Small businesses in the Black Hills are looking forward to the holiday shopping season that starts this week. However, these businesses continue to face inflation and ongoing supply chain issues after the COVID-19 pandemic.
South Dakota has boasted about its thriving economy since COVID-19 began. However, the pandemic has exposed cracks in the veneer. It’s a time when parents are battling childcare payments, rent, utilities, and food, just for their family to sustain themselves without drowning.
As announced earlier last week, year-over-year inflation in June reached 9.1%, and you’ve probably noticed your wallet shrinks faster than it used to; but the Black Hills area could be shielded from the most extreme effects of a rocky economy.
The U.S. economy is kind of rocky right now. For the first time in twenty years, the US dollar and euro are both worth the same and Wall Street is losing hope. Meanwhile, consumers are feeling the effects, especially those who are retired.
National Parks across the United States bring significant economic benefit. According to the National Park Service, In 2021 $42.5 billion was generated because of park tourism, and in South Dakota, that benefit totaled around $301 million.
It’s a common theme, “the housing market in Rapid City is hot!” People are moving here at an exceptional rate, averaging 8 to 10 people a day. What happens to the market when there is too much demand and not enough supply?