Jackson Hole Economy
Three Factors That Drive Jackson Hole’s Thriving Economy
Tourism, real estate, and domestic services are the three key factors that drive Jackson Hole’s economy. Growth within all three industries continues to keep Jackson Hole a thriving city attracting more residents and tourists every year. In fact, Jackson Hole’s major employers all fall within these categories including:
• Grand Targhee Resort
• Grand Teton Lodge Company
• Grand Teton National Park
• Jackson Hole Mountain Resort
• Signal Mountain Lodge
• Snow King Resort
• St. John’s Hospital
• Teton County School District
The Tourism Factor
Millions of tourists flock to Jackson Hole every year in search of winter and summer excitement. The Grand Teton National Park and Yellowstone National Park are the two major attractions and are responsible for most of the summer tourism windfall welcoming 3 million visitors each summer alone. However, winter tourism is on the rise with Jackson Hole’s growing popularity among skiers, snowboarders, and snowmobiling aficionados. Adding to the tourism revenues gained from park admissions is the fact that tourists need to eat, sleep, and often indulge in some local shopping for souvenirs. Restaurants, resorts, lodges, and vacation rentals, and retail outlets all enjoy a booming business from Jackson Hole visitors.
The Real Estate Factor
With Jackson Hole land and homes at a premium, real estate is a major contributor to Jackson Hole’s economy. Since home prices average over 1 million dollars, a disproportionate number of moderate to wealthy persons (compared to the rest of the nation) buy, build, and live in Jackson Hole communities. To handle this top-tier of homebuyers, real estate, architectural, building, and contracting firms are locating to and expanding within the area. Supported by tourism and renters who cannot afford to purchase a home in Jackson Hole, savvy real estate investors gain a maximum return on their rental property investment. Managing these rental properties has increased the need for local property management services.
The latest “settlers” to the area are baby-boomers, celebrities, professional athletes, and business tycoons fleeing the action of metropolitan cities for the serenity of the Jackson Hole region to live the lifestyle they crave in their dream home. Teams of contractors and other service personnel are often required to care for these stately residences on an annual basis.
The Domestic Factor
It takes a strong network of domestic services to keep this village running. Along with the tourism and real estate segments that are supported on the ground level by local services, the Jackson Hole population in general relies on these basic services. Utilities, technical support, and others such as food, clothing, transportation, airline, trucking and more provide the bulk of jobs and business in Jackson Hole.
If You Need Yet Another Reason To Live In Jackson Hole, There’s Always the Financial Advantages
Wyoming residents have an obvious advantage over those living in 42 other states. Wyoming is one of only 8 states that does not collect income tax, a gift tax, or taxes on interest and dividends. Though an inheritance tax is imposed, commonly known as a “pick-up” tax, the amount due equals the credit against the federal estate tax. No further death tax is paid.
Wyoming’s financial benefits have earned national recognition in the press:
• Bloomberg Personal Finance awarded Wyoming “most wealth-friendly” standing in April 2002 for the fifth year in a row.
• Wyoming was the only state to receive an A+ score from Bloomberg for how little families are taxed.
• Wyoming was one of three states to receive an A+ for wealth-friendliness for retirees.
• Barron’s used the Bloomberg retiree report as part of their ranking criteria when it named Jackson Hole one of the top twenty places to retire.