Sioux Falls, SD
Why tout stability, when you can point to signs of growth? That's the message from city finance director Tracy Turbak to the Sioux Falls City Council Monday night. Tracy Turbak says building permits and sales tax revenues are up in Sioux Falls.
"The city's in really good shape and this only helps bolster that," Turbak said.
According to Turbak, September sales tax numbers were up year-to-date for the sixth month in a row. Sioux Falls ended the third quarter up 4.6 percent from a year ago.
"We don't get the downs the national economy does," Turbak said. "This is bearing that out."
Construction projects continued to climb too. Turbak says new building permits rose about 3.6 percent. The number includes both residential and commercial properties, but Turbak says the strong number is driven partly by the growth of multi-family residences.
"For the current year's budget we projected no increase in revenues. Obviously we're seeing an increase today and we have throughout the year," Turbak said.
That means more money could be left at the end of the year. The city based its budget on no sales growth this year. It only accounted for three percent growth next year.
Another economic plus, according to the city's numbers, is a lower unemployment rate. The August rate ended at 4.5 percent. That's half of the national rate of just over nine percent.