In the first quarter of 2017, personal income grew by 0.6 percent in South Dakota, according to a recent release from the Bureau of Economic Analysis. This was one of the slowest quarterly growth rates in the country. In fact, South Dakota ranked 44th in the nation.
A major contributing factor to slow personal income growth in the Rushmore State was a contraction in the farming industry. During the first quarter, personal income in the farming industry actually declined by 0.5 percent. The limited personal income growth that did occur was driven by the construction industry, which increased by $87 million in the first quarter. Federal, state and local governments also contributed to personal income growth, rising by $43 million and $37 million, respectively.
Regionally, South Dakota outperformed Iowa, North Dakota, Minnesota and Nebraska. Personal income in North Dakota grew by just 0.2 percent while personal income in Nebraska declined by 0.1 percent, ranking the state last in the nation for personal income growth in the first quarter. First quarter personal income growth for the region can be viewed in the chart below:
|State||Percent Change from Previous Quarter||National Ranking|
For more information on personal income, visit the Bearfacts page on the Bureau of Economic Analysis website.