Trade School Continues Resurgence, Expanding Campus Footprint and Nearly Doubling Enrollment Capacity Amid Soaring Demand for Skilled Workers

(Release) LARAMIE, Wyo. – With enrollment at an all-time high and continuing to skyrocket, Laramie-based trade school WyoTech is moving forward with an innovative $33 million expansion plan that will accommodate its growing student body, broaden curriculum and training programs, create over 100 jobs, and improve the collegiate experience for students. Financing came together with an investment from WyoTech, First Interstate Bank, U.S. Bancorp Community Development Corporation (USBCDC), and the federal New Markets Tax Credit program, with the help of community development lenders MoFi and Midwest Minnesota Community Development Corporation. This project highlights the power of the NMTC program to catalyze investment in rural and economically underserved areas where it might not otherwise be possible. WyoTech’s expansion is expected to be complete in January 2023.

Seeing unprecedented demand for its diesel technician and auto mechanic training programs (the school reported a 2,300% increase in enrollment in the period from October 2018-October 2021), WyoTech’s ability to accommodate its growing student body was limited by a lack of space. The $33 million expansion includes the purchase of two existing buildings on campus that are currently leased, and a 90,000-square-foot expansion of one of the buildings. These changes will allow the 650-capacity campus to accommodate up to 1,100 students with the addition of new classroom and training space.

U.S. Representative Liz Cheney (R-WY) said, “WyoTech has provided countless benefits for the Laramie community and the state of Wyoming, and this news is encouraging because it means that more people in our state will be positively impacted as a result of this expansion plan. Jim Mathis deserves a great deal of credit for resuscitating this school and putting it on a path to help more students, create future opportunities, and improve the overall community. I have no doubt that this expansion will allow WyoTech to increase the educational resources it offers to students and look forward to working with the school to do whatever I can to support them in their mission.” 

Community development lender MoFi says it identifies NMTC projects based on factors including job creation, job quality, the provision of services in low-income communities, and alignment with local development priorities. MoFi sells the tax credits to investors, typically banks, and puts the proceeds from the sale into the project, providing about 20% of the total cost. The projects that MoFi supports would not have been able to move forward without the tax credit. Other NMTC projects MoFi has helped finance in Wyoming include the expansion of Ivinson Memorial Hospital (Laramie), the expansion of the Wind River Cares Clinic and construction of the Red Wolf Child Care Center (Riverton), and the construction of the new Cobblestone Hotel & Suites (Torrington).

MoFi President Dave Glaser said this project perfectly aligns with the goals of the New Markets Tax Credit program. “WyoTech has been an increasingly vital part of Laramie’s economy, but its ability to grow and train skilled workers couldn’t keep pace with the demand, and the school has been hamstrung by space limitations and rising construction costs. The NMTC is playing a vital role in this chapter of WyoTech’s growth, catalyzing new construction, expanding curriculum, creating quality jobs, and sending graduates on to promising career paths. The impacts of this investment will benefit students, the community of Laramie, and the state of Wyoming for generations to come.”

WyoTech CEO Jim Mathis said, “This investment will help maintain the school’s competitive position as the premier trade school in the nation, and it wouldn’t be possible without the help of the New Markets Tax Credit program, which was first introduced to the project by a consultant of ours, Eric Davis.”

The NMTC program was enacted in 2000, as part of a bipartisan effort to spur private investment and economic growth in low-income and rural communities that lack access to the capital needed to support businesses, create jobs, and sustain healthy economies. The credits are awarded annually through a competitive process. The program is currently set to expire in 2025, however, bipartisan legislation is currently under review that would make the program a permanent part of the tax code.

“NMTCs provide a unique opportunity for us to support projects that make a difference in local communities, and the expansion of the WyoTech campus will do just that,” said Steve Kramer, USBCDC business development officer. “This is ultimately an investment in people – helping WyoTech meet the high demand to train individuals for quality jobs –  and in the process, helping them achieve financial stability.”

About WyoTech
WyoTech, formerly known as Wyoming Technical Institute, is a for-profit, technical college founded in Laramie, Wyoming, in 1966. WyoTech provides training programs that prepare students for careers as technicians in the automotive and diesel industry with nine-month training programs that focus on hands-on experience.

About MoFi

MoFi is a nonprofit Community Development Financial Institution that provides loans to individuals, businesses, and communities. MoFi believes that equal access to responsible, flexible capital is fundamental to creating individual stability, business success, and community prosperity. MoFi operates across Montana, Idaho, Wyoming, Utah, Eastern Washington, and Eastern Oregon with offices in Missoula, Bozeman, Boise, and Salt Lake City. Learn more at https://www.mofi.org/.