Economic Development in Northwest Wyoming
Forward Cody is committed to helping Cody businesses expand or grow - but what does that mean for you?
In fact, it means a great deal because economic development benefits all parts of the community. Every time a business hires a new person, adds to their facility or buys equipment, it makes a difference. This effect ripples through the community and touches everyone in some way.
As a good example, the recent expansion of Cody Laboratories has grown the company to 126 positions. Their annual payroll totals around $6.9 million dollars plus it adds an additional $2.5 million in payrolls in supporting companies. Even if you don't have one of the Cody Labs positions the impact reaches every person in the community. That happens in 2 distinct ways. The obvious impact is household spending. People being paid here will spend the money in this community.
These dollars help business owners pay their staff, increase their product or service line and even expand as well.
As companies grow and expand, it also increases the tax base. Taxes paid on the Cody Laboratories building also will go into the community, being spent in the school district, hospital district and other areas of the city and county. Local groups will benefit not only from that money, but will benefit from employees paying their property taxes. It's a mechanism to start feeding the entire Cody area. There is a saying: Rising tides lift all ships. Growing the tax base of the area literally does that. Not just in one year, but for many years to come. That's why Forwards Cody's focus is on growing companies that have good paying jobs in year round industries.
Cody Labs is just one example of growth and the stabilization of our local economy. Recently we asked a handful of the businesses we have helped to provide us with how many full time employees they have and their payroll. We combined this information to show how all jobs matter. Every project can drive economic activity, Each individual business serves as an economic engine in their own way and each provides the benefits of employment and growth in our overall economy. Look around Cody today and you'll quickly see that Cody is moving froward in a positive way. Forward Cody is glad to play a role in that growth.