New Unemployment Figures (Sioux Falls: credit, unemployment rate, tax)

[MJ1986]

Originally Posted by DeadwoodJ

BankFirst I don't think is gonna close, all there assets were bought by another bank and they'll just rename the bank, when the banks have been failing they don't shut down, just get bought by someone else, kinda like a bankruptcy merger.....Doesn't Morrell's 'lay off' people all the time, they're usually brought back a few weeks later when business picks up I think.....

You're probably right... I'm not sure about the Morrell's thing... They probably hire temporaries when business picks up, and let them go when demand goes down... Just guessing though.

[rjl78]

Rapid City Journal | News » Local | Merillat to close Rapid City plant Sept. 18

Merillat plant in Rapid City is shutting down by September 18th. Its going to get worse before it gets better. The economy and its relationship South Dakota is kind of a bad case of crack the whip.

Agriculture is king here. However putting all your eggs in one basket is never wise either. The state should continue to work towards a diversified economy.

[Jammie]

Yup, we're not longer a haven for the unemployed because unfortunately, it's getting to the point that we don't have enough jobs for our current residents. I was hoping that we wouldn't sink too low during this recession, but it'll be a while until things start booming again. We'll be the last ones down and probably the last ones to come back up, too.

[rjl78]

That is the thing about us in South Dakota. It takes a while for us to feel the full brunt of economic trend. Its a double edged sword for us. The 30s was a double whammy for us. Stock market, bank failures, drought (crop failure)

I guess that is what I kinda use for a comparison.

[ElkHunter]

Originally Posted by Jammie

Yup, we're not longer a haven for the unemployed because unfortunately, it's getting to the point that we don't have enough jobs for our current residents. I was hoping that we wouldn't sink too low during this recession, but it'll be a while until things start booming again. We'll be the last ones down and probably the last ones to come back up, too.

History has proven that an Agricultural area is always the last effected by the economy and the last to rise again. That is, permanent effects.

Here in Wyoming, we're used to Boom and Bust. Somebody will say, that's different. NO IT"S NOT! It's just shorter. But it hits just the same and does the same damage. We have jobs so hundreds if not thousands flock here. Complain relentlessly that there's no facilities, no ammenities, nothing to do. 5000 people do the job of 2000 so they finish pretty quickly. Then a very short time later, without having really contributed anything to the area, they leave. The long term stock holders are left with the cleanup. But life goes on.

[AJTucson]

So sorry to hear this unemployment news for the state of SD. I guess for those of us who really want to live in SD for climate (four seasons), scenery (some of the most beautiful I've seen) and other reasons (not only to seek refuge from states even worse off - seriously) - the idea to save, visit, send resumes, pound the pavement and basically "have your ducks in a row" before moving is the way to go . Again, really sorry to hear about the layoffs and slump - every job lost is a person/family affected .

[SandiegotoSF]

Hello Everyone,
I conversed with a few of you last year when I was considering moving to Sioux Falls for a job. Unfortunately the job fell through at the time but may be on the table for next year, depending on the economy. Along those lines, I have a few questions that I'd appreciate your input on:
1. My wife heard a piece on NPR about Sioux Falls being "The City that Credit Built." How much concern is there in SF that significant job losses could occur if the credit companies (i.e., Citibank) continue to flounder?
2. I am hoping to work at Avera McKennan. Since Sanford is pouring so much money into their facilities, do you think that Avera can continue to grow and compete? Thanks.

[DeadwoodJ]

McKennan may not build as fast or as publicly as Sanford does but they really don't need to build as much either......McKennan is about halfway through building a brand new cancer facility on campus and when that opens I don't think they'll have much construction for a few years......
The credit card thing.....all of our Republican politicians claimed that South Dakota would claim that South Dakota would lose a ton of jobs in the credit industry because of the recently passed legislation....When Citibank laid off those 22,000 or whatever Sioux Falls only lost 130 people I think, I highly doubt the card companies would close many places here in SD but its cheaper to do business here because they pay their employees less than other places because of the cost of living....Hopefully that helps you.

[Jammie]

HI Sandie, I remember you and I'm sorry to hear that things didn't work out before.

SO, a BIT of good news for us on the unemployment front. Trail King is closing it's Penn. plant and dividing the equipment/jobs/orders between Mitchell and Fargo. (I think it's Fargo~somewhere in No. Dak.)

Maybe some of the people who were laid off here will get their jobs back?

[MJ1986]

Originally Posted by SandiegotoSF

Hello Everyone,
I conversed with a few of you last year when I was considering moving to Sioux Falls for a job. Unfortunately the job fell through at the time but may be on the table for next year, depending on the economy. Along those lines, I have a few questions that I'd appreciate your input on:
1. My wife heard a piece on NPR about Sioux Falls being "The City that Credit Built." How much concern is there in SF that significant job losses could occur if the credit companies (i.e., Citibank) continue to flounder?
2. I am hoping to work at Avera McKennan. Since Sanford is pouring so much money into their facilities, do you think that Avera can continue to grow and compete? Thanks.

There isn't really concern here about the credit card companies. With South Dakota's great business tax climate, I doubt that things will be affected. Although I could be wrong... it's hard to say... and I'm not an expert by any means .

I think McKennan has and always will have a strong base in South Dakota, Minnesota, Iowa, and Nebraska... Especially in Sioux Falls.

My personal doctor at Sanford has moved her office 3 times in the last 3 years... Another reason why I'm actually switching to Avera. Bigger isn't always better.