South Dakota was the only state to report a decline in personal income in the third quarter of 2014, ranking at the bottom of a recent report from the U.S. Bureau of Economic Analysis. Lower corn prices were a major factor in the 0.2 percent decline in total earnings—a $181 million decrease—and affected Nebraska and North Dakota as well, which finished 49th and 48th among the 50 states.
In South Dakota, seasonally adjusted Farm earnings fell by $413 million from the second quarter of 2014, a 1.04 percent drop. The strongest growth sectors on a percentage basis were Construction (up 0.9 percent) and Finance and Insurance (up 0.11 percent). These two sectors also had the largest gains in total earnings, up $34 million and $44 million respectively.
The drop comes on the heels of very strong growth in personal income in South Dakota in the second quarter of 2014—up 2.3 percent, the fifth fastest in the nation.
The recent personal income report is available from the Bureau of Economic Analysis. The Wall Street Journal published an analysis and an interactive map of the data.