May 11, 2017

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. Real gross domestic product (GDP) increased by 1.7 percent in the Rushmore State compared to 1.5 percent across the nation. This significant growth placed South Dakota 18th among the 50 states.

Nationally, the fastest growing industries were information services at 6.4 percent; professional, scientific and technical services at 3.3 percent; and health care and social assistance at 3.0 percent growth.

The largest contributors to South Dakota’s GDP growth in 2016 were agriculture, health and social services, and finance. Agriculture contributed 0.5 percent, health and social services contributed 0.1 percent and finance contributed 0.1 percent. Declines occurred in manufacturing of both durable and non-durable goods at -0.2 percent and -0.1 percent, respectively.  

With 1.7 percent growth, South Dakota was the fastest growing state in the region. North Dakota and Wyoming experienced among the largest declines in GDP across the nation at 6.5 and 3.6 percent, respectively. A decline in the mining industry contributed to the substantial decline in both states. Meanwhile, Minnesota, Nebraska and Iowa fared well at 1.3 percent, 1.2 percent and 0.7 percent growth respectively. 

Related items

  • 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…
  • Construction Leads SD Job Growth in 2016

    In 2016, South Dakota the total number of nonfarm jobs increased by 1.0 percent, according to a release from the South Dakota Department of Labor…
  • Agriculture and Finance Industries Drive South Dakota to No. 1 GDP Growth

    South Dakota had the fastest growing economy in the nation during the third quarter of 2016, according to the U.S. Bureau of Economic Analysis. The Rushmore…
  • South Dakota Ranked No. 1 on United Van Lines Migration Report

    People were far more likely to move to South Dakota than move away, according to a new report from United Van Lines. This report is…
  • South Dakota’s Economic Growth Continued to Decline in Second Quarter 2016

    While 41 states experienced an increase in gross domestic product (GDP) in the second quarter of 2016, South Dakota’s economy lagged, according to a recent…