PHOENIX - With austerity measures already in place and energy revenues showing little sign of rebounding, Wyoming's government is pushing to diversify the state's economy sooner rather than later.
Gov. Matt Mead announced Nov. 10 that he is launching a new initiative called ENDOW, an acronym for "Economically Needed Diversity Options for Wyoming." The goal is to coordinate the efforts of state agencies, the Wyoming Business Council, the University of Wyoming, and the state's community colleges in finding ways to grow Wyoming's economy beyond its traditional reliance on energy and other natural resources.
"We need immediate and measurable results now," Mead told his audience at the Governor's Business Forum, where he announced the initiative. "We need to build on recent success in establishing technology as a fourth leg of Wyoming's economic strength. We need to build on the efforts to add value to coal, minerals and natural resources. We need to build on our success in a growing manufacturing industry."
Mead announced late last month that despite cuts made by both his office and the state legislature, the state still faces a budget shortfall of about $52 million as a result of revenues sharply reduced by low oil and gas prices. While the state's reserves remain strong, Standard & Poor's Global Ratings said in February that a drawdown of the state's reserves could lead to a downgrade of its triple-A implied GO rating.
"For decades we have wanted to grow opportunities that keep our young people in Wyoming," Mead said. "We have known for more than 50 years that it is important to add value to our natural resources, to improve air service and to expand research. The problem with the past plans is that they have addressed the next four years – or next eight years. These are connected with political terms and we need economic action that spans the next 20 years – efforts that go beyond this Governor and the next."
Mead will co-chair an ENDOW initiative steering committee with Greg Hill, an executive at oil and gas giant Hess Corporation. The rest of the committee will be named during the next several weeks.
