The Brookings City Council meeting on November 26, 2024, highlighted a cautiously optimistic economic outlook for the region. City officials reported stable GDP growth, although it remains below pre-pandemic levels. Inflation is slightly elevated, particularly in the services sector, and there are ongoing uncertainties regarding commodity prices.

Consumer spending and the labor market are showing resilience, which may be bolstered by stability in federal reserve interest rates. This environment could potentially enhance the housing market and further consumer spending. The term "soft landing" was emphasized as a key focus of economic policy, aimed at controlling inflation while maintaining consumer spending levels.

Notably, the Midwest Consumer Price Index (CPI) has recently aligned with the national level, both sitting at 2.6% as of October 2024. This indicates that prices have risen by 2.6% compared to the same month last year, a significant shift after the Midwest CPI had been trending lower than the national average since 2022.

During the meeting, Council Member Chilton Burn raised questions regarding recent audit payments received by the city. The council confirmed they received $64,000 from an audit payment and an unexpected additional payment of approximately $45,000 in November, dating back to the fourth quarter of 2022. However, uncertainty remains about any further payments.

The discussions underscored the city's financial health and the importance of ongoing monitoring of economic indicators as Brookings navigates its post-pandemic recovery.