Median incomes in the Sioux Falls metro area have not returned to pre-recession levels.
Median incomes in the Sioux Falls metro area have not returned to pre-recession levels.
visitsiouxfalls.com photo
Feb 5, 2016

Sioux Falls' Median Income Growth Outpaces State

Median household income grew 3.55 percent in the Sioux Falls metropolitan area from 2013 to 2014, outpacing statewide growth of 2.5 percent and further outpacing the Rapid City metropolitan area growth of 0.8 percent, according to federal data

In the past decade, the four-county Sioux Falls metro area has experienced much bigger swings, both up and down, in median household income than the rest of South Dakota. (All calculations have been done using figures inflation-adjusted to 2014 dollars.) Even with a drop exceeding 10 percent in one year, the Sioux Falls metro area continues to post household incomes thousands of dollars above the rest of the state.

The one exception was 2012, when the median income in the Rapid City metro area was at $51,941 and the median income in the Sioux Falls metro area dipped to $53,345.

Median income by metro area in 2014

One of the Sioux Falls metro area's four counties -- Lincoln County -- maintained its No. 1 rank for median household income in 2013, at $78,567, nearly $12,000 ahead of No. 2 Union County, at $66,831. Furthermore, when much of the rest of the state suffered economic setbacks as the Great Recession took hit 2008, Lincoln County's median household income grew 7 percent, going from $71,992 in 2007 to $77,066 in 2008 (in inflation-adjusted dollars). The county's household income has hovered just below $80,000 ever since, coming in at $78,567 in 2014. 

For the other three counties in the Sioux Falls metro area -- McCook, Minnehaha and Turner -- median household incomes have hovered closer to $50,000 (in inflation-adjusted dollars) since the recession. 

Here's a look at changes in median household incomes since 2006: 

 

SIOUX FALLS METRO AREA

 YEAR
MEDIAN HOUSEHOLD INCOME 
(inflation-adjusted to 2014)
% CHANGE 
2006  $60,264  N/A
2007   $57,419 -4.7% 
2008  $62,545

+8.9% 

2009  $55,725 -10.9% 
2010  $56,488 +1.4% 
2011  $58,527 +3.6% 
2012  $53,345 -8.85% 
2013  $56,841 +6.55% 
2014   $58,849 +3.5% 

 

RAPID CITY METRO AREA

YEAR
MEDIAN HOUSEHOLD INCOME
(inflation-adjusted to 2014)
% CHANGE
2006  $51,912  N/A
2007  $50,753 -2.2% 
2008  $49,220 -3% 
2009  $51,029 +3.7% 
2010  $51,088 +0.1% 
2011  $53,007 +3.8% 
2012  $51,941 -2% 
2013  $49,413 -4.9% 
2014  $49,808 +0.8% 

 

STATE OF SOUTH DAKOTA

YEAR
MEDIAN HOUSEHOLD INCOME
(inflation-adjusted to 2014)
% CHANGE
2006  $50,241  N/A
2007  $49,582 -1.3% 
2008  $50,607 +2.1% 
2009  $49,705 -1.8% 
2010  $49,818 +0.2% 
2011  $50,856 +2.1% 
2012  $49,858 -2% 
2013  $49,724 -0.3% 
2014  $50,979 +2.5% 

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