South Dakota’s economy grew by 0.6 percent in 2014, according to data released by the US Bureau of Economic Analysis. The state trailed the overall growth of the United States, which was 2.2 percent. South Dakota ranked 41st among the 50 states.
Continuing declines in the agricultural sector accounted for a significant part of the weakness in South Dakota’s economy, but there were also drops in mining, construction, utilities, finance and insurance, and educational services. The strongest parts of the economy included wholesale trade, durable goods manufacturing, retail trade, health care and social assistance.
With this release, the BEA also revised some estimates for previous years. These newly revised numbers show that South Dakota’s economic growth since 2012 has been substantially slower than previously reported. For 2013, GDP dropped from a previously reported level of 3.1 percent to a revised estimate of 0.9 percent. For 2012, GDP was lowered from 0.3 percent to negative 0.9 percent.
Read the full news release online.
The chart below displays recent economic growth by region.