Project Economic Benefits
Significant employment and derivative economic benefit is provided by the project, aiding the economy as employment and economic benefit slow in the mining sector. Additional tourist spending will be also be generated after the completion of the project.
Wyoming Contractor Participation
Since signing the guaranteed maximum price (GMP) in July 2016, JE Dunn Construction, the construction manager at risk (CMAR), has been soliciting bids from Wyoming, regional and national subcontractors for all phases of the work. As of December 20, 2016, contractors residing in Wyoming have received 43 percent of the contracts associated with the Wyoming Capitol Square Project. The dollar value of contracts awarded to Wyoming contractors totals $66 million out of the total $154 million awarded at this point. If contracts requiring expertise in historic restoration specialty trades are removed, then 54 percent of the contracts have gone to contractors residing in Wyoming.
The Department of Administration and Information’s Economic Analysis Division analyzed the impacts to Laramie County and the statewide construction industry from the project. The estimated increase in employment and personal income is a result of a multiplier effect, which occurs when an initial income injection into the economy causes a larger overall increase in personal income than the initial injection. Additional employment leads to corresponding wages spent and then received by another person in the economy, continuing the cycle.
- Work is projected to provide additional employment of just over 1,000 employees in 2017 in Laramie County.
- The analysis projects total positive change in personal income of $236 million.
- The analysis indicates a change of Wyoming GDP of $260 million created by the project.
The Capitol is one of the largest tourist attractions in southeast Wyoming and the Wyoming Office of Tourism analyzed the tourism impact after the project is completed. With the investment in additional visitor experiences at the Capitol, the project will play a significant role in increasing visitor length of stay in the region.
- Increased visitation is projected to generate an additional $1.35 million in tourist spending in Laramie County the first year after completion.