Vibrant communities like ours grow their healthy economies with a diverse set of development activities that add new jobs and opportunity, encourage local companies to expand and maintain a business infrastructure that supports business retention. The manufacturing sector in the Sioux Falls area is an illustration of the importance of business retention and expansion and its power to grow regional economies.
Local economic development groups work in partnership to enhance regional business retention and expansion. The Governor’s Office of Economic Development, the Sioux Falls Development Foundation, Lincoln and Minnehaha County Economic Development Associations and local development corporations in the communities surrounding Sioux Falls keep in close contact with manufacturing companies throughout the area. By proactively connecting with existing businesses to understand local needs—and then responding to those needs—economic development groups help manufacturing operations grow, stay in the communities in which they have expanded and become even more committed to our region.
Business retention and expansion is a community-based economic development strategy with a focus on supporting existing businesses, which are the engine of job growth in every community. It is estimated that 80% of all new jobs created annually are a result of the steady growth of companies already located in our communities. This job creation rarely appears in headline stories because 50 companies each adding 5 new employees is not as attention-getting as one new company bringing 250 jobs to town. But the result has the same impact on the regional economy. With 270 manufacturing companies of all sizes in our region, steady growth by local companies is a major contributor to our economic success.
Working with our existing manufacturers to enhance their growth is a vital economic development strategy because they have proven their ability to thrive in our region—they know the business advantages of a Sioux Falls area location. The success of our manufacturers provides proof of the economic viability of our region, and manufacturers happy with their community become ambassadors to existing and new entrepreneurs.
Our manufacturers are a critical element in our regional economic vitality—and working to keep them strong is an important goal for our economic development groups.
There is better training for our workforce in Sioux Falls. A multitude of options are available to meet businesses' needs at the postsecondary level including city programs, state grants, technical training, and a new $50 million scholarship program for technical school students.Read More