Rapid City Restaurant Sales Up More than 30 Percent For Decade
Restaurants and other eating establishments in Rapid City have enjoyed steady growth in sales over the last ten years, according to a study by the Black Hills Knowledge Network.
Since 2002, annual sales in inflation-adjusted dollars have increased 31.7 percent. In 2012, restaurants enjoyed the single biggest one-year increase in the decade as sales grew by 7.8 percent to nearly $193.73 million.
In striking contrast to the growth in business for eateries, sales for drinking establishments are slightly down from their high of nearly $15.13 million in 2003. Sales for 2012 were just over $13.53 million.
Under state law, a restaurant is an establishment that makes at least 60 percent of its sales from food and nonalcoholic beverages.
Meanwhile, growth in sales in the lodging industry has been modest, despite an overall increase in the number of hotel rooms available. In 2012, taxable sales for hotels were just under $75.96 million, up nearly 17 percent from 2002.
The analysis by the Black Hills Knowledge Network is based on data reported by the South Dakota Department of Revenue. While the state does not provide trend data, statistics can be found at the Department of Revenue website. (Choose a specific year. Click on "State Taxable Sales for County & City (Division totals for each city)". Then choose a specific month, fiscal year, or calendar year to view the data.)