BROAD-BASED ECONOMIC CLIMATE
Heralded as one of the fastest growing “Micropolitan” communities in the Midwest, Spearfish is quickly earning the reputation as the destination of choice for new businesses and residents alike who are looking for a high-quality place to live and work.
Located in the beautiful Black Hills of South Dakota, Spearfish is conveniently located on Interstate 90, approximately 45 miles north of Rapid City, SD. Positioned as a regional trade center, the Spearfish labor market continues to expand with over 60,000 workers living within a 30-minute commute.
Spearfish features broad-based economy
Spearfish represents one of the broadest economies in the upper Midwest; with roots in higher education, retail, tourism, healthcare, financial services and manufacturing. Abundant natural resources, a well-educated workforce, access to major transportation routes and an ideal business climate have all helped to fuel the community’s large, dynamic growth.
Since 1980, Spearfish Economic Development Corporation (SEDC) has worked hard to create a business environment that welcomes new business, cultivates existing business and supports creative entrepreneurial opportunities.
In the past 15 years, SEDC has assisted in the creation and/or retention of more than 1,200 jobs in the Spearfish area which provides a direct economic impact of nearly $50 million annually. Along with the support of the business community, the Spearfish Area Chamber of Commerce, Black Hills State University, K-12 school system and elected leaders, Spearfish’s economy has experienced record growth.
Progress built on the word “no”
How has Spearfish transformed itself from what once was a small agrarian community, to what is now a “micropolitan” rich area, fueled by a diverse mix of business and industry? It’s been accomplished by cutting edge competitiveness that gets to the business bone – a taxation policy built around the word “NO.” Spearfish businesses and residents enjoy:
- NO corporate income tax,
- NO personal income tax,
- NO personal property tax, and
- NO business inventory tax.
Precision Blending International (PBI), a producer of food-grade blending services, relocated from Idaho to Spearfish.
“The business environment here in Spearfish and South Dakota is tremendous,” said Dan Carlbom, founder and president of PBI. “They seem to want new businesses here, which we didn’t have in Idaho. It’s nice to be wanted as a new business.”
When PBI decided to expand into milling and granulation, they needed capital to purchase more machinery. SEDC helped make it happen with low-cost loans. “Throughout the process SEDC was very user friendly and made it easy to get the job done,” Carlbom said.
In addition to the low tax environment, Spearfish also boasts one of the most sophisticated fiber optics telecommunication networks in the country and a highly productive workforce.
Employers appreciate work ethic, education
In 2011, TMone, a leading U.S. business process outsourcing firm opened its newest 50,000-square-foot call center facility in Spearfish. TMone is a top performing firm for numerous Fortune 500 companies and has been one of Inc. Magazines Fastest Growing Private Companies for the last five years.
“TMone’s acquisition of the 534-seat turn-key facility, its access to talented human capital, and South Dakota’s low-tax environment were all critical enablers,” stated Anthony Marlowe, President of TMone. “Our team in Spearfish takes service delivery very seriously. Within months of opening our largest location to date in Spearfish, the call center skyrocketed to #1 in client-driven quality measurements not only amongst our footprint but amongst all of our client’s vendor locations.”
Jim Meyer, President of Quarq Technology, a start-up business that designs and manufactures high-end power meters for the bicycling industry, says his company considered a lot of locations before settling in Spearfish.
“(We) decided on Spearfish due to its quality of life, highly educated workforce, and very supportive environment for entrepreneurs,” Meyer said. “The workforce is strong and we can recruit talented graduates from the area universities. It’s comforting to know you can hire who you need. It’s a really friendly place to start a business.”
SEDC offers businesses programs, incentives
Working with state and local partners, Spearfish Economic Development Corporation has the capacity to provide custom incentive proposals to qualified businesses seeking to expand or relocate. Economic development programs include: low interest finance programs, workforce development grants, property tax abatements and reduced cost, shovel-ready sites located in the Spearfish Business and Industry Park.
To learn more about our area’s premier business climate, superior lifestyle and, more importantly, how your business can increase its bottom line, please call SEDC at 605-642-3832 or visit www.SpearfishDevelopment.com.