South Dakota has a few problems with labor shortages. The first is insufficient number of caregivers to take care of the growing elderly population in the state. From Dakota News Now:
Fifteen South Dakota nursing homes have closed over five years, and seven have closed in the last 12 months, according to Deak. There are still around 155 state-registered assisted living facilities and over 90 nursing homes in the state. There are also a number of retirement communities, companies offering home health services and community-based adult day services.
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According to a June 2022 report from the Bureau of Labor Statistics, nursing facilities have seen the largest drop in employment in the health care sector since before the coronavirus pandemic. While South Dakota assisted living and home health care have dropped by 37 and 41 workers since 2020, respectively, nursing facilities have lost roughly 1,030 workers.
Dakota News Now
The hurt for South Dakota doesn’t stop at care givers. The state doesn’t have enough teachers nor does it have enough certified or college graduates within its ranks. From Siouxlandproud.com:
About 51% of South Dakota’s residents do not have a certificate or any post-secondary degree, according to an organization that studies education and related issues in the U.S.
The nation’s largest demographic segment is Baby Boomers. Baby Boomers are retiring or changing jobs and those jobs will need to be filled, Wendell said. The Baby Boomers have more people than Gen Z or Millenials, for example, which compounds the labor shortage.
The need for future skilled workers is especially glaring when the current need for any workers is considered. According to the U.S. Chamber of Commerce, there are 67 workers for every 100 job openings in the U.S.
Sioux Land Proud
According to NewsNationNow, South Dakota doesn’t have enough teachers currently to help educate the state’s young population.
NewsNation affiliate KELO reported in November that recent estimates by the state’s Department of Education put the number of open teaching positions in the state at more than 500, which is much higher than in previous years. According to the report, shortages are due in part to large class sizes and low salaries for teachers.
News Nation Now
From an investment standpoint, it seems South Dakota nor the companies based there offer any real investment opportunities or growth prospects but we’ll keep researching so stay tuned, stay profitable and stay solvent…