After last year’s successful creation of a business and economic data analysis summary report, leveraging the expertise of local professionals, data from the South Dakota Secretary of State’s office and online resources, Dr. Tracy Dice’s students were well positioned to jump in and update the 2024 report. The project highlights the economic story of the Mitchell area, recognizing the importance of local economic dynamics and provides students with a practical application of their economic knowledge.
The final report was debuted on Tuesday, May 13, at a university press conference, hosting South Dakota Secretary of State Monae Johnson as a special guest. Nearly 20 entities and individuals were consulted as part of the research.
Findings of the report included:
- Despite global economic challenges, including trade tensions and inflation, South Dakota continues to show resilience through strong agricultural output and a favorable business environment.
- Housing prices in Mitchell have risen significantly, with the average home price reaching over $431,000. Combined with stagnant local incomes and rising mortgage rates, affordability is a key issue.
- Small businesses dominate the regional economy, but workforce shortages and lack of affordable childcare limit their growth. Demand for childcare far exceeds supply, with over 3,000 children under 9 years old in the area and only 576 registered daycare slots available.
- Rising healthcare costs, a shortage of healthcare professionals, and an aging population strain the healthcare system. Telehealth and mobile healthcare units have started to address rural access issues, but the state faces ongoing challenges in recruiting and retaining healthcare workers. Gender wage gaps also persist in healthcare, with men earning an average of 15% more than women across Mitchell, Huron, and Yankton.
- Sales tax accounts for about 70% of Mitchell’s city revenue, with half of consumer spending driven by visitors from outside the city. While this highlights Mitchell’s role as a regional hub, it also underscores the need to continuously invest in community amenities, housing, and economic diversification to remain competitive and sustain growth.
The data was presented by Dr. Tracy Dice, Associate Professor of Business and Economics. Eighteen students were tasked with conducting the research and developing the final report. CEO of the Mitchell Area Development Corporation and Chamber of Commerce Mike Lauritsen was instrumental in bringing the idea for the project to DWU.
About the project, Dice stressed the value of the exercise. “Teaching economics in an applied, relevant, and practical manner is very effective. It makes data meaningful. Students are retaining information because they see how it applies in the real world and they see the relevance in their own lives. After creating this report, these students will be able to interpret data at a higher level.”
The report data will be housed on the Secretary of State’s website.