The South Dakota economy grew by 1.1 percent ranking the state 38th in the nation for real gross domestic product (GDP) growth, according to a recent release by the Bureau of Economic Analysis. Current dollar GDP was nearly $48.9 billion, accounting for 0.3 percent of total U.S. GDP.
The finance and insurance industry grew by 6.3 percent nationally in the fourth quarter of 2016. South Dakota contributed the second largest percentage growth to the industry at 0.9 percent in the final quarter of 2016.
However, agriculture continued to struggle in the Rushmore State, declining by 1.4 percent. Production of non-durable and durable goods also declined in the final quarter of 2016 at -0.2 and -0.1 percent, respectively.
Regionally, South Dakota outperformed Wyoming and Iowa, which each experienced little economic growth at just 0.2 percent and 0.4 percent, respectively. The Minnesota economy grew by 1.7 percent—the highest in the region. The North Dakota economy grew slightly faster than South Dakota at 1.4 percent.