Agriculture Continues to Lag in Fourth Quarter GDP Growth U.S. Bureau of Economic Analysis
May 11, 2017

Agriculture Continues to Lag in Fourth Quarter GDP Growth

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. 

Related items

  • Agriculture‚Äôs Economic Impact Discussed at Agricultural Summit in Aberdeen

    Agriculture is one of the largest and most important industries in South Dakota, contributing $25.6 billion toward the economy and employing 115,000 people, according to…
  • Slump in Agriculture Carries into First Quarter GDP Growth

    Real gross domestic product (GDP) in South Dakota declined by 3.8 percent in the first quarter of 2017, according to recently released data by the…
  • SD Housing Most Affordable Regionally, but Housing Cost Burdens Still Abound

    Individuals earning a minimum wage in South Dakota must work 51 hours per week in order to afford a one-bedroom apartment in South Dakota, according…
  • Real Personal Income Growth in Sioux Falls in 2015 Near Top in Nation

    Real personal income in Sioux Falls grew faster than in all but three other metropolitan areas in the country in 2015, according to data released…
  • South Dakota Outpaced National Rate of GDP Growth in 2016

    The economy grew faster in South Dakota than in the United States as a whole, according to a recent release from the US Bureau of Economic Analysis.…