Latest news with #DakotaInstitute
Yahoo
19-04-2025
- Business
- Yahoo
What is stagflation and are we headed there?
SIOUX FALLS, S.D. (KELO) – President Donald Trump has lashed out at Federal Reserve Chair Jerome Powell, saying he needs to go following Powell's comments this week about tariff uncertainty. 'The level of tariff increases announced so far is significantly larger than anticipated, and the same is likely to be true of the economic effects,' Powell said Wednesday in Chicago. EMS services on the line in Davison, Hanson county election Powell says that could include higher inflation, slower growth and higher unemployment. And although he didn't use the term, those factors are leading some to worry about stagflation. 'It's basically the worst of all worlds,' Jared McEntaffer, economist and CEO of Dakota Institute, said. McEntaffer says stagflation is a combination of a contracting economy and rising inflation. 'When the economy starts contracting and growth slows, then you can end up having higher unemployment,' McEntaffer said. 'When that happens it gets a lot harder for households to handle and combat the rising prices.' The last time the United States saw high stagflation was in the 1970s when inflation and unemployment rose following oil embargoes. That led to people paying higher prices for gas, energy, food and more. 'That's not the situation that we're in right now. Inflation is higher than the Fed would like it, it's about 2 and a half percent right now, obviously it was higher in the last few years, so it's come down some,' McEntaffer said. 'Unemployment right now is actually okay as well but we are seeing growth slowing pretty significantly. The Atlanta Fed has growth forecasted for the next quarter at negative 2.2 percent.' Of course, the thing on the minds of many right now is the impact of tariffs on the economy. 'So right now we have a 25 percent, nearly, tariff rate that's imposed on all the goods we import,' McEntaffer said. 'That's a $783 billion tax increase on American consumers.' McEntaffer says a slowing economy and those high taxes on imports will lead to a crunch on our pocketbooks. 'So that's the thing that we worry about from the perspective of the economy,' McEntaffer said. 'A big part of it is consumption and a lot of consumption goods and inputs into consumption are seeing price increases. So if the economy slows, income growth slows at the same time that we can see another push up in prices, that really can hurt people. Hurt the economy.' When it comes to South Dakota's economy specifically, McEntaffer says it's possible we're already in or heading toward a mini recession. 'Growth at the state level has been flat and negative for three out of the last four quarters,' McEntaffer said. 'We're seeing, across the board, the state and our major municipalities are seeing slower sales tax collections, which is a leading indicator for where the economy is going.' In March, the sales tax revenue for Sioux Falls fell by 2.7 percent compared to March of 2024. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Yahoo
20-03-2025
- Business
- Yahoo
Dakota Gold taps Dakota Institute for mine study
PIERRE, S.D. (KELO) — A company that intends to mine gold in the northern Black Hills of South Dakota wants a Sioux Falls firm to study the socioeconomic impacts associated with the project. State law requires the study as part of seeking a mining permit from the South Dakota Board of Minerals and Environment. The board on Thursday approved the Dakota Gold Corp request for Sioux Falls-based Dakota Institute to perform the study. Dakota Gold, based in Lead and Vancouver, says it has 'high-caliber gold mineral properties' on more than 48,000 acres surrounding the old Homestake Mine at Lead. Impeaching judges 'unusual, unique' law school dean says The company has been test drilling at the Richmond Hill and Maitland project sites a few miles northwest of Lead. The Richmond Hill site is directly north of the Wharf Mine, which is the Black Hills' last remaining large-scale gold producer. At this point, there is no application yet from Dakota Gold, according to Ben Koisti, public affairs officer for the South Dakota Department of Agriculture and Natural Resources. He said the socioeconomic study is part of the baseline work a mine permit applicant must do before applying for a mine permit. One of the state's board members, Bob Morris of Belle Fourche, asked Thursday whether there was any connection between Dakota Gold and Dakota Institute. 'To my knowledge there is no connection between the two companies,' replied Roberta Hudson, a scientist with the Minerals, Mining, and Superfund Program in the South Dakota Department of Agriculture and Natural Resources. Dakota Gold environmental director Timm Comer said they aren't connected 'in any way.' Jerad McEntaffer, the institute's CEO and chief economist, likewise said there wasn't any connection. The state board's chair, Glenn Blumhardt of Bowdle, said he couldn't recall that Dakota Institute had performed any other socioeconomic study required by the board. 'That's correct. This is my first time before you guys,' McEntaffer said. Board member Doyle Karpen of Jefferson suggested a tour of the Dakota Gold proposed site later this year. Blumhardt had told board members at their January meeting that he wanted a meeting in the Black Hills for September 17-18. 'I think that's kind of the plan,' Blumhardt replied to Karpen on Thursday. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Yahoo
20-03-2025
- Business
- Yahoo
Dakota Gold will conduct pre-permit study for potential mine in Homestake area
A drilling rig operates northwest of Lead as part of a Dakota Gold exploratory drilling project in January 2023. (Seth Tupper/South Dakota Searchlight) A South Dakota company earned the state's blessing Thursday to take a formal step toward a large-scale gold mining permit in the northern Black Hills. The South Dakota Board of Minerals and Environment unanimously approved Dakota Gold's request to begin a socioeconomic study on the potential impact of the company's proposed Richmond Hill mining operation. State law requires such a study from any operation with plans to apply for a large-scale mine. The Richmond Hill project area in Lawrence County sits on private land half a mile north of the Wharf Mine, the state's only operational, large-scale gold mine, which is operated by Chicago-based Coeur Mining. Richmond Hill is one of the multiple exploratory projects in Dakota Gold's portfolio in that area, home historically to the Homestake mine, shuttered in 2002 after 125 years of production. Last month, the company released a report saying the Richmond Hill site has the potential to produce 3.65 million ounces of gold. The Wharf Mine, for context, has produced about 3 million ounces of gold since 1982. Homestake produced more than 40 million ounces. Dakota Gold Environmental Director Timm Comer attended Thursday's meeting virtually, as did Dakota Institute CEO Jared McEntaffer, the contract academic whose firm will conduct the socioeconomic impact study. Dakota Institute is a research firm not affiliated with Dakota Gold. Production jumps higher at Black Hills gold mine A lone board member asked to confirm that the companies are separate entities. Aside from that, no board members asked questions before unanimously approving Dakota Gold's request to set McEntaffer to work. No one spoke on the Richmond Hill project during the board's public comment period. After the meeting, Comer confirmed that the mine would be an above-ground operation. The Black Hills Clean Water Alliance posted information to its website in advance of Thursday's meeting that notes concerns about Dakota Gold and the potential environmental impact of a mine. The group's Lilias Jarding told South Dakota Searchlight that a member monitored the meeting remotely, but that the socioeconomic study is too preliminary in the multi-step process of permitting to have warranted opposition testimony. The $35,000-$50,000 Dakota Institute study will address Lawrence County's infrastructure, economic base and social conditions, according to a proposal filed with the board prior to Thursday's meeting. McEntaffer aims to return to Dakota Gold a 'realistic approximation' of the economic activity of an operational Richmond Hill mine, which the mining company in turn would submit as part of an official application for a large-scale mine. 'This activity will include direct company labor and material requirements as well as input requirements by subcontractors,' the proposal says. The study would also touch upon housing needs and availability, social impacts of population growth and 'adjacent land issues.' The latter part of the study would engage with Lawrence County planning and zoning officials and RESPEC, a Rapid City consulting firm. The analysis will be completed by 2026. SUBSCRIBE: GET THE MORNING HEADLINES DELIVERED TO YOUR INBOX SUPPORT: YOU MAKE OUR WORK POSSIBLE
