This community Lincoln County (and Minnehaha County) has had the fastest and most significant job growth in the last three years. Since 2000 jobs have increased by 67%. It is the corporate headquarters of Citibank and Wells Fargo Bank along with a string of other financial institutions and nation-wide businesses. The John Morrell meat packing plant is located here. In fact, it has the lowest unemployment in the United States.
So, what does this remote location have the you might want to consider when you are picking a place to practice?
For one thing, the politicians in this area knew that if they didn't do something to change the calculations on how they competed to get employment, this was going to be a backwater community forever. So, knowing they had a disadvantage or two (or ten), they decided to make this community friendlier to businesses than any other. Corporate taxes are non-existent. Local financing for businesses is exceptionally easy. The cost of living is so low that even middle-income managers in other communities can come here and buy a huge home in a great neighborhood. Personal income taxes and property taxes are the envy of most American cities.
In short, this community has done everything it can to show employers it wants to have them set up shop here. They are making it easy for their employees to live here. The retail situation is not a reason by itself to move to a community but without regional shopping centers like the Empire Mall, it could be more challenging.
We have been saying that Chicago is doing just about everything it can to tell businesses that they are not wanted, that employees are not welcome, and that consumers should look elsewhere to buy. In the end, we have to believe that even little Sioux Falls may have a greater leadership role in the next 100 years in business than Chicago. What a shame! We love that Windy City.
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