This article will help anyone looking for information pertaining to a commercial real estate and commercial lending in the State of
The state of South Dakota has a population of 781,919 spread out across its 75,000
plus square miles. The population has seen a healthy increase in the past two
decades. It grew 8.5% between 1990 and 2000, and it has risen another 3.5% since
2000. The per capita income of the state's residents is just over $32,000.
South Dakota commercial real estate is some of the best priced
real estate in the country. This Midwest state, which is best known as the home
of Mount Rushmore, has land waiting to be commercially developed into industrial
spaces, retail stores, and affordable housing developments.
South Dakota, like several other Midwest states, is experiencing rural flight.
Many of the young adults who have lived in the rural farming areas of the state
are leaving after they complete their education. Unlike some of the other states,
however, many of them are staying within the state. They are leaving the rural
areas and moving to South Dakota's cities such as Sioux Falls and the
Black Hills region. These areas are gaining in population.
One of the reasons that the cities are attracting businesses and educated workers
is the state's tax policies that are beneficial for businesses.
There is no personal income tax or corporate income tax levied on the workers
or the businesses. The state does charge a property tax to large companies,
but much of the commercial real estate in South Dakota does not have a state
levied property tax.
The Black Hills region is a rapidly growing area. The town of Deadwood, a former
gold rush town that went bust, is being revived. The town's old casinos
are being renovated and a lot of new construction is being developed. There
are still plenty of vacant lots that can be developed into housing and commercial
real estate available at very reasonable rates.
Tourism brings in over $2 billion a year to the state. Visitors
to Mount Rushmore, Deadwood, Sioux Falls, and the state and national parks need
lodging, restaurants, and retail services. Commercial real estate in the areas
heavy in tourism is available for development.
One of the most important parts of South Dakota's economy remains its agriculture
industry. Farmland occupies a little over 90% of the state's land and
major crops include what, corn, wool, soy, oats and sunflower. Farmers also
successfully raise cattle, hogs, sheep, and poultry on the state's land.