Metro areas in South Dakota lagged the national average for GDP growth in 2014.
Metro areas in South Dakota lagged the national average for GDP growth in 2014.
U.S. Bureau of Economic Analysis map
Sep 24, 2015

Modest Economic Growth in Sioux Falls and Rapid City Metro Areas in 2014

The economies in South Dakota's two major metropolitan areas enjoyed modest growth in 2014, but were below the national average, according to figures released this week by the U.S. Bureau of Economic Analysis

Adjusted for inflation, the gross domestic product (GDP) for the Sioux Falls metropolitan area grew by 1.7 percent from $17.58 billion in 2013 to $18.30 billion. 
 
In the west, GDP grew 1.3 percent in the Rapid City metropolitan area as the economy expanded from $5.90 billion to $6.11 billion. Meanwhile, real GDP in the nation's 381 metropolitan areas grew by an average of 2.3 percent.
With its release of 2014 data, the BEA also revised its calculation of economic growth in prior years based on new information. Significantly, these revisions suggest that the economy in Sioux Falls grew more quickly between 2010 and 2012 than previously estimated, slowing in 2013. In Rapid City, however, the economy was much weaker than previously estimated and in 2013 actually contracted by 0.9 percent.
 
Dr. Ryan Sougstad of Augustana University and Dr. Eric John Abrahamson of the South Dakota Dashboard will present a detailed analysis of GDP trends, highlighting sectors that are growing and those that are declining at the upcoming South Dakota Demography Conference in Rapid City on Oct. 8. 
 
For registration information for the Demography Conference or the Focus on the Economy mini-conference held the morning of Oct. 8, visit the conference's EventBrite online registration site.

Related items

  • Nursing Pays In South Dakota

    A great deal of concern has been voiced recently regarding wages for registered nurses (RNs) in South Dakota. A recent article argued that South Dakota’s…
  • Labor Market Report Demonstrates Need for Diversified Economic Development

    The South Dakota Department of Labor and Regulation (SDDLR) recently released an expansive review of the state’s labor market conditions. The report provides insights into…
  • South Dakota Sees Small Growth In Personal Income Compared To Neighbors

    According to new estimates released by the U.S. Bureau of Economic Analysis (BEA), personal income increased in 2,787 U.S. counties, decreased in 318, and remained…
  • South Dakota Dashboard Launches New Beta Data Visualizations

    We've been listening! At the South Dakota Dashboard we continually brainstorm how our website can best serve the data users of South Dakota. Over the…
  • Rural Broadband Deployment in South Dakota Ahead of National Averages

    Rural South Dakotans have greater access to wired broadband telecommunications services than many of their counterparts across the country, according to a new report released…

525 University Loop, Suite 202
Rapid City, SD 57701
(605) 716-0058   [email protected]