Combat Inflation with Relocation to Dickinson County
Tuesday, August 23, 2022
Inflation has been reported to range from 6.8 to 8.2% for 2022 - staggering rates of inflation that haven’t been seen since the 1980’s. Though inflation slightly eased in July, according to the U.S. Bureau of Labor, at the same time as inflation is rising, real average hourly earnings for all employees decreased by 0.6 percent. That’s the impact of inflation because it reflects a 1.0 percent increase in the Consumer Price Index for All Urban Consumers (CPI-U). What’s more alarming is the decrease in real average earnings year over year. From July 2021 to July 2022, they decreased by 3.5 percent.
With the cost of goods soaring, a domino effect is happening.
- Businesses are being charged at a higher rate forcing companies to pass the price hike over to consumers.
- Consumers are feeling the price hike pain when paying for their regular purchases and monthly bills.
- Now that the Inflation Reduction Act passed, billion-dollar annual income companies will be taxed at an IRS imposed 15% minimum.
- Let’s not mention the fact that gas is still higher than it’s been in years.
Many are wondering how they can save money. A move to Dickinson County could be the answer.
Relocation Resources Prompting Savings
There are multiple ways to save by relocating to Dickinson County.
Lower Shipping Costs & Quicker Shipping Times
Businesses moving their warehouses/distribution centers to Dickinson County saves on shipping costs due to the number rule of real estate; Location, location, location. We are a transportation hub! Being centrally located in Kansas, Dickinson County has immediate access to I-70, and only 20 miles to I-35. This gives trucks ample passage from Utah to DC, Texas to Minnesota, and all states near and in between.
Reduced Corporate Income Tax
Businesses receive tax benefits because Kansas does not impose inventory, franchise, income, or earnings taxes. Also, Kansas exempts property tax on commercial and industrial equipment, which is helpful to farmers and manufacturers.
Lower Cost of Living
It’s more affordable for families to live in Dickinson County than the majority of U.S. states. This is important for business owners and their employees. The biggest city in Dickinson County, Abilene, has a cost of living at 80% of the national average. Houses for sale are at 52% of the national average. With these rates, millennial entrepreneurs fresh out of college, startups, and blossoming young families can afford to live well as they begin their new business and new life in Dickinson County.
A great way to keep business and personal overhead quite low, an entrepreneur can purchase a downtown building and live upstairs all for $75,000.00. This increased benefit also saves hundreds to thousands per year on gas and car maintenance.
For the apparent renter, apartments start at $425.00 per month and houses start at $1,500.00 per month.
New Business and Business Expansion Incentives
When businesses move to Dickinson County (or expand here) they can qualify for a variety of financial incentives that can help to either finance the project or help to reduce the cost through grants and tax credits. Check our Local Incentives page for more information regarding:
- Tax Abatements
- Student Loan Repayment
- Industrial Revenue Bonds
- Storefront Beautification
Dickinson County Wants You Here
The impact of inflation is being felt the strongest it has been since 1981, but it doesn’t have to impact you or your business as strongly. There are ways to save money and while moving does take time and energy, the long-term financial benefits are worth the investment. Click for available sites and properties. Then, contact DKEDC at 785-200-3518 to learn more about the benefits of locating in Dickinson County and for help with relocation.