News

Cost of Living Index Quarterly Update Released


Prices were submitted, costs computed, and results released - - Sioux Falls was 7.1 percent below the national average in the latest Cost of Living Index published by C2ER – The Council for Community and Economic Research. 

 

 

Sioux Falls was among 267 urban areas that participated in the third quarter 2017 Cost of Living Index which is based on six component categories – housing, utilities, grocery items, transportation, health care, and miscellaneous goods and services.

 

 

The after-tax cost for a professional/managerial standard of living ranged from more than twice the national average in New York (Manhattan) NY to more than 20 percent below the national average in McAllen, TX.

 

 

The Cost of Living Index measures regional differences in the cost of consumer goods and services for professional and managerial households. It is based on 60 different items for which prices are collected by chambers of commerce, economic development organizations, and university applied economic centers in each participating urban area. Since 1989, the Foundation has been the participating organization for Sioux Falls.

 

 

Continuing historical trends, the cost of living in Sioux Falls for third quarter 2017 is again lower than the national average by 7.1 percent.

 

 

The five most expensive urban areas include:

            New York (Manhattan) NY     242.9

            San Francisco CA                  191.8

            Honolulu HI                             188.4

            New York (Brooklyn) NY        181.0

            Washington DC                      157.4

 

 

In comparison, Sioux Falls’ composite index was 92.9 - - 7.1 percent below the national average of 100.

 

 

Participating cities in Minnesota and North Dakota ranged from slightly higher -- to 10 percent higher than Sioux Falls except for Mankato at 92.8.  Other regional cities including those in Nebraska and Iowa were comparable; with Lincoln, the Quad Cities and Waterloo/Cedar Falls slightly higher.

 

 

 

What Do Groceries Cost?  See how Sioux Falls compares.

 

With food prices garnering national media attention, C2ER’s index provides comparative data.  Data is collected on twenty-six items from a variety of categories to represent the grocery item component of the index.  Below is a sample of items priced and their costs.

 

 

                                                               Sioux Falls                                                 National Average

Composite Grocery Index                           94.8                                                                  100

Steak                                                          $9.99                                                              $11.54

Ground Beef                                               $2.93                                                               $3.91

½ Gallon Whole Milk                                  $2.00                                                               $2.00

Eggs                                                           $0.62                                                               $1.29

Sugar                                                          $1.63                                                               $2.30

Cereal                                                         $2.83                                                               $3.51

 

  

Workforce Training: The Sioux Falls Advantage

There is better training for our workforce in Sioux Falls. A multitude of options are available to meet businesses' needs at the postsecondary level including city programs, state grants, technical training, and a new $50 million scholarship program for technical school students.

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