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.
