Annual Business Survey Results Identify Key Challenges and Opportunities for Growth

We know that every enterprise in our business ecosystem has specific needs. From workforce development to property tax concerns, the Brookings Economic Development Corporation’s (BEDC) Business Retention & Expansion Program designed its 2024 Business Survey to identify the most pressing challenges and opportunities for growth. 

“We want to ensure Brookings remains a competitive and sustainable business environment,” said BEDC Business Development Specialist, Matty Kerr. “The survey reflects data gathered through forty five one-on-one conversations with local businesses as well as responses from over 100 survey participants. This information will play a critical role in helping us identify how we can proactively address their concerns” 

Three Critical Trends

From the survey, three critical trends emerged as priorities for Brookings businesses:

• Workforce Development and Retention
• Property Taxes and Business Costs
• Business Expansion and Infrastructure Needs

“These trends reflect similar challenges experienced in both state and national economies,” said Kerr. “It was interesting to see how Brookings compares, but even more importantly, what we can do to remove these barriers.”

Workforce Development and Retention 

The survey identified specific workforce barriers such as a lack of industry-aligned training programs, mismatched skills among job seekers, and limitations in housing and childcare options that make it harder to attract or retain workers, especially with heavy competition from nearby Sioux Falls and Minneapolis. In response, BEDC has put an emphasis on supporting internship pipelines in partnership with South Dakota State University and Lake Area Technical Institute, as well as advocating for housing affordability, childcare options and community amenities to attract and retain local talent.

Property Taxes and Business Costs

The impact of property taxes for both residential and businesses continues to be a hot topic, since both affect owners and employees. And while the BEDC does not directly influence state and local tax rates, it does play a crucial role in ensuring businesses have clarity and confidence in the tax environment. To that end, we will continue to communicate all tax concerns to city and county leaders and have also hired a lobbyist to advocate for more tax stability during state legislative sessions.

Business Expansion and Infrastructure Needs

The majority of business owners expressed a keen interest in growth and expansion but also frustration over impediments for growth. Challenges related to the need for infrastructure improvements, a better transportation network, availability of suitable properties, rising construction costs and confusing financing options topped the list of concerns. In response, the BEDC has committed to improving our website’s Available Properties page, advocating for infrastructure and transportation needs, and connecting owners to helpful financing programs and development incentives including:

• Brookings Municipal Utilities electrical rate discounts
• Sales Tax Rebates via the City of Brookings
• Access to the Governors Office of Economic Development’s (GOED) REDI Fund
• Tax Increment Financing

Here to Help 

We’d like to thank all of our business owners for taking the time to contribute to the 2024 Survey. The insights you provided will help develop initiatives and provide resources relevant to the success of industries and businesses in Brookings. We encourage you to read the full report and continue giving us your feedback. 

Remember, our team is always available to offer one-on-one guidance to any business owner to address your specific concerns. Request a visit today and we’ll come to your location to learn more about your needs!