South Dakota was among states with the fastest growing personal spending from 2011-2012.
South Dakota was among states with the fastest growing personal spending from 2011-2012.
U.S. Bureau of Economic Analysis
Nov 17, 2014

SD Logs 3rd Highest Consumer Spending Growth Since Recession

Per-capita consumer spending in South Dakota jumped 14.9 percent since the Great Recession ended in 2009 through 2012, the most recent year for which statistics are available. The Rushmore State has logged the third-fastest growth among the 50 states of this type of spending during that timeframe. (The figures have not been adjusted for inflation.)

South Dakota's spending increase closely trails second-place Oklahoma, with 15.6 percent growth. North Dakota, with its recent explosion of growth in the Baaken oil fields, is nearly double its southern neighbor, at 28 percent growth from 2009 to 2012.

Across the nation, per-capita consumer spending growth from 2009 to 2012 was 10.7 percent, with states in the southeast ranking in the bottom quintile for growth.

The figures come from a report released this week by the U.S. Bureau of Economic Analysis. It is the first data set for the category of consumer spending and is described as "prototype data." The BEA plans to release more refined data in 2015, according to its website.

South Dakota per-capita consumer spending:

  • 2009 - $32,225

  • 2010 - $33,810

  • 2011 - $35,775

  • 2012 - $37,036

North Dakota per-capita consumer spending:

  • 2009 - $34,393

  • 2010 - $36,695

  • 2011 - $40,331

  • 2012 - $44,029

Per capita expenditures on gasoline and other energy goods were highest in 2012 in North Dakota ($3,916), Wyoming ($3,475), South Dakota ($2,521), and Maine ($2,373). Per capita expenditures were lowest in Hawaii ($882), New York ($919), Florida ($1,020), and California ($1,039).

Consumer spending in South Dakota by category, 2012:

  • Healthcare - $7,098 – 8th highest in the country
  • Housing - $5,030 – 10th lowest in the country
  • Food/beverage for off-premisis consumption - $2,859 – 18th highest in the country
  • Gas and other energy - $2,521 – 3rd highest in the country

Over the 15-year period between 1997 and 2012, per capita consumer spending by South Dakotans increased by an average of 6.5 percent, while per capita personal incomes rose on average by 6.7 percent per year. While spending and income patterns may vary widely among individuals, the data suggests that on the whole South Dakotans are living within their means.

 

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