Despite the recent layoffs at North-west College and the closure of Cody Labs, Park County’s unemployment rate dropped slightly in July.
That is the good news.
Expect the unemployment rate to creep up slightly at the end of summer as seasonal jobs come to an end.
But there is more good news.
Y-Tex manager Connie Demple recently stated Y-Tex is gearing up. That company recently reached out to seasonal workers to apply for the manufacturing company’s year-round jobs.
There is even more good news.
One of the most exciting opportunities for economic stability and future growth in Park County is the Opportunity Zone legislation passed in the 2017 Tax Cuts and Jobs Act.
That legislation aims to incentivize private capital to accelerate economic development in designated “Opportunity Zones.”
The act allows a deferral of capital gains taxes for up to 10 years if that money is invested in a business or business property in a designated Opportunity Zone.
In addition, the appreciation of that investment will not be taxed for capital gains at the end of the 10 years.
An Opportunity Zone is defined as an area with high unemployment, high poverty rates or low per capita income.
An area east of WYO 120 in Cody has been designated as an Opportunity Zone.
Forward Cody is looking for investors wishing to postpone capital gains and finance economic development projects.
It is a great opportunity.