Feb. 2, 2023
Businesses in Rapid City have invested more than $10 million in the continued support of Elevate Rapid City.
Elevate was formed in 2018 and functions as a merged organization of the Rapid City Chamber of Commerce, Rapid City Economic Development Partnership and the Economic Development Foundation. The initial campaign goal was $4.25 million to create 4,000 jobs and attract $300 million in business investment in the region.
“Rapid City is now on the national stage,” president and CEO Tom Johnson said. “We are the 36th fastest-growing city in the country. And MSNBC just rated Rapid City as the third-best place in the nation to start a career. We’re glad folks are starting to see what we’ve already known about the Black Hills region.”
To date, the region has seen:
- 5,127 jobs created.
- $742 million increase in consumer spending.
- 3 percent increase in incomes.
- $362 million in annual capital investments.
Since its formation, Elevate also opened the David Lust Accelerator Building, hired a housing coordinator and supported businesses through the pandemic and other advocacy efforts.
Elevate’s five-year goals also focus on workforce and include:
- $250 million increase in annual gross sales.
- 15 percent increase in average weekly wages.
- 5,000 jobs created.
- Labor force participation rate greater than the national average.
- $400 million in annual capital investments.
“Even though we hit some of our initial fundraising goals, the work over the next five years continues. We aren’t done yet,” Johnson said. “Rapid City has the same challenges as many places in our country: housing, workforce shortages, available child care, regional planning and infrastructure needs.
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