Spearfish breaks a new record in building valuation for 2021

Published: Jan. 12, 2022 at 4:53 PM MST
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SPEARFISH. (KEVN) - Spearfish, like many South Dakota communities, is growing.

The proof is in the numbers, record-breaking numbers.

“People are coming here from all parts of the country. We have good economic development opportunities for business startups. Some of it was fueled by the pandemic, but in general, we have a very healthy economic picture that does attract many new residents to the city especially,” said City Planner, Jayna Watson.

The city received more than $98,000,000 in total building valuations in 2021.

That’s the highest total in Building Service history.

The number comes from total building permits issued in the year.

Watson said 2021 also saw a significant number of reinvestments.

“For example, Pioneer Bank is doing a major reinvestment of their sit downtown, $10,000,000 reinvestment. We also have several other redevelopment projects that are in the several million dollars. We have our sports complex that was a $10,000,000 investment, so we have quite a few large projects bringing big valuations in.”

Watson said the growing community indicates Spearfish remains a desirable place to live and gives some credit gives to people that have ventured out and experimented with new business models.

“Maybe 10 years ago we would have never dreamed we’d have 3 micro-breweries in our community,” said Watson.

She adds tourism remains a leading industry that draws in the crowds.

“People who come here, they visit, they see what Spearfish has to offer, they like the quality of life here, and then they come back and they stay for a lifetime essentially,” said Watson.

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