Bottom Line Results for Rapid City and The Black Hills
The Elevate Rapid City program will produce the following minimum economic improvements for Rapid City’s economy over the next five years:
- Create 2,245 new primary jobs resulting in 4,755 total new jobs
- Inject $228,923,679 into the regional economy annually
- Generate $300,000,000 in new capital investment
- Generate $126,540,542 in new net personal consumer expenditures annually
- Improve Rapid City’s per capita retail sales
Outcomes vs. Outputs
Elevate Rapid City, in cooperation with its implementing partners, will create a benchmarking system to objectively measure the success of the five-year program. We will base that success not on how much work we do (outputs), but rather on the results of that work (outcomes). Areas to be measured within the region annually include:
|Job Growth||Create 2,245 primary jobs|
|Job Growth||Create 2,510 secondary jobs|
|Investment||$300 million minimum|
|Earnings||$228,923,679 annual total earnings|
|Annual Consumer Expenditures||$126,540,542|
|Per Capita Income||Increase by 15%|
|Web Traffic and Relocation Inquiries||15% year over year|
- Job creation and retention on a bottom-up, company-by-company basis
- Improvement of the primary job drivers
- Improvements of total and per capita local sales tax collections
- Ongoing comparison of dollars expended to results obtained
Impact on the Rapid City Region
The attainment of our conservative job creation goal, and the subsequent effect of the earnings from those jobs, will have a dramatic impact on the businesses and communities of the Black Hills. The Convergent Outcomes Lab in Atlanta, Georgia has projected the following economic benefits utilizing US Bureau of Economic Analysis regional data:
Service and Retail Sectors Benefit
The projected increase in employment by 2,245 primary jobs will correspondingly increase net personal consumption expenditures in Rapid City by over $126 million annually which is a benefit to all service providers and retailers. Achieving the goal of 2,245 new primary jobs will produce the following annual economic impacts:
Financial Institutions Benefit
Given the increase in employee earnings attributed to Elevate Rapid City’s job creation efforts, banks, savings & loans, and credit unions will realize an annual increase of approximately $19.6 million in new personal deposits.
Elevate Rapid City’s efforts regarding workforce development, business retention and advocacy, and new job creation will significantly benefit our existing manufacturing base. Our workforce development efforts will increase the education and training levels of our current and future workforce. Our retention and advocacy efforts are aimed at providing manufacturers with immediate service and assistance aimed at resolving issues and circumstances that inhibit their growth. Contrary to first impressions, Elevate Rapid City’s job creation efforts will benefit manufacturers looking for an increase in qualified job applicants. Moreover, Elevate Rapid City’s efforts to secure $300 million in new corporate capital investments from business relocations and local expansions will broaden the tax base, ensuring that taxes remain at an equitable level, as well as generating added revenues for better infrastructure and public services. Perhaps most importantly, Elevate Rapid City’s efforts will sustain and improve the quality of life of those employees of area manufacturers who reside throughout the Black Hills.
Rapid City and the Black Hills Region Benefit
Elevate Rapid City’s job creation efforts will provide city and regional leaders with greater funding for needed projects by significantly increasing the sales and property tax base. This enhanced funding means more education dollars for our schools, helping us better educate our children. By providing our residents with a solid education and good employment opportunities, we will help ensure future generations continue to make Rapid City and the Black Hills home.
Elevate Rapid City Budget Allocations
July 2018 - June 2023
|Strategic Areas||Annual Budget||5-Year Budget|
|Innovation and Entrepreneurship||$390,000||$1,950,000|
|Retain and Expand Missions for Ellsworth AFB||$200,000||$1,000,000|
|Workforce Development and Talent Attraction||$210,000||$1,050,000|
|New Business Investment||$210,000||$1,050,000|
Elevate Rapid City Investments
The minimum goal established for Elevate Rapid City’s capital campaign is $4.25 million in cash, securities, multi-year pledges, and/or strong expressions of intent. The cash value of in-kind goods or services, with the exception of media, will be accepted as part of the funding goal so long as the goods or services in question would otherwise have been purchased with campaign proceeds. In-kind media will be accepted at one-fourth the cash rate for purposes of benefits received.
Businesses and public entities alike are strongly encouraged to join in by making a significant investment in Elevate Rapid City’s program. Investments may be paid over and up to a five-year pledge period. Investors may choose to make equal annual installments through the chosen pledge period or customize their payment schedule according to their respective budgets, future obligations, etc. Elevate Rapid City accepts all multi-year commitments with the underlying understanding that the five-year plan must produce tangible economic benefits to the investor.
Elevate Rapid City is a 501(c)(6) entity and as such, investments may be treated as a necessary and ordinary business expense for IRS purposes. In the event a foundation is preferred for charitable purposes, Elevate Rapid City has a 501(c)(3) foundation as well.