“Advancements in economic development are happening across South Dakota in communities large and small. As professionals, educators, and parents, it is our responsibility to build a state, an economy, and a future where the next generation of South Dakotans can prosper.” —Gov. Kristi Noem
Exploring Potential in Cyber
The Mount Rushmore State is striving to expand its economic diversity beyond its agricultural base. A strong pipeline of talent combined with a low population density, lack of skyscrapers and a land-locked location makes the state a good location for cybersecurity development, says Gov. Kristi Noem. The new Madison Cyber Lab opened in October 2019 at Dakota State University to help inspire, educate and lead the future of technology and cyber in the state.
Workforce Development Program: Offers to fund up to 50% of eligible training expenses, typically up to $500 per trainee, for companies that meet certain criteria.
Reinvestment Payment Program: Offers reinvestment payments to projects in excess of $20 million, or to equipment upgrades in excess of $2 million, for projects that would not have occurred without the reinvestment payment.
Revolving Economic Development and Initiative (REDI) Fund: Offers a low-interest loan to cover up to 45% of a projects total cost for startups and businesses that are expanding or relocating in the state and make a minimum 10% equity contribution.
Proof of Concept: Offers up to $25,000 to conduct research that demonstrates the technical and economic feasibility of an innovation before it is commercialized.
South Dakota Governor’s Office of Economic Development: sdreadytowork.com
Sioux Falls Development Foundation: siouxfallsdevelopment.com
Elevate Rapid City Division Economic Development: rapiddevelopment.com
The Rushmore Region: rushmoreregion.com
Highlighted Program or Initiative
The Connect South Dakota initiative aims to bring highspeed broadband Internet coverage to underserved communities across the state so children can better excel in education and become better prepared for the workforce. In 2019, the South Dakota Legislature allocated $5 million to eight projects.
Agropur broke ground in February 2018 on a new cheese processing plant in Lake Norden.
Terex Utilities announced in September 2018 a $95 million investment in Watertown that will create 800 new jobs.
Smithfield Foods announced in December 2018 it will invest $45 million in its operations in Sioux Falls and add 70 new jobs.
Ag Processing opened in June 2019 its new facility in Aberdeen.
Madison Cyber Labs celebrated its grand opening in October 2019 at Dakota State University in Madison.
Performance Pet Products celebrated in October 2019 the grand opening of a new facility in Mitchell.
Tyson Fresh Meats
Citibank South Dakota NA
“Omega Liner Company found working with GOED very helpful in starting up a new business. The finance pack- ages available along with the state sales tax considerations are valuable assets for a new business. The people at GOED are dedicated to assisting businesses in South Dakota and creating more jobs.” —Gary Storm, President, Omega Liner Co.
“We’ve been in business for more than 15 years, and our partnership with the State of South Dakota has equated to more growth and success than we could have imagined.” —Doug Sangl, Co-Owner, Ruff Land Kennels/Rough Tough Kennels
“South Dakota is a great place to do business. It’s very business-friendly and helpful. They want to get out of your way and let you grow your business. The tax climate is very good, one of the best, and the people are fantastic. We always have a great workforce with a good work ethic.” —Jay Bender, President, Falcon Plastics
A survey of 300+ CEOs conducted in early May shows declining confidence in business conditions, even as economy reopens in many parts of the country and around the world. But there could be a silver lining.