Cost of Living

The Cost of Living Index provides a useful and reasonably accurate measure of living cost differences among urban areas. The Index measures relative price levels for consumer goods and services in participating areas. The National index equals 100, and each city’s index is read as a percentage of the National average. Spearfish’s cost of living is 6% lower than the national average. For comparison purposes, a person living in Spearfish who makes $50,000/yr. would have the same buying power as someone living in Seattle, WA which makes $75,985.

Cost of Living Graph

Source: Sperling's Best Places to Live Comparision 2013.

 

Employment Trends

The number of jobs in an area is a primary indicator of local economic health and vitality. The Spearfish MiSA employment trends from 2002-2013 are presented in following graph. During this time period, employment averaged 12,497, with a high of 13,050 in 2008 and a low of 11,935 in 2002.

Employment Trends Graph

Source: South Dakota Labor Market Information Center, Labor Force Statistics

 

New Construction

housepermitscc

Source: City of Spearfish Building Department

ncvcc

Source: City of Spearfish Building Department

 

Sales Tax Revenue

Since 2010, Spearfish has experienced a 16% growth in municipal sales tax revenue

sales-tax-cc

Source: South Dakota Department of Revenue