Notice we’ve set an all-time high in population, meaning Rapid City’s trade area is now estimated to be above 150,000. Wages are up from last year’s numbers, gross sales are still ¾ of a billion dollars, and building and housing permits continue to blaze into the market.
On this day in 2011, the pop band Maroon 5 released one of the best tribute songs ever made, “Moves Like Jagger.” The song, fused throughout with disco and electro-synth beats, is about a guy trying to impress a girl by comparing his dance moves with those of Mick Jagger. This month’s economic indicators are a little like that—trying to convince you they can dance. Yes, unemployment is still low, and gross sales nearly hit $1 billion in one month in Rapid City. And average weekly wages are still above $900 a week.
But everyone knows the real story.
This month’s economic indicators are a little like that—clothed and looking back. That’s because things are getting a little retro. No, we're not talking about the grunge era, but rather the disco era, the late 1970s, when inflation (stagflation, as the kids used to say) was heating up at the rate of 7% to 13% annually.
There really isn?t much else to talk about locally as employment, wages, sales, and housing have remained consistent with where they were last month. But with inflation now above 8% (year over year), things are looking difficult.
Wages continue to hover at all-time highs and employment continues to hover at all-time lows.
Macro-economic conditions are going to have ramifications in the Black Hills in 2022.
Wages broke another record and now stand at $936 per week. Unemployment sits at historic lows as well, coming in at 2.3%.
Rapid City continues to see almost historic prosperity with unemployment, wages, and consumer spending.
Rapid City is currently seeing record-low unemployment of 2.3% along with record-high private weekly wages of $917.
It?s a lot like this month?s economic indicators, which continue to show the Rapid City area is as popular as it has ever been. In fact, The Wall Street Journal rated Rapid City as the #2 market in the country for real estate and amenities just this week. With over $802 million in gross sales last month and a year-to-date $280 million in valuation, the data agrees.