Personal income in South Dakota rose by a modest 0.3 percent in the second quarter of 2016, compared to a 1.1 percent increase for the nation, according to data released today by the U.S. Bureau of Economic Analysis (BEA). South Dakota’s personal income growth was 47th in the nation, ahead of Oklahoma, Alaska and Wyoming.
South Dakota’s lackluster growth was affected by a 23.4 percent ($187 million) decline in farm incomes this quarter. Mining was also down by 42.0 percent.
Net income from durable goods, nondurable goods and finance and insurance all saw growth of 0.9 percent in the second quarter. The healthcare sector experienced the largest net increase in income, rising by $58 million.
Income derived from dividends and investments and from transfer receipts (government payments for Social Security, veterans’ benefits, etc.) played a significant role in South Dakota’s overall growth in personal income in the second quarter.
With this release in quarterly personal income, the BEA also revised its estimates for 2013-2015. In its personal income release for 2015, the BEA calculated a 0.0 percent increase in personal growth from 2014-2015 in South Dakota. The revised estimates reflect a significant reassessment, showing a 6.4 percent increase in personal incomes in the state from 2014 to 2015.
For more information on trends in personal income in South Dakota, visit the Bearfacts page at the US Bureau of Economic Analysis. Trends in Median Household Income are available on the South Dakota Dashboard.