Incomes

Total personal income in South Dakota rose by 4.8 percent in 2015 according to new figures released by the Bureau of Economic Analysis. Per capita personal income growth across the state was slightly lower at 4.2 percent.

The new data also shows that changes in per capita personal income varied dramatically across the state. Sully County experienced the largest drop in per capita personal income growth in the nation, a decline of 30.3 percent. Nearby Lyman County, which experienced a large decline of 22.8 percent in per capita personal income in 2014, made a substantial gain of 12.4 percent in 2015. Meanwhile, in Ziebach County per capita personal income fell by 22.7 percent after rising 45.0 percent in 2014.

Counties in southeastern South Dakota led the state in personal income growth in 2015. While most of the rest of the state experienced declines, these counties in southeastern South Dakota had double-digit increases in per capita personal income growth.

Counties in South Dakota’s metropolitan areas experienced less dramatic swings in personal income. In the Sioux Falls metropolitan area, for example, Minnehaha and Lincoln counties saw total increases of 7.3 and 10.3 percent in personal income. However, per capita personal income was slightly lower at 5.8 and 7.5 percent, respectively.

Union County, a part of the Sioux City metropolitan area in the heart of the Corn Belt, had personal income growth of 7.3 percent and an increase in per capita personal income of 8.1 percent.

In the western part of the state, Pennington, Meade and Custer counties, which make up the Rapid City metropolitan area, enjoyed personal income increases of 3.7, 2.1, and 1.9 percent. Per capita personal income also increased by 3.3, 1.8, and 1.9 percent respectively.

In Miner County, total personal income increased by 1.1 percent, but per capita personal income grew by 4.4 percent, making it the only county in the state to enjoy a decline in income inequality. 

Published in Incomes
Wednesday, 23 November 2016 00:00

Data Trends We're Grateful For This Thanksgiving

This Thanksgiving, the Black Hills Knowledge Network and South Dakota Dashboard staff would like to express their thanks and gratitude for all the contributions and support they have received from organizations throughout the Black Hills and across the Rushmore State. Thanks and appreciation are due to the Rapid City Public Library and 12 additional regional partner librariesRapid City Convention and Visitor’s BureauRapid City Chamber of CommerceSouth Dakota State University Data CenterMinnesota CompassNorth Dakota CompassSouth Dakota Kids CountWall Economic DevelopmentRushmore Region Economic Development and Wilder Research. We are also thankful for the 33,045 visitors to the Black Hills Knowledge Network and 8,852 visitors to the South Dakota Dashboard so far this year!

With the assistance of the aforementioned contributing partners, we are able to share some South Dakota data trends from 2015 for which we are thankful. 

1.       Fewer South Dakotans Living in Poverty in 2015

In 2015, poverty rates across South Dakota and the nation declined slightly to 13.7 percent and 14.7 percent respectively, according to recent federal data. The largest decrease was seen in single women with children, which was down five percent from 2014. 

SD Poverty Rates

2.       Cautious Optimism Seen in 2015 South Dakota Median Income

Following the national trend, South Dakotans’ median household income rose for the second year in a row to $53,017. Since 2006, South Dakota's median household income—in inflation-adjusted 2015 dollars—has hovered around $50,000, with a low of $49,645 in 2007 and a high of $53,017 in 2015. That compares to $50,191 in 1999 (in inflation-adjusted dollars). 

SD Median Income

3.       Median Household Income for Seniors on the Rise in South Dakota in 2015

Median household incomes for South Dakotans over the age of 65 increased by over $2,600, according to recent federal data. South Dakotans over the age of 65 had median household incomes of $37,896 in 2015, but still fell short of the national average of $40,971.

SD Median Income 65

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Median household incomes for South Dakotans over the age of 65 increased by over $2,600, according to recent federal data. South Dakotans over the age of 65 had median household incomes of $37,896 in 2015, but still fell short of the national average of $40,971.

The increase in median household income for South Dakota seniors placed the Rushmore State at No. 36 in the nation—up from No. 43 in 2014.

Regionally, South Dakota outperformed North Dakota, which ranked No. 43 in the nation with a $36,971 median household income for individuals over 65 years of age. Minnesota placed first regionally at No. 14 with a $42,316 median household income for the same age group. 

State 2015

2014

United States $40,971 $39,186
South Dakota $37,896 $35,240
Wyoming $41,057 $40,773
Nebraska $39,112 $37,174
Iowa $40,144 $37,099
Minnesota $42,316 $40,041
North Dakota $36,971 $37,196
Montana $37,896 $35,755

While Rapid City and Sioux City posted increases in the median household income of seniors, rates in Sioux Falls took a dip. In 2014, the median household income for Sioux Falls seniors was $39,473 compared to $37,896 in 2015. Rapid City posted an increase from $36,250 in 2014 to $37,896 in 2015. Sioux City realized a similar increase, rising from $32,688 in 2014 to $34,842 in 2015. 

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Although still higher than pre-recession levels, poverty rates across South Dakota and the nation declined slightly in 2015 to 13.7 percent and 14.7 percent respectively, according to recent federal data.

Overall poverty rates by household type were on the decline in 2015. The largest decrease was seen in single women with children, which was down five percent from 2014. A recent peak in poverty rates for this household group was seen in 2013 at 41.2 percent. Rates declined slightly to 39.3 percent in 2014, and continued to drop in 2015 to 34.3 percent. While fewer single mothers were living below the poverty level than in recent years, they were still the most challenged household group, with 15.2 percent more single mothers living in poverty than single fathers.

The only demographic group to see an increase in poverty rates was individuals with one or more disabilities. In 2015, 22.7 percent of individuals with disabilities in South Dakota lived under the federal poverty level, up from 21.9 percent in 2014. Poverty rates for individuals with no disability declined slightly to 12.5 from 13.1 percent in 2014.

Women were also more likely to live in poverty than men, at 15.4 percent compared to 12.5 percent in 2015. The poverty rate for women in South Dakota stayed the same in 2015 while the rate for South Dakotan men decreased by 0.9 percent. 

South Dakotans without a college degree have nearly a four times greater risk of living in poverty than South Dakotans with a college degree. Poverty rates for people without a college degree dropped marginally in 2015 to 13.1 percent compared to 13.3 percent in 2014. Poverty rates of South Dakotans with a college degree also declined slightly in 2015 to 3.1 percent, down from 3.3. percent in 2014. 

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Following the national trend, South Dakotans’ median household income rose for the second year in a row to $53,017. However, the state remains second to last in the northern Great Plains region according to recently updated federal data.

Since 2006, South Dakota's median household income—in inflation-adjusted 2015 dollars—has hovered around $50,000, with a low of $49,645 in 2007 and a high of $53,017 in 2015. That compares to $50,191 in 1999 (in inflation-adjusted dollars). As the national median household income has fallen since the Great Recession in 2008-2009, South Dakotans' have moved closer to the national median of $55,775 for 2015. However, the national median household income is still below the pre-recession levels of $58,010 in 2007 and $59,739 in 1999 (in inflation-adjusted dollars). 

Some national media outlets have noted that last year’s 5.2 percent increase in national median household income was the biggest one-year increase since the Great Recession.

While almost all of the states in the northern Great Plains fell in national rankings, the Rushmore State gained one spot to become the state with the 28th highest median household income in the country.

South Dakota ranks ahead of Montana, which posted a median household income of $49,509, but is more than $10,000 less than Minnesota, at $63,488. Minnesota ranks 12th in the nation, behind No. 1 Maryland at $75,847. Here's a look at South Dakota and its neighboring states: 

State Median Income in 2015 National Rank

Minnesota

$63,488 12
North Dakota $60,577 16
Wyoming $60,214 17
Nebraska $54,736 24
Iowa $54,736 25
South Dakota $53,017 28
Montana $49,509 37

Locally, the Sioux Falls metropolitan area posted higher median household incomes than Rapid City, Sioux City and the state as a whole, but the growth rate in 2015 slowed. From 2014 to 2015, the growth of median household income in Rapid City and Sioux City exceeded that of the Sioux Falls area.

In 2015, the median household income in the Rapid City metro area—Custer, Meade and Pennington counties—was $52,809. The Sioux Falls metro area—Lincoln, McCook, Minnehaha and Turner counties—had a median income of $59,844, up about $6,000 from 2012, but still below the recent high in 2008 of $62,624. 

 

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Personal income in South Dakota rose by a modest 0.3 percent in the second quarter of 2016, compared to a 1.1 percent increase for the nation, according to data released today by the U.S. Bureau of Economic Analysis (BEA). South Dakota’s personal income growth was 47th in the nation, ahead of Oklahoma, Alaska and Wyoming.

South Dakota’s lackluster growth was affected by a 23.4 percent ($187 million) decline in farm incomes this quarter. Mining was also down by 42.0 percent.

Net income from durable goods, nondurable goods and finance and insurance all saw growth of 0.9 percent in the second quarter. The healthcare sector experienced the largest net increase in income, rising by $58 million.

Income derived from dividends and investments and from transfer receipts (government payments for Social Security, veterans’ benefits, etc.) played a significant role in South Dakota’s overall growth in personal income in the second quarter.

With this release in quarterly personal income, the BEA also revised its estimates for 2013-2015. In its personal income release for 2015, the BEA calculated a 0.0 percent increase in personal growth from 2014-2015 in South Dakota. The revised estimates reflect a significant reassessment, showing a 6.4 percent increase in personal incomes in the state from 2014 to 2015. 

For more information on trends in personal income in South Dakota, visit the Bearfacts page at the US Bureau of Economic Analysis. Trends in Median Household Income are available on the South Dakota Dashboard.

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Poverty rates in the Sioux Falls metropolitan area have been on a steady rise over the past three years, according to an analysis by the South Dakota Dashboard. Recently released data from the U.S. Census shows that the poverty rate rose from 9.0 percent in 2013 to 11.5 percent in 2015, leaving an estimated 28,285 people living below the poverty line.

A weak economy might be partly to blame. The U.S. Bureau of Economic Analysis reported this week that growth in the Sioux Falls metro area economy was tepid at best in 2013 and 2014. In 2015, the economy bounced back and grew by 2.2 percent, but that growth came at the expense of a decline in the manufacturing sector.

Comparatively, the Rapid City metropolitan area—comprised of Pennington, Meade, and Custer counties—has witnessed a decline in the poverty rate in recent years from 14.5 percent in 2013 to 11.9 percent in 2014 and just 10.5 percent in 2015.

Overall, post-recession poverty rates have hit a three year low of 13.7 percent in the Rushmore State. While the national average has decreased from 15.5 percent in 2014 to 14.7 percent in 2015, South Dakota's poverty rate has remained below the national average except in 2009 when both rates were 14.3 percent.

South Dakota ranks 24th nationally for poverty rates and has ranked 6th in the region for the past two years. Regionally, Minnesota posted the lowest rate, 10.2 percent, while Montana had the highest, 14.6 percent. Only two states (Nebraska and Mississippi) did not show a decrease in poverty rates from 2014. Nationally, New Hampshire posted the lowest rate, 8.2 percent, compared to No. 50 Mississippi with 22.0 percent.

 

State Poverty Rate in 2015 Rank
Minnesota 10.2% 3
North Dakota 11.0% 9
Wyoming 11.1% 10
Iowa 12.2% 16
Nebraska 12.6% 19
South Dakota 13.7% 24
Montana 14.6% 26

Gender also impacts poverty rates. Women have consistently been more at risk to live in poverty than men in South Dakota and the gap seems to be increasing. The female poverty rate remained unchanges at 15.4 percent in 2015, which is higher than pre-recession levels. The male poverty rate, however, decreased almost 1 percent from 2014 to 12.1 percent in 2015. The current rate is on par with male pre-recession poverty rates, excluding an abnormally low spike of 11.0 percent in 2008.

 

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Monday, 08 August 2016 00:00

#SDbythenumbers: South Dakota Incomes

The second installment of the #SDbythenumbers series is ready for your enjoyment! Impress your friends and coworkers after learning smart-sounding data from our sleek infographics. Further your education by scrolling to the end of the page and clicking the text links to dive deeper into the data at hand. This week’s installment focuses on South Dakota incomes. 

8.3.2016.income.infographic

  1. According to the United States Census Bureau, South Dakota has a median household income of $50,979.
  2. The cities with the highest household incomes include:
    1. Tea: $74,556
    2. Brandon: $69,792
    3. Harrisburg: $67,303
    4. Hartford: $65,766
    5. North Sioux City: $57,622
  3. About 14 percent of South Dakotans live below the federal poverty level. This rate is lower than the national average, but still only 23rd lowest in the United States. 
  4. Historically and currently, the Black Hills region has had higher rates of poverty than the rest of the state. The rate of poverty is typically 2-3 percent higher in the Black Hills.
  5. Sioux Falls has consistently lower rates of poverty (9.7 percent) than other metropolitan areas in the state.
  6. Lincoln County has the lowest poverty rate at 4.3 percent, which is 2 percent lower than Sully County. Way to go Lincoln County! 
  7. There are places in South Dakota that have more than a 40 percent poverty rate. This is the case for Buffalo, Todd, Ziebach, and Oglala Lakota counties. 
  8. It may not come as a surprise that metropolitan areas have higher median household incomes, but how much higher are they? On average, households in metropolitan areas make around $15,000 more a year than households in non-metropolitan areas. 
  9. Lincoln County has the highest median household income at $79,857. Buffalo has the lowest at $21,658.
  10. In SD, women have a higher rate of poverty than men. 15.4 percent of women live in poverty compared to only 13.0 percent of men.
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South Dakotans experienced the lowest real personal income growth in the United States in 2014, according to a new retrospective study by the U.S. Bureau of Economic Analysis. Adjusted for regional prices, real personal income rose only 0.2 percent, compared to 2.9 percent for the country. On a per capita basis, real personal income in South Dakota (in 2009 dollars) declined from $47,456 in 2013 to $47,235 in 2014.

The statewide decline was driven by a sharp drop in farm incomes. In non-metropolitan South Dakota, real personal income dropped 0.8 percent in 2014. Declines in farm income also fueled weak growth in real personal income in Nebraska, Kansas, Iowa and Montana.

Meanwhile, in the state’s two major metropolitan regions, after declines in 2013, real personal income growth rebounded by 2.2 percent in Sioux Falls and 4.0 percent in Rapid City in 2014. On a per capita basis, the increases were smaller, but still positive—0.2 percent in Sioux Falls and 2.3 percent in Rapid City. 

Among major cities in the Northern Great Plains, Sioux Falls’ real per capita personal income was the third highest at $48,169, compared to $56,274 in Casper, Wyoming and $49,146 in Bismarck, North Dakota. At $42,182, Rapid City trailed all other cities except Billings, Montana, which had a per capita real personal income of $40,148.

For other recent figures on personal income in South Dakota from the Bureau of Economic Analysis, see the South Dakota Dashboard’s June 22, 2016 post.

 

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Personal income rose 0.3 percent in South Dakota in the first quarter of 2016, compared to a 1.0 percent increase for the US, according to new data released by the US Bureau of Economic Analysis. South Dakota ranked 47th among the fifty states, trailed only by Louisiana, Wyoming and North Dakota.

Substantial declines in income from farming and mining hammered the Plains region, which lagged the rest of the country in the first quarter. Nationally, farm earnings dropped 3.5 percent in the first quarter, after falling 9.2 percent in the fourth quarter of 2015. Meanwhile, mining earnings declined for the fifth consecutive quarter and were a major contributor to income losses in Wyoming and North Dakota. According to the BEA, “Since peaking in the fourth quarter of 2014, mining earnings have declined 15.8 percent nationally, 21.8 percent in Wyoming and 44.7 percent in North Dakota.”

South Dakota’s limited income growth was primarily driven by increases in transfer payments, which includes Social Security and other government benefits paid to individuals for which no current services are performed. Increases in these transfer payments accounted for 53 percent ($67 million) of the $126 million increase in personal income in the state.

Earnings by sector rose in Construction (up $68 million), Health Care and Social Assistance (up $66 million), as well as Finance and Insurance (up $42 million) and accounted for the most significant gains in South Dakota, while earnings from Farming fell by $255 million.

For more information on trends in personal income in South Dakota, visit the Bearfacts page at the US Bureau of Economic Analysis. Trends in Median Household Income are available on the South Dakota Dashboard.

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