Business Activity
The Spearfish economy generated $8,913,592.17 in business activity subject to state sales tax in fiscal year 2016 (July 2015-June 2016). This represented a 3.56 percent increase over FY2016. The Spearfish Arts Festival generated $19,504.87 in business activity in 2016, representing a whopping 11.25 percent increase from the previous year.
For information on the Spearfish economy, check out the resources provided by Spearfish Economic Development. The Spearfish Chamber of Commerce provides a community overview that includes data on population, climate, air transportation, taxes and more.
Gross Sales Revenue
Business in Lawrence County did over 1.13 billion dollars in gross sales in 2016, as reported by the South Dakota Department of Revenue. That sum represented 1.7 percent share of the state total. Below is a chart providing, by sector, gross sales data for Lawrence County.
Below is an interactive graph showing the gross sales revenue trends for Spearfish covering May 2012 through April 2013 according to the South Dakota Department of Revenue.
Employment & Workforce
Lawrence County, where Spearfish is located, has over 11,545 total jobs, a 2.2 percent increase from the previous year. South Dakota has over 416,020 jobs and the United States over 139,491,699, but South Dakota’s total has increased by 14.3 percent since 2000, and the United States has increased by 7.4 percent.
Spearfish had a 75.5 percent proportion of adults working, less than the South Dakota average of 76.4 percent, but larger than the national average of 68.7 percent.
Income & Wages
The Spearfish Median Household Income for those 65+ was $29,475 in 2015, less than both the South Dakota median of $37,896, and the United States median of $40,971.
1,618 people live in Poverty in Spearfish, approximately 15.9 percent of the total population. The state’s poverty rate is 13.7 percent as compared to the United States average of 14.7 percent.
1,502 households, or 33.7 percent of those living in Spearfish, pay 30 percent or more of their income on monthly housing costs, also known as housing cost burden. South Dakota’s state average for housing cost burden is slightly less than Spearfish at 24.5 percent, but the United States is larger at 33.3 percent.
More Information
For more data on the economies of South Dakota and the Black Hills, please check out our interactive graphs and charts on the South Dakota Dashboard.
