Goal: Strengthen Regional Prosperity
A widely recognized issue in the Black Hills (Meade, Lawrence, Butte, Pennington, Fall River and Custer counties) has been a low-wage economy. Low-wage economies affect everyone in the region to some degree. For example, over ’06-’11, the lower wage base resulted in an estimated loss of consumer spending power in the Black Hills worth $251 M, diminishing local business’ potential revenues. In order to better understand how to grow the regional economy and higher paying jobs, Black Hills Vision and Rapid City Economic Development commissioned a study of the regional economy in order to identify growing industries in the region that also paid above average wages. This study pointed to six industries to target for future growth. Businesses operating in these industries in the Black Hills and surrounding trade zones are encouraged to take the Business Issues Survey. The results will inform a new region-wide economic development collaboration called ’Black Hills Means Business’, which aims to increase regional prosperity for the Black Hills and surrounding trading partners.
Why You Should Participate?
Regional collaboration offers the potential for an excellent return on investment of time and effort. Regional approaches to economic development generally advocate working together toward a stronger alignment of regional assets and activities around targeted industry clusters. When successful, the resulting enhancement of regional competitiveness has the potential to deliver significant, wide-spread economic benefits. Please take the Business Issues Survey and share your insights into doing business in the region and how to strengthen regional competitiveness. The survey results will inform a new region-wide economic development collaboration called ‘Black Hills Means Business’, which aims to strengthen regional prosperity. You can also indicate if you have an interest in participating in the Black Hills Means Business coalition.
Black Hills Means Business’ Partners:
The partner group commissioned the regional industry study and is positioned to help faciliate future development efforts initiated by regional businesses in the targeted industries.