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Will Sequester Hurt Sioux Falls Economy?

February 28, 2013, 10:01 PM by Angela Kennecke

Will Sequester Hurt Sioux Falls Economy?

Retail is growing, office vacancy rates are down and residential construction is taking off again. These are all positive signs of the expanding economy shared with business leaders today by a commercial real estate development firm.

Sioux Falls economy is growing in every sector and doing much better than the rest of the nation. 

"It gives me a lot of hope for the Sioux Falls area and what we're doing," Kelly Hitchcock of Costello Property Management said.

"We're seeing that businesses are having to make those expansions.  Their working capitol needs have increased. I think we're going to continue to see Sioux Falls grow," Wayne Miller of Wells Fargo Bank.

And many small businesses say they will grow in 2013.

"We anticipate growth. We're a smaller company, but we're looking forward to growing within the reason we can expand," Tom Van Wyhe of Trane said.

But looming cuts from the sequestration could hit government jobs and programs. Is it enough to dampen the spirits of those who just heard a positive outlook? 

"I think it's a bit overblown.  But I am just one voice.  I think we've worked our way through things of this nature in the past and we'll do it again with this situation," Van Wyhe said.

"I don't feel we're going to feel the impact in Sioux Falls.  Again, Sioux Falls is somewhat of an anomaly.  People are going to hold back a little bit but I don't know full ramifications of how the sequester is going to impact Sioux Falls," Miller said.

"Depending on what side you're on; a lot of smoke or a big issue. I see it as a lot of smoke. We should be happy we're in an area where we have good growth and steady. We don't have high ups and downs of a lot of the nation. I just feel real positive at this point," Hitchcock said.

While the effects of the sequester directly on the economy in Sioux Falls remain uncertain, they wouldn't happen immediately.  It would take more than a month for jobs in the state to be eliminated and federal funds to start drying up. 

Click here to watch the video of Bender Commercial 16th Annual Sioux Falls Market Outlook

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