BROOKINGS There was a spring blizzard of numbers thrown around at this years edition of the Brookings Economic Summit on Tuesday, but this much was clear when everything settled: Overall, Brookings is doing quite well.
Our community is healthy, resilient and growing strategically, Stephanie Mason of the Brookings Economic Development Corp. told an audience of around 100 people. Our education system, workforce and business community (and our) quality of life metrics all point to a bright future.
She was one of several presenters at the roughly five-hour summit at the Dacotah Bank Center, which included speakers from Visit Brookings, South Dakota State University and First Bank & Trust. It was put on by the BEDC and the Brookings Area Chamber of Commerce.
Mason spoke to several areas of interest to Brookings residents and business leaders:
Population growth
If youre noticing more people around town and heavier traffic flows, well, its not your imagination at play. The year-round population Brookings is continuing to grow it was 24,312 in 2023, then went to 24,629 last year and is now projected to reach nearly 25,000 sometime this year.
This steady growth signals long-term economic stability and attractiveness for both businesses and residents alike, she said.
The numbers from South Dakota Demographics do not include the annual influx of SDSU students, and assume a 1.3% annual population growth rate.
Education, innovation
Brookings shines here, with a 96.7% high school graduation rate and 49.7% of the citys residents possessing a four-year college degree, both from 2020 through 2024. That highly educated population had led to a thriving professional services industry as well, with 8.8% employment.
These services, Mason said, are typically higher-wage, knowledge base jobs that help diversify our economy and support our industries with business-to-business activity and retaining local talent.
They include finance, legal, engineering, consulting and architecture. A strong professional services sector also makes Brookings more resilient to economic shifts and attractive to businesses and young professionals, she pointed out.
Workforce
The overall labor force in and around Brookings is also largely accounted for, with only a 2.2% unemployment rate in 2024. Mason added that there was stable growth in the number of employees across the county and labor force participation was ranked quite high at 69.8%.
What this means is our workforce is highly engaged. Its skilled and resilient to change overall, she said.
On top of that, the citys employment growth rate clocked in at 4.11% from 2020 through 2024. Essentially, that means theres work available for anyone whos pursuing employment.
The strong growth reflects a thriving local economy, steady business expansion and increasing opportunities for workers, Mason said. Brookings is not only creating jobs faster than the national trend, but its also successfully attracting and retaining the talent.
That is beginning to show up in another trend the retention of SDSU students in Brookings after they earn their degrees.
The rate is now 14.62%, according to a survey conducted in 2024 by the Brookings Area Chamber of Commerce. Thats roughly double from earlier surveys, which had showed a ballpark figure of 7%.
Municipal tax revenue
People might grouse a little bit or more with this tidbit: The city saw an increase from this revenue stream from $19.57 million in 2023 to $21.75 million in 2024. Taxes. Who likes them, right? But its these collections that enable services such as police and fire protection alongside having things like snow removal and parks.
It also means Brookings is becoming something of magnet for shoppers.
More people are purchasing taxable goods in our community, and we have more visitors that are coming to spend their dollars on events, retail, and other attractions while theyre here, Mason said.
Homeownership, housing
From 2019 through 2023, the owner-occupied housing rate in Brookings was 48.5%, with a median value of $243,600, according to the 2024 Brookings Economic Dashboard.
We continue to balance the affordability with growing demand, ensuring that Brookings remains an attractive (and) attainable as a place to live, Mason said.
She added that the citys median gross rent, at $862 a month, remains relatively affordable when compared to many peer communities Laramie, Wyoming; Iowa City, Iowa; Grand Forks, North Dakota; Mankato, Minnesota; and Aberdeen and national averages.
The lower rent is especially important given that students make up half of our citys population, helping ensure that SDSU students and many young professionals can live, work, but also contribute to our local economy, Mason said. Affordable housing options also help strengthen workforce retention and support continued population growth.
The citys housing stock continues to diversify as well, with a mix of townhome, duplex, single-family and apartment units, Mason said.
The number of new units ranged from 81 in 2010 to 137 last year, with a high of 311 in 2022. Apartments and single-family residences have dominated over those years.
Income, poverty
In this category, Mason noted that Brookings had 16.1% of its population in poverty as of last year, and that the median household income in 2024 was $61,979 below the national average of $79,100.
She said the difference between the two numbers is likely due to the presence of a large and younger population in the form of, you guessed it, university students.
The median income is strong, cost of living remains affordable and fewer households are uninsured compared to the national averages, Mason said. These factors contribute to greater financial stability for our residents and more resilience for our local economy.
Compared to some of its peer cities, the median income in Brookings is higher than Iowa City ($50,135) and Laramie ($52,414), but lower than in Mankato ($64,826), Grand Forks ($63,838) and Aberdeen ($63,715).
Another factor to consider is the citys average weekly wage per capita, which is $1,109. Its 2% below the U.S. average of $1,139.
What thats telling us is that individual earning power in Brookings remains strong, especially when its paired with our lower cost of living, Mason said.
Business growth
This has been steady through the years as well, she pointed out. In 2010, for example, there were 962 establishments in Brookings County. By late 2024, that number had risen to 1,358 a 41% boost over the years.
Alongside with housing growth, business growth tells us an equally important story (of) resilience and expansion, Mason said. The strong upward trend helps the resilience of our local economy and is a steady contribution for new business development. A sustainable growth shows us that Brookings is a place where businesses start, stay and succeed.
Capital investment
This plays a critical role in strengthening the economy, with 2023s $306.2 million being a record year, Mason said. Investments that year included the Solventum expansion, a new BMU water treatment plant and the Brookings School Districts new Hillcrest and Medary elementary schools. The five-year average, she said, remains very strong.
Ongoing investments lay a foundation for future private sector development, residential growth and public amenities, Mason added.
In closing, she pointed to the citys resiliency and vibrancy.
All of these factors from education to business growth to strong sales tax revenue together show a vibrant, resilient community that were building toward our future, Mason said.
Contact Mondell Keck at [email protected].
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