AS THE PANDEMIC CONTINUES, A LOOK AT BUSINESS AND FINANCE
PAGE 14 SEE WHAT’S TRENDING IN ARCHITECTURE AND DESIGN PAGE 16
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Owningorrunninga businessisathrilling butstressful endeavor. Longhours,fewpeers,andknowingother people’slivelihoods dependon youcancause many sleeplessnights.Addinthefalseexpectationthat a business leadershouldbeanexpertinallareasof business andthepressurecanbe overwhelming.
Owningorrunninga businessisathrilling butstressful endeavor. Longhours,fewpeers,andknowingother people’slivelihoods dependon youcancause many sleeplessnights.Addinthefalseexpectationthat a business leadershouldbeanexpertinallareasof business andthepressurecanbe overwhelming.
Thetruthis, owninga business doesnot automatically make youafinancialexpert,apayrollprofessional,ora benefitsspecialist.That’s whyitis criticaltoworkwith partners whoareexpertsinthoseareas, letting youfocus on doing what you do best.Lookforafinancialpartner whocanprovide:
Thetruthis, owninga business doesnot automatically make youafinancialexpert,apayrollprofessional,ora benefitsspecialist.That’s whyitis criticaltoworkwith partners whoareexpertsinthoseareas, letting youfocus on doing what you do best.Lookforafinancialpartner whocanprovide:
Business ownersareconstantlystretchedthin,sothe fewermeetingsandphonecallsneeded,thebetter.Find afinancialpartnerthat canprovide youwithonepoint ofcontactforstreamlinedserviceandindividualized guidance.A businessadvisorcanhelpanticipateneeds, coordinateadditionalexpertinsight,andprovidestrategic guidancetohelpmeet yourspecificgoals.Withaholistic viewof your businessand long-termgoals,theycan providerecommendationsthat supportthe overall financialhealthandsuccessinadditiontomeetingshorttermneeds.Perhaps mostimportantly, anadvisoristhere when youneedthem,because your businessisjustas importanttothemasitisto you.
Business ownersareconstantlystretchedthin,sothe fewermeetingsandphonecallsneeded,thebetter.Find afinancialpartnerthat canprovide youwithonepoint ofcontactforstreamlinedserviceandindividualized guidance.A businessadvisorcanhelpanticipateneeds, coordinateadditionalexpertinsight,andprovidestrategic guidancetohelpmeet yourspecificgoals.Withaholistic viewof your businessand long-termgoals,theycan providerecommendationsthat supportthe overall financialhealthandsuccessinadditiontomeetingshorttermneeds.Perhaps mostimportantly, anadvisoristhere when youneedthem,because your businessisjustas importanttothemasitisto you.
Financialserviceneedschangeas businessesgrow and evolve.Therearebenefitstobe gainedfromwitha
Financialserviceneedschangeas businessesgrow and evolve.Therearebenefitstobe gainedfromwitha
providerthat canmeet your evolvingneeds,fromshorttermfinancingtosuccessionplanningandemployee benefitsplanstopayrollprocessing.Notonlyis it more efficient,itcanalsobemorecost-effective toworkwith one vendor ratherthanseveral.Andwitha dedicated advisor’sguidance, youcanresteasyknowing your business’bestinterestsaretopofmind.
providerthat canmeet your evolvingneeds,fromshorttermfinancingtosuccessionplanningandemployee benefitsplanstopayrollprocessing.Notonlyis it more efficient,itcanalsobemorecost-effective toworkwith one vendor ratherthanseveral.Andwitha dedicated advisor’sguidance, youcanresteasyknowing your business’bestinterestsaretopofmind.
Abank’ssizealsodictatesitscapabilities,so make sure you areworkingwithaproviderthat canmeet yourspecific needs.A verysmallbank maynotbepositionedtoservice yourrequest, whereasanextremelylargebank maysee your businessasinsignificant.Asaresultofthepandemic, some lenders maybe overleveragedincertainsectorsand unabletoservicesolidopportunitiesinthoseareas.Make sure yourfinancialprovider’scapabilitiesandservice offerings match your business’ evolvingneeds.
Abank’ssizealsodictatesitscapabilities,so make sure you areworkingwithaproviderthat canmeet yourspecific needs.A verysmallbank maynotbepositionedtoservice yourrequest, whereasanextremelylargebank maysee your businessasinsignificant.Asaresultofthepandemic, some lenders maybe overleveragedincertainsectorsand unabletoservicesolidopportunitiesinthoseareas.Make sure yourfinancialprovider’scapabilitiesandservice offerings match your business’ evolvingneeds.
Oneofthebestaspectsof ownershipis yougettochoose who you dobusinesswith.Bankingrelationshipscanlast decades,andthe rightadvisorbecomesasemotionally investedin your wellbeingandsuccessas youare.Choose aprovider whotrulycaresabout you, youremployees, and yourcommunity.Bankscanbemorethana business. Thosethat value doingthe rightthing,respecting everyone,servingwithpassion,andembracingchange canbecatalystsforeconomic development,community champions,anddream makers—helping yousucceed whilestrengtheningtheentirecommunitytogether.
Oneofthebestaspectsof ownershipis yougettochoose who you dobusinesswith.Bankingrelationshipscanlast decades,andthe rightadvisorbecomesasemotionally investedin your wellbeingandsuccessas youare.Choose aprovider whotrulycaresabout you, youremployees, and yourcommunity.Bankscanbemorethana business. Thosethat value doingthe rightthing,respecting everyone,servingwithpassion,andembracingchange canbecatalystsforeconomic development,community champions,anddream makers—helping yousucceed whilestrengtheningtheentirecommunitytogether.
If
Therearesomanythingstoconsiderwhenflyingwhetheritbefor vacationorwork.Whattimeshould Igettotheairport? Willthere bespacetoparkmycar,orshould Irideshare?Whenwasthe runwayI’llbetakingofffromlastreconstructed?Okay,somaybe thelastoneis abitof astretch,buttheconditionofairport infrastructurelikerunways,taxiwaysandapronsdoesaffectthe overalltravelerexperience.KLJisworkingtonotonlyenhance thatexperiencebutalsotheefficiencyandsafetyoftravelingat theSioux FallsRegionalAirpor t(FSD)indiverseways.
“Oftentimes,someofthemostimportantenhancementsatan airpor tare theonesyoudon’tseeas acasual,everydaytraveler,” KLJ ProjectManager,Mark Wiederrich,said.“Newrestaurants andshopsintheterminalareimportantforyourcomfor twhile travelingbutprojectsliketheonesweareworkingonherein Sioux Fallsarevitaltothesafe,efficientoperationoftheairport.”
KLJcontinues alonghistor yofprovidingengineeringand consultingservicesforFSDwiththerecentcompletionofnewly designeddeicingandremain-over-night(RON)aprons.KLJ initiallycompletedaircraf tmovementandmodelingstudiesto determinepavementdesignstoaccommodatecurrentandfuture aircraft.Intheend,about45,000squareyardsofconcrete pavementwereaddedforthenewdeicingandRONaprons.The RONapronallowsformore aircraf ttoremainovernightinSioux Falls,addingcapacitytotheairpor twhilethedeicingapronallows formoreefficientaircraf tmovementduringdeicingconditions, reducingwaittimefordepartures.Thedeicingapronalsoincludes anautomateddeicingfluidcollectionsystemtoprovideenhanced environmentalcontrolsforcollectinganddisposingofthe propyleneglycolusedforcommercialaircraf tdeicingduring winteroperations.
Runway3-21isthemainrunwayatFSDasitcanaccommodate largeraircraf tandisalignedwithprevailingwindsinthearea.KLJ isnearingthecompletionof afour-phaselandmarkreconstruction ofthisrunway.Theprojectgoal,asidefromcompletionofthetotal rebuild,hasbeentolimittheimpacttocommercialservice operations.Duringeachofthephases,KLJworkedcloselywith
airpor tpersonnelwhendesigningtheConstructionSafetyPhasing Plantominimizeimpactstoflightsinandoutoftheairport. Additionally,asphaltshoulderswereaddedtothefulllengthofthe runwayand anew runwaylightingsystemwasconstructed, increasingthesafetyandreliabilityof Runway 3-21.
Today,crewsareworkingovernighttoensurethatthefinalphase oftheprojectiscompletebyearlyOctoberandreadyforyour nextflight.
Althoughtheseprojectsaren’tonesthatnecessarilywowtravelers withnewamenities,they areallpar tofuppingtheconvenience andcustomerserviceexperienceattheairport,nottomention, theyensurethesafetyoftravelersnearandfar.
FormoreinformationonKLJ’saviationplanningandengineering services,includingtheworkcompletedatFSD,visit kljeng.com
In life, there are some things you can always count on. One of them is taxes.
Being taxed is never fun, but as the professionals say, the better you plan, the better prepared you will be when tax season rolls around.
“No one likes surprises on April 15,” Kacey Halley, a partner with Eide Bailly in Fargo, North Dakota, told Prairie Business. She said a tax advisor could help lessen surprises. “You should also plan to have your information to your tax advisor as early as possible. Like many other businesses, accounting firms are finding themselves having a shortage of help. The volume of federal and state tax law changes and complexities added to an already complex profession has drastically increased the amount of time needed to prepare returns.”
Halley discusses more tax issues for individuals and businesses in the article about tax tips for a new year. On a related note, Steve Ruda, director of client relations at ICS Tax in Sioux Falls, South Dakota, said his business has done well over the past two years of the pandemic as it helps people and businesses plan their taxes and save money. And, he said, even though a number of other businesses have been impacted adversely by the pandemic over the past two years, the Midwest likely hasn’t been as hard-hit as other points East and West.
“Thankfully, we’re in the Midwest,” Ruda said. “What I’ve seen in my paths is that the Midwest kind of has a nice little buffer. … Generally we don’t have the high peaks, and we don’t have the low peaks. Like with the recession in 2008, we weren’t as bad off as either coast, and I see that right now with the pandemic as well.
“I think we’re a little more sheltered, and I think there’s a lot of companies that if they could get the supplies and the workforce they need, these would be banner years for them. But there’s still a few that are having a great year. There are still a lot of companies having great years, but they would be absolutely doing amazing things if they could shore up the workforce, potentially, and the supply chain issues.”
Ruda’s perspective perhaps gives new meaning to the importance of a company’s location. While still faced with challenges, the region overall is a great place to do business. Stories in this issue highlight that, from architecture and design projects to the ways in which businesses are functioning during the pandemic.
It’s only February, the second month of the new year. Hopefully the climate of things, economically and otherwise, will improve. Until then, keep planning – and remember, tax season is just around the corner.
Good luck!
Andrew WeeksI look forward to hearing from you at aweeks@prairiebusinessmagazine.com or 701-780-1276.
PUBLISHER KORRIE WENZEL
AD DIRECTOR STACI LORD
EDITOR
ANDREW WEEKS
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58203. Subscriptions are available free of charge. Back issue quantities are limited and subject to availability ($2/copy prepaid). The opinions of writers featured in Prairie Business are their own. Unsolicited manuscripts, photographs, artwork are encouraged but will not be returned without a self-addressed, stamped envelope.
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Steve Ruda has been a professional tax consultant long enough to recognize ebbs and flows in the market.
But like a lot of people, he hasn’t seen anything like what the pandemic has created: An environment in which some businesses have floundered, while others have excelled.
Ruda, director of client relations with ICS Tax in Sioux Falls, South Dakota, is one of the lucky ones.
“It’s been a very good two years,” he said of the business. “I think a lot of that is because we have some opportunities where we can come in and save the employer, the business, some cash and save on their tax liability.”
Despite the uptick of his business, he feels bad whenever he learns of a company that has struggled due to the pandemic. He knows there have been many.
Ruda has seen a lot of change over the past two years and picked up on some trends.
“The trend that we have seen for cost segregation studies and fixed assets is that there have been a lot more purchases, especially over the last six to nine months,” he said. “A lot of people have been worried about what the capital gains rate tax is going to be and maybe they decided to sell a business in the last six to nine months to try to take advantage of the lower capital gain rates.”
Kacey Halley, a partner with Eide Bailly in Fargo, North Dakota, also has seen trends in the market and pointed out a few things to keep an eye on in 2022, as well as provided some tax tips.
For starters, she said, what happens with taxes depends on legislation, but many people are confident that tax rates will not be going down.
“Many of my clients opted not to pull expenses from early 2022 into 2021 like they normally would do in case there is an unfavorable change to taxpayers,” she said.
Estate Tax Planning: Estate tax planning, Halley said, is still relevant even if there is no new legislation in this arena. She said the current estate exemption of $11.7 million in 2021 ($12,060,000 in 2022) is set to sunset on Dec. 31, 2025, under current law.
“Many business owners and high-wealth individuals were scrambling to pull together estate plans in anticipation of a current year tax bill,” she said. “This flood of planning projects overwhelmed estate planners, business valuation consultations, and attorneys alike. Many professionals were having to turn away work due to lack of capacity. This could happen again at the end of 2025, so don’t wait until the last minute if you have estate concerns.”
Best Practices for Businesses: Hallley said it is best to talk with a tax advisor regarding any accounting clean-up and to get an estimate of your tax liability on April 15 so you can be prepared for any cash needs to cover the tax or take action before year-end, as appropriate.
“No one likes surprises on April 15,” she said. “You should also plan to have your information to your tax advisor as early as possible. Like many other businesses, accounting firms are finding themselves having a shortage of help. The volume of federal and state tax law changes and complexities added to an already complex profession has drastically increased the amount of time needed to prepare returns.”
Tax Planning and Retirement: Halley said good tax planning looks at a period of years rather than just the current year. If it looks like
you will be in a higher tax bracket next year, it doesn’t make sense to push income out of this year.
“I have also heard people say they have purchased expensive pieces of equipment they didn’t need just to save on income tax,” she said. “Does it make sense to spend $50,000 on something you won’t use to save $20,000 in tax? I don’t think so; you’re still $30,000 out of pocket. Don’t let the tax answer drive you towards a bad overall business decision.”
She said her favorite deferral mechanism for small business is retirement plan funding. Instead of spending that $50,000 on a piece of unnecessary equipment, you may be able to fund a SEP.
“You get the same current year income tax result plus contributed to your retirement nest egg,” Halley said. “You do need to be mindful of funding requirements for owners and employees alike.”
For property owners, a cost segregation study can accelerate depreciation from a 39-year period to one year in many instances. Performing this study in 2021 can be advantageous not only in reducing current year income tax, but possibly alleviating the 163(j) interest expense limitation. Research and development tax credits can also be powerful at both the federal and state levels. R&D applies to system/process improvements, new development, etc.
“It is not necessarily an activity performed by people in white lab coats,” she said.
At TSP, we understandhowthedesignofa welcomingand comfor tableenvironmentcan positively impac ttheexperiencefor thoseneeding care.Fromthefir st impres sion to theacoustics, we bringall the aspect sofcompassionate design togetherintoone vision.
Easter supply chains and scorching-fast inflation, 2022 looks like a potentially more balanced moment.
The beginning of the pandemic was – to put it lightly – a historically tough time for businesses, many of whom were peering into the future in vain, trying to balance their books against the greatest unknown in generations. Lance Monson, who manages risk and planning at Construction Engineers, Inc. knows all about it.
In the early days of the pandemic, construction material costs surged – about 15% from August 2020 to August 2021, Monson recalls. There were times that 2x4 wood was more expensive than 2x6 wood, a bizarre rarity. Price checks became a constant imperative for ongoing work.
“It got to the point where I was just saying to my team – no standard pricing can be used. If you’re doing a little project that has steel studs or wood studs, you need to get prices every day,” Monson said.
But now, as 2022 begins, it looks like some of the wildest moments of the pandemic economy are starting to fade. He’s looking to a calmer 2022 – even as a roiling labor market, ongoing inflation and Federal Reserve rate hikes all loom over the economy.
He’s not the only one. Business leaders around the upper Midwest are warily eyeing the next stage of the pandemic. But in contrast to earlier days, which were marked by big economic stimulus, snarled
“In general, I would say that folks should feel really good about the coming year,” Sunil Swami, chief investment officer for Alerus Financial, said of the average upper Midwesterner. He argued that hot inflation will likely cool off soon – as a matter of both federal policy and of the economic paroxysms of the virus fading. He also pointed out that jobs are still easily found, with workers voluntarily quitting their jobs at a generational high.
But inflation could remain higher than it was pre-pandemic, and scarce labor will probably keep pressing upward on wages. That could pose thorny questions for some businesses. Brian Johnson, CEO of Choice Financial, pointed out that a local plumber or accountant might be able to easily raise prices; businesses who can’t be as flexible could feel a pinch.
“Margins are going to be compressed in 2022 for those business owners for sure,” said Johnson.
And the housing market, which had soared amid the cheap credit and urban out-migration of the pandemic, could see changes too.
The Federal Reserve is expected to taper its bond-buying policies over the first few months of 2022 and is telegraphing its intent to hike interest rates. That’ll help put a brake on inflation – but it’s still not clear how the mortgage and housing market will account for it.
“That will be a tricky balance,” Swami said. “I do think that we’ll see some moderation in housing in the next year for sure – at least as far as pricing is concerned. But I do think the costs of mortgage payments will tick higher.”
The tourism sector is still grappling with the virus as well – especially as the omicron variant continues to circulate (and, as of this writing, surge tremendously). But some industry leaders argue that pent-up tourism demand from throughout the pandemic is fueling a turn towards more travel spending, and Sara Otte Coleman, the director of North Dakota’s state tourism program, downplayed concerns about the coming year.
“Certainly travel is impacted by discretionary income – and overall economic outlook,” she wrote in an email. “However in North Dakota we tend to be less impacted, since we market closer to home and are an affordable destination compared to other areas of types of travel.”
She even argued that the coming year could bring good news for the state’s tourism sector.
“In the past, increased gas prices have not resulted in fewer visitors,” she said. “The reason for this is likely that we offer a great value overall versus other areas.”
Monson isn’t worrying too much yet either. Prices will keep going up, he said, but nowhere near as quickly as it has recently.
“We don’t know what’s going to happen. But the biggest thing is not sitting back on your heels and thinking ‘The worst is over, we don’t need to plan for anything anymore,’” he said. “But we’re trying not to have this hair trigger where it’s like, hey, we need to plan for another 15% increase.”
Jeremy Altman has been keeping a notebook since early 2020. It is filled with ideas and observations about how the pandemic has sparked new trends in his industry.
Altman, an architect with Architecture Incorporated in Sioux Falls and Rapid City, South Dakota, said much has changed over the past two years.
Some architectural ideas that were not as popular before the pandemic have since become top-of-mind for many businesses and school districts. Often they’re not big alterations, but changes that make working and learning indoors potentially healthier environments for employees and students.
Take windows, for example. Altman said that pre-pandemic it was popular for some schools and businesses to go with non-opening windows because they were less expensive. Nowadays, however, many request the pricier windows that open in an effort to provide better ventilation.
Because COVID-19 is a respiratory virus, having better ventilation in enclosed spaces makes sense.
“We’ve always, as architects and even our engineers, placed high importance on indoor air quality,” Altman said. “The idea has been that we spend so much time indoors, but the air indoors is quite often worse than polluted air outside.
“Our idea has always been that the solution to pollution is dilution. That has been a catch phrase, that you produce some fresh air by diluting the polluted air indoors with some windows that are operable. Sometimes in the past we saw a bit of resistance to that. Not so anymore. People recognize that’s a good thing to have. It’s almost an auto-include (in projects) anymore.”
Other tools that provide better ventilation indoors include one on the mechanical side called the bipolar ionization system.
Altman, who works mostly with public schools, said the system has been popular in these learning environments but that other types of buildings also have adopted it. He said even some airplanes now use the filtering system.
“It’s a system by which air can be purified,” he said. “And, it is a relatively simple addition to either existing mechanical systems or to new ones.”
As for the price tag, that also is “relatively inexpensive,” Altman said.
Something that’s been touted ever since the first cases of COVID19 were detected was the importance of social distancing to help lessen the spread of the virus. This is something that Altman said he’s noticed schools – and some businesses – are paying attention to. In an effort to provide more distance learning for students, buildings have remodeled space. Businesses have learned to leverage the use of rooms.
“People have had to make use of storage areas, even if only temporarily for somebody’s office,” he said. “When they’re thinking about future spaces, they’re thinking about that flexibility – the ability for a space to serve multiple uses, which is something we’ve always kept in our minds as architects and designers, but now we’re seeing it come from the owner side as well, which is validation of what we’ve always believed.”
Flexible spaces are good options for schools and multi-use areas, and are projects he continues to work on with clients. Flexible classrooms, Altman said, which can be modified to accommodate distance learning, allows education to continue at the school instead of students having to take virtual classes.
“That’s something we’ve been incorporating,” he said.
Some restaurants also have created more space for their customers. Altman said restaurants that had access to outdoor space or an area that they could use for overflow helped them stay afloat during the early stages of the pandemic. And since at this point the pandemic continues, many businesses are pushing for similar options.
“We’re seeing the same for some businesses,” he said. “Those that serve the public, they also need the flexibility to go outside or to accommodate more space between users. … Before the pandemic there was a focus on consumer behavior, but now there’s more focus on human behavior – such as what are people going to do, as opposed to how do we sell things to them? That’s been kind of interesting.”
projects in both the Dakotas and western Minnesota, has also seen trends in the architecture and design fields, some of them related to health care. As one example, she said hospitals are becoming more focused on outpatient care. There is an effort to create specialty hospitals, for instance, and putting these buildings in places that are convenient for patients. One trend is that health care organizations are developing ambulatory surgery centers away from their care campuses.
“It is certainly something we’ve seen for a while, but continues,” McDaniel said. “It allows them to focus on the acute care of their main campuses.”
BWBR has a number of projects in health care, public education, and other fields that McDaniel is excited about, including with Fargo Public Schools and its Explorer Academy at Lewis & Clark Elementary.
Additions there will serve students who benefit from specialized programs from the Disabilities Education Act. McDaniel said the Explorer Academy is a “school within a school” model, an extension of Lewis & Clark Elementary that allows students to develop not only their academic skills, but personal and social skills and behaviors that help them better transition into a general education setting.
“Behavioral health is certainly something that we’re really keen on helping our clients with, because it’s such a key issue for us as a society,” she said.
BWBR is focused on “human-centered safety,” McDaniel said, noting that among its many other features, there is secure access to the Explorer Academy. It also is designed in such a way as to meet the building’s student and teacher needs instead of being a cookie-cutter model.
“That’s a bit of a BWBR trademark, to focus on the needs of the students and teachers as the center of the design, she said, noting the company’s motto is to focus on “transforming lives through exceptional environments.”
Trends in architecture and design stretch beyond the office setting to the home office. According to a December report by Forbes, 33% of designers noted “luxurious comfort as a big trend, with soft materials and shapes” used “to bring a sense of well-being.”
That makes sense when more people these days are working from home. “With more time at home, people are more sensitive to comfort and feel,” according to the article.
continued on page 19
“Our idea has always been that the solution to pollution is dilution. That was a catch phrase, that you produce some fresh air by diluting the polluted air indoors with some windows that are operable. Sometimes in the past we saw a bit of resistance to that. Not so anymore.”
- Jeremy Altman, principal architect, Architecture Incorporated
AVERA ON LOUISE IN SIOUX FALLS, S.D., IS THE LARGEST BUILDING PROJECT IN SIOUX FALLS HISTORY, ACCORDING TO INFORMATION FROM BWBR. THE PROJECT IS A NEW 82-ACRE SPECIALITY CARE CAMPUS DESIGNED TO FOCUS ON SERVING A DIVERSE RANGE OF CLIENT NEEDS. IMAGE: KENNETH PETERSEN, VIA COURTESY BWBR
Alerus recently opened a new location in Grand Forks, an office that a company leader says is the model for future Alerus financial offices.
Located at 500 DeMers Ave. in downtown, the office is 900 square feet inside the Hugo’s Pure Market grocery store. It is part of the Pure Development building, a five-story mixed-use building that fills an entire city block and includes apartments on the top four floors.
“Our space is intentionally small and designed to integrate the use of technology for daily banking transactions with personal service for expert financial guidance,” said Chris Wolf, northern valley market president for Alerus.
Because the location is unique in its utilization of technology, Wolf said it doesn’t have the same staffing requirements as a traditional bank branch. About three to four employees staff the location during operating hours, with additional employees available via video to support clients using interactive teller machines (ITMs).
Likewise, since the lobby is an open concept and includes digital workstations, there is no need for employee cubicles or individual offices. The workstations are equipped with smartphones and tablets for clients to conduct transactions and get individualized guidance through the company’s My Alerus financial planning tools. Customers can get assistance from employees as needed. Wolf said a meeting space with video conferencing capabilities is available for more in-depth discussions with financial guides and specialists.
One of the most exciting features of the new office, he said, are its ITMs, which he describes as “super ATMs.”
“In addition to getting cash and checking balances like you would at a typical ATM, these machines can be used to make cash or check deposits, make loan payments, transfer money between accounts, and other transactions,” Wolf said. “They are a convenient, contactless way for small businesses and individuals to bank, and they will become much more commonly seen in the coming years.”
Technology is a critical component in today’s banking. Online banking and mobile apps make it easy to conduct daily banking transactions and reduce the need for in-person visits. What Wolf said people and businesses need help with is planning – making decisions for retirement, financing, setting up retirement plans for employees, managing debt.
“That’s where we can add value, and that’s our model for the future: providing clients with the technology they prefer for daily banking and in-person, expert guidance to help them be financially successful,” he said.
“This was our model before the pandemic, but the pandemic really shined a spotlight on the need for individualized guidance. Many people suddenly realized they were underprepared for a financial emergency, leading to a spike in interest for emergency savings accounts, debt management assistance, and long-term financial planning.
Wolf said the company’s financial planning tool allows users to evaluate where they’re at in areas such as emergency savings, debt management, and retirement planning. They can set attainable goals to help them become more financially secure.
“On the business side, there is tremendous demand for retirement and benefits plans for employees,” he said. “This is driven by a desire by employers to help their employees become more financially secure for the long term combined with the incredibly competitive job market and a need to attract and retain talent.”
As for challenges in the industry, there are those, too. Trent Stone, owner of Stone Group Architects in Sioux Falls, said the biggest has to do with supply and demand.
“We’ve actually been asked to do a bunch of emergency response projects, COVID isolation units,” Stone said. But with a tightening supply chain, it’s been tough to get needed materials. “Salt Lake City, Omaha City, St. Louis, Kansas City, Sioux Falls, Fargo, Minneapolis – they all ask the same question: how quickly could we have a COVID isolation unit put together?”
Answer: Not quickly enough.
“I would say the biggest trend that we’re seeing right now is just a slowdown of delivery of raw material and increased cost of raw materials and labor,” he said.
Stone also said his field, like other industries, has been impacted by workforce challenges.
“Finding good people is a challenge probably everywhere,” he said. “I think we’ll probably start to come back to a quasi-normal if we end up going back to a little more stable environment, but our industry right now is just swamped. Everybody and their brother is trying to do something. We’re pretty fortunate right now to be able to pick what projects we want instead of every one that comes in the door.”
As the pandemic continues to evolve, so do the architecture and design fields.
Altman, of Architecture Incorporated, shared his perspective on that: Sure, the current times have brought some challenges to his field, especially as it relates to the supply chain, but architecture remains not only his bread and butter, but his passion.
He keeps his notebook handy, ready to scribble down any new ideas or trends as they come along.
The pandemic-induced e-commerce boom has propelled the industrial warehouse market. With the popularity of last mile delivery, the ability to get packages delivered as affordably, quickly and accurately as possible, markets are seeing a need for industrial buildings. Think Amazon, Frito-Lay and others located near international airports.
Fargo-based Enclave has been monitoring the industrial sector and is a pioneer in catering to the underserved market, with several industrial projects in Fargo and others planned for Sioux Falls and the Twin Cities metro.
“We’re seeing large national manufacturers and logistic companies, who bring great economic value to our community, finding they don’t need to own their real estate,” said Ben Meland, co-founder of Enclave. “As a developer and general contractor, it’s opened an opportunity for us to create sound investment opportunities and produce an efficient product to fill this void.”
And building efficiently is the name of the game.
Many of the industrial buildings built by Enclave and its strategic partner, Valor Contracting, are being constructed using sustainable tilt-up concrete, a building method in which large concrete panels are cast on-site and then raised into position with a crane. The building system, which was conceptualized in the early 1900s, is used throughout North America and across the globe. Speed of construction, economy and durability are all benefits of the tilt-up concrete build method.
Local sourcing: Components for a tilt-up structure can be sourced locally, reducing the resources needed to haul materials to a job site.
Efficiency: Tilt-up buildings have a tighter structure and less air infiltration compared to other systems. Concrete’s natural ability to absorb and store energy delivers maximum thermal performance.
Maintenance: With a lifespan of 100 years and a low maintenance profile, costs and product consumption are kept low.
Price: Materials such as wood and steel have more than doubled since the start of the pandemic. While tilt-up concrete still utilizes steel reinforcement, the amount of steel needed is a relatively small portion of the overall cost of tilt-up concrete construction. The cost of concrete materials has only experienced modest increases over the past two years, making it a very competitive option in today’s market.
Furthermore, in the event of a building renovation or addition, tilt-up panels can be repurposed, adding to their sustainability.
“Being in control of our own concrete wall fabrication schedule is a huge advantage,” said Michael Gullickson, president of Valor Contracting. “With lead times on traditional precast concrete walls being 12 months or more, having the ability to fabricate walls in as little as six weeks provides our clients with a streamlined schedule.”
This method, once considered primarily for large warehouses, has since been utilized on virtually every building type, from distribution centers, to schools, retail centers, libraries, and office buildings.
Since 2019, Enclave has developed 11 industrial buildings totaling more than 1.35 million square feet, seven of which (895,000 SF) used the tilt-up concrete method.
The new Sign Solutions USA building, a division of Dakota Fence, broke ground in May of 2021 in West Fargo. The 100,000 SF building will allow the company to manufacture and distribute traffic signs and related traffic products on a nationwide basis. Expected to be complete in 2022, the tilt-up concrete building will also be home to the sales force of Dakota Playground, Dakota Fence’s parks and recreation division.
The building itself will not only support the company’s expanded sales across the US, but will help to establish Dakota Fence and its affiliated companies as an employer of choice.
“Through projects like 3D Specialties and others, we’ve proven that tilt-up concrete buildings are not only a sustainable and smart construction method, but that they can truly offer distinct and inspiring workplaces,” said Gullickson. “If you can imagine it, we can build it, and that’s very attractive to businesses who not only want the best in a manufacturing or distributing center, but in a space that inspires those who visit and work there.”
THESE IMAGES SHOW THE UNIVERSITY OF NORTH DAKOTA’S NEW MEMORIAL UNION BUILDING AND MANY OF ITS AMENITIES AND FEATURES. THE BUILDING, LOCATED AT 2901 UNIVERSITY AVE., IS A CENTERPIECE OF CAMPUS ACTIVITY WITH ITS ARRAY OF EATERIES, STUDENT STUDY SPACES, AND MODERN COLLABORATION TECHNOLOGY.
IMAGES: HALKIN|MASON PHOTOGRAPHY
GRAND FORKS, N.D. • The University of North Dakota unveiled its new Memorial Union building, which includes a number of amenities and features for students and visitors alike.
The building, located at 2901 University Ave., is a centerpiece of campus activity with its array of eateries, student study spaces, and modern collaboration technology.
WTW Architects of Pittsburgh, Pennsylvania, was the Architect of Record for the preliminary master planning, but the company recruited the Grand Forks-based firm JLG Architects to help capture UND’s unique campus culture. Project studies spearheaded by WTW’s Paul Knell in 2016 and 2017, kicked-off the project’s planning, guided by the UND facilities department, student affairs, and student leaders.
Fifty-three percent of student voters agreed that a new facility was needed to provide student-focused space, upgraded technology and student services that would better meet the present and future needs of their student body.
Highlighting some of the features of the building, JLG explained in a news release that the new Memorial Union offers students and faculty an exciting experience in interactive gathering, both indoors and outdoors. Inside the glass-walled, two-story atrium is a day-lit environment with enhanced areas for dining, entertainment, ballroom events, student resources, and retail, along with state-of-the-art study and meeting spaces. The new study spaces range from individual pods to group spaces equipped with advanced Wi-Fi, HD Screens, white boards, and the latest in modern collaboration technology.
The building offers a multipurpose entertainment zone with a stage, open community stairs with built-in seating, and a jumbo HD screen. Students also have access to an expanded gaming lounge with TVs, table games, and a kick-back space for e-gamers.
As an integral part of the master planning, WTW collaborated with JLG and local subconsultants to create an inviting outdoor dining terrace and patio space connected to the food court and adjacent to the Second Avenue pedestrian promenade.
UND’s Memorial Union is curated to connect the campus culture to the community through outdoor space, as well as public
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Strong communities are like snowflakes They’re wonderfullyunique and,whilesometimes small, capableof completely transformingthe world around us – of making a difference. Communitiesgive us a place towork, a place toplay, a place to grow anda place to call home.They bringoutthebest inus, and they’re where a better way of life begins
Strong communities are like snowflakes They’re wonderfullyunique and,whilesometimes small, capableof completely transformingthe world around us – of making a difference. Communitiesgive us a place towork, a place toplay, a place to grow anda place to call home.They bringoutthebest inus, and they’re where a better way of life begins
For nearly 100 years, Gate City Bankhas foundjoy in helping communities acrossNorth Dakota and central Minnesota.Generouslygiving of resources through ser vantleadershipis a hugepartof whothey are. They’re honored to support communitiesthrough paid volunteer time,charitable contributions and in-kind donations, as well as reduced interest rate loans for partner organizations
For nearly 100 years, Gate City Bankhas foundjoy in helping communities acrossNorth Dakota and central Minnesota.Generouslygiving of resources through ser vantleadershipis a hugepartof whothey are. They’re honored to support communitiesthrough paid volunteer time,charitable contributions and in-kind donations, as well as reduced interest rate loans for partner organizations
Gate CityBank has always been committed to supportingandinvestingin communitiesthrough cherishedpartnershipsandphilanthropicopportunities Theirpurposeis to createa better way oflife for customers, communitiesand one another – andthat willneverchange.
Gate CityBank has always been committed to supportingandinvestingin communitiesthrough cherishedpartnershipsandphilanthropicopportunities Theirpurposeis to createa better way oflife for customers, communitiesand one another – andthat willneverchange.
thing to see,and we’refortunate enough to seeit every day.”
thing to see,and we’refortunate enough to seeit every day.”
GateCityBank teammembersget excitedabout every givingopportunity,butone eventstandsoutamong the rest:GivingHearts Day. In2021,GateCityBankhad thehonorofdonatingmorethan$264,000 to Giving Hearts Daycharities.Overthelastthree years, theBank has receivedmorethan280,000GivingHearts Day charitynominationsanddelivered13surpriseboost gifts totaling$178,000.
GateCityBank teammembersget excitedabout every givingopportunity,butone eventstandsoutamong the rest:GivingHearts Day. In2021,GateCityBankhad thehonorofdonatingmorethan$264,000 to Giving Hearts Daycharities.Overthelastthree years, theBank has receivedmorethan280,000GivingHearts Day charitynominationsanddelivered13surpriseboost gifts totaling$178,000.
Plus,GateCityBankmatches teammembers’ volunteertimewithadonation to thecharitiesthey help,and teammembers’GivingHearts Daydonations arematched. To date,GateCityBankhasdonated morethan$1.2million to 288nonprofitsthatplay critical rolesintheir communities.
Plus,GateCityBankmatches teammembers’ volunteertimewithadonation to thecharitiesthey help,and teammembers’GivingHearts Daydonations arematched. To date,GateCityBankhasdonated morethan$1.2million to 288nonprofitsthatplay critical rolesintheir communities.
GateCityBank teammembershave beeninvolvedwith GivingHearts Daysinceitbeganin2008.Theyareonce againgearingup forthe14th annual eventtakingplace on February10, 2022.
GateCityBank teammembershave beeninvolvedwith GivingHearts Daysinceitbeganin2008.Theyareonce againgearingup forthe14th annual eventtakingplace on February10, 2022.
Throughoutthe past 20 years, Gate CityBank has provided$33.5millioninphilanthropicgivingandmore than 266,000 hours of team volunteerism to over 1,000 charities Additionally, theBankencourages team membersto share theirtimewithcharitiesthey’re passionate about, all on company time. For eachhour they volunteer beyond10hours, Gate CityBankgifts approximately$28 per hour to thecharity.
Throughoutthe past 20 years, Gate CityBank has provided$33.5millioninphilanthropicgivingandmore than 266,000 hours of team volunteerism to over 1,000 charities Additionally, theBankencourages team membersto share theirtimewithcharitiesthey’re passionate about, all on company time. For eachhour they volunteer beyond10hours, Gate CityBankgifts approximately$28 per hour to thecharity.
“Oneofthemany amazingthings about Gate City Bank ishow much teammembers genuinelycare about the communitiesthey serve, ” says Amanda Torok, SeniorVice PresidentofCulture.“TheBanknotonly promotesgivingback,butmakesitfun.It’s aninspiring
“Oneofthemany amazingthings about Gate City Bank ishow much teammembers genuinelycare about the communitiesthey serve, ” says Amanda Torok, SeniorVice PresidentofCulture.“TheBanknotonly promotesgivingback,butmakesitfun.It’s aninspiring
“GateCityBanklooks for ward to participatingin thisincredibledayofgivingeach year,” says Kevin Hanson,President&CEO. “We owesomuch to our communities,and we’resincerelythankful forallthe wonderfulnonprofitswhohelp keep communities strong.GivingHearts Day2022willbethebest yet!”
“GateCityBanklooks for ward to participatingin thisincredibledayofgivingeach year,” says Kevin Hanson,President&CEO. “We owesomuch to our communities,and we’resincerelythankful forallthe wonderfulnonprofitswhohelp keep communities strong.GivingHearts Day2022willbethebest yet!”
Communitygivebackis a dailymindsetatGate CityBank. They continuouslysupportcausesandorganizations thatare focusedonaddressingareassuchas homelessness,hunger,education,diversity,artsand culture.TheBankhasgivenbackinsomany ways.Here aresome examples:
Communitygivebackis a dailymindsetatGate CityBank. They continuouslysupportcausesandorganizations thatare focusedonaddressingareassuchas homelessness,hunger,education,diversity,artsand culture.TheBankhasgivenbackinsomany ways.Here aresome examples:
Fromdonatingmorethan30,000blue tote bags to studentstransferringhome-learningmaterials to offeringloandeferrals to customersfinanciallystrained by thepandemic,locationsacrossNorth Dakota and centralMinnesotahave let communitiesknoweveryone isinthis together.
GateCityBankhasalsosupportedlocalbusinesses by purchasinggiftcardsanddistributingthem toteam members. Throughoutthealmosttwo-yearlong pandemic,GateCityBankhashelpedcustomerswith $74millionin PaycheckProtectionProgram(PPP)loans and over$1millioninlow-interestpersonalloans.
WhenYWCACassClayneededfinancing to builda newfacility,GateCityBankgave theorganization alow interest rate somore moneycouldbeused to helpthem provide aver yspecialenvironment –oneofstability, safetyandsupport –for womenand childrenwhohave experienceddomesticabusesituations.The Bank donated$1.5million over12yearsforstart-up costs andsupportiveservices.
GateCityBank regularlydonates foodandvolunteer time. Additionally,the Bankmade aspecialdonationof $250,000 fora food bankdistributionsemi-truck,which waspartofGreatPlains FoodBank’s “Feedthe Future” initiative. Each year,thetrucktravels60,000miles, transporting12.5millionmeals(36,000mealsperload) andimpactingnearly100,000 residentsthroughoutthe region,halfofwhomarechildrenandseniorcitizens.
Duringthe COVID-19pandemic,GateCityBank providedanadditional$10,000 to supportGreatPlains FoodBank.TheBankalsosuppliesGreatPlains Food Bankwith10,000blue tote bags,annually.
Ever yyear,GateCityBank teammembersvolunteer to helpsupportEmergency Food Pantry’s busiesttime –Thanksgiving week.Theycoverbothmorningand afternoonshifts,andin 2021,nearly100 teammembers volunteeredapproximately250 volunteerhours.
Many communitiesacrosstheBank’sfootprint have experiencedanincreaseindemand forlocal emergencyfoodsuppliesin recent years, including West Fargo, ND.GateCityBankdonatedmorethan $120,000 to transform apop-up food pantr yintoa permanenthunger reliefprogram–thefirstofitskind inthe community.Thedonatedfunds went toward design, constructionandfurnishing costs forthenew permanent food pantr y, whichopeneditsdoorson October25,2021.TheBankhasalsodeployedteam member volunteersthroughout2021 to assistwith organizingefforts,handingoutsuppliesandbuilding community awareness.
Throughoutthe year,GateCityBank extendsahelping hand to communitymemberswhohave experienced alife-altering event.Whetherit’s ahomefire,natural disasterorotherhardship,teammembersvolunteer theirtimeanddonate funds to helpthoseinneed.
Indeed,GateCityBankteammembersinsistonputting othersfirst by inspiringkindnessandgenerosityinone another.Attheendoftheday, whattrulymattersis ser vantleadershipthat’s embodiedingivingheartsand creates abetter wayoflifeforthosearoundthem.
A$3.1billionmutualbank foundedin1923, GateCityBankisthe region’s leading financial institution,as well asthe#1mortgagelenderin North Dakota.TheBankemploys morethan770 teammembersat43locationsin22 communities acrossNorth Dakotaand centralMinnesota.TheBank believesincreatinga better wayoflifeforcustomers, communitiesand teammembers, andithas contributed $33.5millioninphilanthropicgivingandmorethan 266,000hours of team volunteerismsince2003. Additionally,ForbeshasplacedGateCityBankat#4in theU.S.onitslist ofthe World’sBestBanks.TheBank hasalsobeennamedoneofthe“50Best Places to Work”eight yearsinarow by PrairieBusinessmagazine.
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meeting areas and a larger ballroom with lecture capacity of 1,150 and banquet seating for 610; a design that can easily be converted to four smaller meeting rooms. Guests to the ballroom and the memorial lounge upstairs can enjoy the outdoor views, guided by historic imagery and excerpts that speak to UND’s 138-year legacy. The new Memorial Union also provides designated space for affinity zones accommodating the International Center, Multicultural Center, and Pride Center.
“We really enjoyed collaborating with WTW and UND to explore new and different ways to engage students and host the community, and I think we achieved that by building bridges between business owners, the town, and the gown,” said JLG’s market leader, Mike Mclean.
The master plan also provided indoor/outdoor greenspace for gardens and outdoor lawn activities – all lending to a flexible, wellness-driven design that anticipates campus growth and seamless connection to future buildings and skyways.
Engineering Group Fargo, N.D.
Engineering is a technical field by nature, but as a consulting firm, people skills are necessary. When hiring new graduates, we look for someone that can communicate with their team and clients while demonstrating their technical engineering knowledge. Relevant internship experience is the next thing we look for, whether students have spent time as an Apex intern or at another agency. Communication and relevant work experience go hand-in-hand to showcase a graduate’s technical ability.
When hiring experienced staff, we like to see employees with progressive career development. Someone that has worked their way into prominent positions can indicate they are competent in their technical skills and provide value. Communication is important at all levels of a consulting engineering business. The better your communication skills, the more opportunities one can create for themselves and the company.
In general, we are much more interested in soft skills than hard skills when talking to prospective employees. No one does exactly what we do, in exactly the same way that we do it, so we don’t expect applicants to be familiar with our industry, products, or equipment. We have a robust training program with over 100 courses to support new employee assimilation and development, so we’re really looking for a culture fit when it comes to hiring.
Qualities we look for during the interview process include self-motivation, a willingness to learn and try new things with enthusiasm, and respectfulness. We take great pride in having a diverse workforce, so we are also looking for employees who are accepting of others and can flourish while working side-by-side with people from different backgrounds and walks of life.
As a family-owned company, we care for our employees like family, and the characteristics we look for in new employees are closely aligned with our business’s values.
Rodney Koch Vice President of Operations WCCO Belting Wahpeton, N.D.
When interviewing candidates, I look for several core qualities and personal values that great employees possess. Those include integrity, compassion, teamwork, humility, respect, and grit. One trait, however, stands above the rest, which is empathy.
Empathy is having the capacity to place oneself in another’s position. It is seeing a situation through the eyes of another, listening through the ears of another, and feeling with the heart of another. Part of being empathic is to be present for others by exhibiting personal vulnerability and making a conscious effort to listen with the intent of understanding.
When an individual has the ability to understand where others are coming from, they aid in cultivating an environment in which all team members thrive. Teams that exhibit empathy are effectively more resilient and collaborative. Being empathetic is not a single act. It is a personal value that one embodies for life and, regardless of their role on the team, it is a crucial trait for all employees to possess across any organization.
Maya Angelou said it best. “I’ve learned that people will forget what you said, people will forget what you did, but people will never forget how you made them feel.”
Kim Heidt Vice President of People & Culture Steffes LLC Dickinson, N.D.
One quality that we look for in candidates is a personal growth mindset. We seek candidates driven to continuously learn and who are coachable. In a tight labor market, the current trend is for organizations to upskill their workforce to close talent/skill gaps. We search for candidates that not only have the requisite education and qualifications needed for a position but who also have the desire to continuously learn and develop. This approach to recruitment has allowed us to bring people into our organization that not only fit the culture we try to nurture but see pathways to advance their careers. In a practical sense, a growth mindset can be as simple as learning new software or cross-training in a different department. It can also be as far-reaching as a desire to get into management and working to develop the skills needed to take on more responsibility within the firm. There is a big difference between making a hire and making the right hire. We strive to hire candidates who not only have what we are looking for on their resumes but demonstrate and articulate a desire to grow professionally.
The unemployment rate declined by 0.3 percentage point to 3.9% in December, and the number of unemployed persons decreased by 483,000 to 6.3 million. Over the year, these measures are down by 2.8 percentage points and 4.5 million, respectively. In February 2020, prior to the coronavirus pandemic, the unemployment rate was 3.5%, and unemployed persons numbered 5.7 million.
Source: U.S. Bureau of Labor Statistics
According to the latest numbers available, in December 2021 the number of long-term unemployed (those jobless for 27 weeks or more) declined by 185,000 to 2 million. This is down from 4 million in December 2020 but is 887,000 higher than in February 2020, when the long-term unemployed totaled 1.1 million. The long-term unemployed accounted for 31.7% of total unemployment in December 2021, down from 36.9% in December 2020 but higher than the 19.1% seen in February 2020.
Total nonfarm payroll employment rose by 199,000 in December 2021, following increases of 249,000 in November and 648,000 in October. Nonfarm employment has increased by 18.8 million since April 2020 but was down by 3.6 million, or 2.3%, from its pre-pandemic level in February 2020.
Source: U.S. Bureau of Labor Statistics
U.S. import prices declined 0.2% in December, after rising 0.7% in November, according to the latest number by the U.S. Bureau of Labor Statistics. In December, lower fuel prices more than offset higher prices for nonfuel imports. Prices for U.S. exports fell 1.8% in December following a 0.8% advance in November.
Source: U.S. Bureau of Labor Statistics
Source: U.S. Bureau of Labor Statistics
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