Eye on Industry in Evanston: CNBC Ranked Wyoming No. 2 for Leading America in Creating a Crypto Economy
20 Sep 2022
CNBC ranked Wyoming No. 2 for leading America in creating a crypto economy because it has a welcoming legal environment, an abundance of space and land, and some of the lowest electricity costs in the nation. Blockchain companies choosing Evanston, Wyoming, benefit from no corporate or personal income tax plus convenient access to Salt Lake City International Airport.
For the first time in its 15 years of annual business rankings, CNBC assessed states’ viability in the crypto economy. CNBC gathered empirical data on all 50 states across 88 metrics in ten broad categories of competitiveness. The categories were weighted based on how frequently states use them in economic development efforts. The Technology and Innovation category included a measure of each state’s share of computational power or “hash rate.” The Business Friendliness category gave special consideration to how states are regulating the increasingly important crypto industry.
In many states, the crypto industry falls into a legal gray area, forcing companies to burn through capital just to get a charter; however, Wyoming is leaning into becoming a crypto economy leader. The state has the most pro-blockchain legislative environment in the United States, passing over two dozen bills to support the industry, including a new type of quick-approval charter for crypto banks.
Evanston offers a prime location in the crypto oasis of Wyoming with available properties and superior internet infrastructure. Not only does Evanston have the Union Center Business Park and other available properties, it has a designated Opportunity Zone along the I-80 travel route. Recently, several blockchain and technology companies have found success combining technology and the Opportunity Zone tax incentive.
The crypto industry will also benefit from the City of Evanston’s dedication to high-speed internet infrastructure because of its understanding of how crucial it is to business development and workforce attraction. In 2017, the City installed 2.2 miles of bundled conduit in Union Center Industrial Park. Now, Allwest Communications is leasing one of those conduits to provide high-speed, low-latency gigabit broadband to industrial users west of town. Across the entire community, Allwest and Centurylink provide high-speed fiber and coax infrastructure.
Evanston is the definition of business-friendly. Beyond the absence of corporate or personal state income tax, there’s no inventory tax, and the local sales tax rate is 5 percent. Evanston offers a variety of loan and grant programs, including the Business Ready Community Grant and Loan Program, Wyoming Workforce Services Training Grants, and the Managed Data Center Cost Reduction Grant, among others. Tax exemptions are available for data center sales tax and property tax.
Evanston, Wyoming, is experienced in forging new frontiers, and our sights are set on the crypto economy. We are on track for the future with a proactive and dynamic business climate, a dedicated and diverse workforce, and a heartfelt, small-town attitude! Consider this your invitation to visit our thriving community and find out how we can assist you in locating or expanding your business here. Our experienced staff is prepared to assist site selectors and business executives through the relocation process. Contact us today! Follow us on Facebook, Twitter, and LinkedIn.