ARTICLE
Retail business owners understand economic reality better than most. Our small businesses, restaurants, and grocery stores see it every day in customer traffic, hiring decisions, and supply costs. Small business owners recognize that when South Dakotans do well, Main Street does well. That’s why South Dakota Retailers support responsible economic development. Certainly, not every project is worthy of Tax Increment Financing or a sales tax rebate. We want economic development tools to create investment where projects would not otherwise take place. This is responsible economic development. South Dakota’s limited economic development tools have helped create good-paying jobs, reduce property tax burdens, and enhance our communities through new projects and expansion of existing businesses. The rhetoric from some politicians who use the term “economic development” as a pejorative is wrong-headed and frankly, dangerous. It reminds me of something my brother has often told me. He works in beef nutrition and says that too many folks don’t understand the difference between cost and value. Feeding a particular additive may increase a cattle ration’s cost, but if the return is greater than the investment, it’s worth it. That’s the case with the vast majority of economic development projects – they create much more value than they cost. Retailers also understand competition. Just as businesses compete for customers, states compete for new projects. When projects locate in other states because we reject responsible economic development, good-paying jobs go elsewhere. This hurts small businesses, workers, and communities. It's the opposite of “rising tides raise all boats.” Families thrive when individuals are working. Main Street thrives when working families shop locally. Communities thrive when small businesses are successful. And small businesses thrive when we embrace responsible economic development. Economic development is not about choosing winners and losers. It’s about generating new value that’s far greater than the cost. Nathan Sanderson Executive Director, South Dakota Retailers Association
Retail business owners understand economic reality better than most. Our small businesses, restaurants, and grocery stores see it every day in customer traffic, hiring decisions, and supply costs. Small business owners recognize that when South Dakotans do well, Main Street does well. That’s why South Dakota Retailers support responsible economic development.
Certainly, not every project is worthy of Tax Increment Financing or a sales tax rebate. We want economic development tools to create investment where projects would not otherwise take place. This is responsible economic development.
South Dakota’s limited economic development tools have helped create good-paying jobs, reduce property tax burdens, and enhance our communities through new projects and expansion of existing businesses. The rhetoric from some politicians who use the term “economic development” as a pejorative is wrong-headed and frankly, dangerous.
It reminds me of something my brother has often told me. He works in beef nutrition and says that too many folks don’t understand the difference between cost and value. Feeding a particular additive may increase a cattle ration’s cost, but if the return is greater than the investment, it’s worth it. That’s the case with the vast majority of economic development projects – they create much more value than they cost.
Retailers also understand competition. Just as businesses compete for customers, states compete for new projects. When projects locate in other states because we reject responsible economic development, good-paying jobs go elsewhere. This hurts small businesses, workers, and communities. It's the opposite of “rising tides raise all boats.”
Families thrive when individuals are working. Main Street thrives when working families shop locally. Communities thrive when small businesses are successful. And small businesses thrive when we embrace responsible economic development.
Economic development is not about choosing winners and losers. It’s about generating new value that’s far greater than the cost.
Nathan Sanderson Executive Director, South Dakota Retailers Association