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?
The City says the numbers follow the normal upward trend, which surpasses the national yearly inflationary index of just over 8%, where this February’s numbers topped the scales at 11% higher than last year’s.
AAA attributed the dropping prices to lower crude oil costs, and reserves hitting the market. Unfortunately they don’t think the trend down will last too long, because summer gas is more expensive to make and tourism drives up demand.
Consumers are still feeling a pinch in their wallets when it comes to buying gas, but there has been some relief as gas prices are starting to decline. But what do higher gas prices mean for the City of Rapid City? Where the fuel costs for 2022 were budgeted back in September of 2021.
On Tuesday, the White House made the move to cut off all Russian energy imports to the United States. That decision prompts RapidRide and other public transit systems to tout their services as cheap alternatives to driving in response to unprecedented fuel costs, but that doesn’t mean they’re unaffected.