A Move to Benton County Could Mitigate Inflation for Businesses

Inflation is impacting everything from food to utilities. According to Forbes, almost all major categories showed price increases, with shelter, medical care, and new vehicles being some of the most significant contributors. 

While inflation reached new record highs at 9.1 percent in June according to the June Consumer Price Index (CPI) inflation report, the July report shows a cooling of the economy with an 8.5 percent rise over the last 12 months. 

This easing of inflation is welcomed news, but the figure remains at levels not seen since the 1980s. 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 1.0 percent. This result stems from an increase of 0.3 percent in average hourly earnings combined with an increase of 1.3 percent in the Consumer Price Index for All Urban Consumers (CPI-U). Of concern, real average hourly earnings decreased 3.6 percent, seasonally adjusted, from June 2021 to June 2022.

Businesses are seeing their cost of goods soar, and consumers are paying for it at checkout and in their monthly bills, leaving many wondering how they can save money. A move to Benton County could be the answer. 

People and businesses can save money by moving to Benton County

There are multiple ways to save money by relocating to Benton County

#1 Lower your cost of living and doing business.

It’s more affordable for families to live in Benton County than in the majority of U.S. states. This is important for business owners and their employees. In the first quarter of 2022, Benton County's cost of living proved to be 10.7 percent lower than the U.S. average. The cost of health care has improved favorably over the past couple of years: it is 22.2 percent lower than the rest of the nation and nearly 2 percent cheaper than the rest of Minnesota.

Additionally, Minnesota has a better tax climate index than coastal states like California, New Jersey, New York, and Maryland.

#2 Real estate is more affordable in Benton County than in other states.

The median housing cost is 25 percent lower than the national average. Commercial land costs are more reasonable too. There are available storefronts, lots zoned for light industrial, and acreage parcels at the St. Cloud Airport Business Park. Benton also has an Opportunity Zone which can confer certain tax and investment advantages. You can explore Benton County’s commercial listings here.

#3 Benton County offers incentives for new business and business expansion.

When businesses move or expand to Benton County, they can qualify for various financial incentives that can help either finance the project or help to reduce the cost through grants and tax credits. For example, the Benton County Revolving Loan Fund Program allows manufacturing and service businesses located anywhere in Benton County to use county funds for fixed asset purchases. Available incentives can be reviewed here, or customized assistance can be explored by contacting Benton Economic Partnership.

Location matters for inflation; consider the business-forward benefits of Benton County.

The impact of inflation is being felt at its strongest since 1981, but you can mitigate it for you and your business. There are ways to save money, and while moving takes time and energy, the long-term financial benefits could well be worth the investment. Benton Economic Partnership eases the process of finding a site, obtaining permits, constructing a facility, and hiring and training a workforce. We understand development and can assist in the entire process. Contact us to learn more at 320-968-6197 or email us here.

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