arskajuhani / Depositphotos.com
SIOUX FALLS, SD (KELO.com) — Higher interest rates and inflation are taking some of the luster out of the Sioux Falls economy – and the city budget. City councilors are pulling in the reins on spending because of declining sales tax revenues. One of the areas of concern is new construction. City Finance Director Shawn Pritchett says single family home numbers are up, but the multi-family construction boom of two years ago is over.
Restaurant and entertainment activities are also down for the first time since the pandemic, causing a decline in overall sales tax revenue for the city.
Comments