Real personal income in Sioux Falls grew faster than in all but three other metropolitan areas in the country in 2015, according to data released this week by the US Bureau of Economic Analysis (BEA). Adjusted for inflation, income received from all sources—including wages, rents and property incomes, and personal transfer receipts like Social Security or Veterans’ payments—rose by 6.9 percent in Sioux Falls, compared to 4.1 percent for the state as a whole.
South Dakota’s growth in real personal income matched the nation as a whole and exceeded all neighboring states. With a 2.3 percent drop, North Dakota was the only state in the union to experience a decline in real personal income.
Growth in real per capita personal income in Sioux City was 5.4 percent, compared to 3.3 percent in the Rapid City metropolitan region.
On a non-adjusted or nominal basis, per capita income in the Sioux Falls metropolitan area in 2015 was $53,769, compared to $50,221 in 2014. It rose from $44,134 to $46,514 in the Sioux City metropolitan region and from $43,481 to $44,775 in the Rapid City metropolitan area.
According to BEA data on the South Dakota Dashboard, economic growth (GDP) in each of the state’s three metropolitan area in 2015 lagged these increases in real personal income. In 2015, GDP increased 2.8 percent in Sioux City, 2.2 percent in Sioux Falls, and 1.0 percent in Rapid City.