Laboratories project will diversify and expand the quality of the Cody area due
to the fact that the company has and will continue to attract a skilled international
workforce. It serves as a model for attracting other similar companies by proving that
remote locations and a small population base does not need to limit a company’s ability
to produce a viable product, obtain a quality workforce, and be successful.
This is becoming more readily apparent, and attractive, to companies looking for a
business-friendly environment such as the one Wyoming offers. But it’s the complete
package that seals the deal; and in evaluating their assets, smaller towns just might
discover they have what it takes to attract a large business, and importantly, keep it
there.