Impact on the Rapid City Region
The attainment of our conservative job creation goal, and the subsequent effect of the earnings from those jobs, will have a dramatic impact on the businesses and communities of the Black Hills. The Convergent Outcomes Lab in Atlanta, Georgia has projected the following economic benefits utilizing US Bureau of Economic Analysis regional data:
SERVICE AND RETAIL SECTORS BENEFIT:
The projected increase in employment by 2,245 primary jobs will correspondingly increase net personal consumption expenditures in Rapid City by over $126 million annually which is a benefit to all service providers and retailers. Achieving the goal of 2,245 new primary jobs will produce the following annual economic impacts:
FINANCIAL INSTITUTIONS BENEFIT:
Given the increase in employee earnings attributed to Elevate Rapid City’s job creation efforts, banks, savings & loans, and credit unions will realize an annual increase of approximately $19.6 million in new personal deposits.
Elevate Rapid City’s efforts regarding workforce development, business retention and advocacy, and new job creation will significantly benefit our existing manufacturing base. Our workforce development efforts will increase the education and training levels of our current and future workforce. Our retention and advocacy efforts are aimed at providing manufacturers with immediate service and assistance aimed at resolving issues and circumstances that inhibit their growth. Contrary to first impressions, Elevate Rapid City’s job creation efforts will benefit manufacturers looking for an increase in qualified job applicants. Moreover, Elevate Rapid City’s efforts to secure $300 million in new corporate capital investments from business relocations and local expansions will broaden the tax base, ensuring that taxes remain at an equitable level, as well as generating added revenues for better infrastructure and public services. Perhaps most importantly, Elevate Rapid City’s efforts will sustain and improve the quality of life of those employees of area manufacturers who reside throughout the Black Hills.
RAPID CITY AND THE BLACK HILLS REGION BENEFIT:
Elevate Rapid City’s job creation efforts will provide city and regional leaders with greater funding for needed projects by significantly increasing the sales and property tax base. This enhanced funding means more education dollars for our schools, helping us better educate our children. By providing our residents with a solid education and good employment opportunities, we will help ensure future generations continue to make Rapid City and the Black Hills home.