Spark
SIOUX FALLS
Rekindling the regional economy In early May, even as the nation was still dealing with many of the immediate challenges of the COVID-19 pandemic, leaders in Sioux Falls came together to plan for the future.
downturn. The steering committee will build upon task force findings to shape a plan for future economic resiliency.
An initiative was launched to support long-term community and regional economic recovery. Called Spark Sioux Falls, the effort engages business leaders from a variety of industries to share insights, identify challenges and build actionable strategies to restore the local economy.
Early data indicates the Sioux Falls area is emerging from the economic downturn triggered by the COVID-19 pandemic slightly quicker than anticipated. According to the City of Sioux Falls, the May sales tax numbers (which reflect April transactions) were down 13% over 2019. While this is a daunting number, it is better than the 20% decline that had been projected by city administrators and a positive indicator of the community’s position for recovery.
Guided by a steering committee, three task forces focus on recovery for specific sectors. They are: 1. Reviving local business, retail and restaurants 2. Recharging hospitality, entertainment, the arts and tourism 3. Assessing key industry clusters Each task force is charged with developing recommendations that can assist the economy and labor force in Sioux Falls and surrounding counties to emerge from the economic
Resiliency and optimism
Unemployment claims in South Dakota peaked in early May. Since then, claims flattened and began to decrease in June, according to data from the U.S. Department of Labor. Hotel occupancy rates, which saw a sudden and dramatic drop in late March, were showing a slow but steady increase.
Story contributors: Scott Carbonneau, First PREMIER Bank; Courtney Drenth, Sioux Empire Fair; Stephen Thurman, Showplace Cabinetry; Mason Van Essen, Bender Commercial Real Estate; and Jennie Doyen and Holly Rader, Greater Sioux Falls Chamber of Commerce.
18 Chamber News | JULY/AUGUST 2020
