Economy

The Sioux Falls economy is thriving and growing. The booming economy attracts new companies that open facilities in Sioux Falls, while local companies are expanding their operations-both result in new job creation, which infuses new capital, and broadens our tax base. Since 1990, Sioux Falls has experienced nearly $1.9 billion worth in construction, 11,481 new housing units, and non-farm wage and salary employment has increased by over 30,000.

Sioux Falls has enjoyed a healthy, sustained growth in its population and economic base. This trend began in 1981 when Citibank moved to Sioux Falls, and has continued with the location of several other financial service companies. Although the area is at "full employment," new families continue to move to the area and companies have been successful in attracting workers from surrounding communities. While the labor force is very mobile, workforce projections show that the local labor market is capable of accommodating large employers.

Two interstate highways, I-90 and I-29, meet at Sioux Falls and contribute to a wide labor market area. The Sioux Falls labor market area includes twelve counties in three states: Minnehaha, Lincoln, Brookings, Clay, Lake, McCook, Moody, Turner and Union counties in South Dakota; Lyon county in Iowa; and Rock and Pipestone counties in Minnesota.

Unemployment Rate

Sioux Falls MSA: 2.7 percent
South Dakota: 3.8 percent
(June 2005, South Dakota Department of Labor)

Wages