South Dakota’s economy grew faster than any other state in the union in the third quarter of 2015, according to new figures released by the U.S. Bureau of Economic Analysis. With an enormous contribution from agriculture, the state’s economy expanded by 9.2 percent in the quarter.
Agriculture accounted for nearly two-thirds of South Dakota’s economic growth and led other grain belt states to the top of the state rankings. Kansas, Iowa and Nebraska all finished in the top five states as well.
South Dakota also saw healthy increases in construction, retail trade, durable-goods manufacturing, finance and insurance, health care and professional services. The only sector to suffer a significant decline was wholesale trade, which was down 0.42 percent.
South Dakota’s third quarter growth reflects a positive turn in the somewhat volatile pattern of the economy in late 2014 and 2015. After declining by 2.1 percent in the fourth quarter of 2014 and by 14.8 percent in the first quarter of 2015, the state’s economy bounced back in the second quarter of 2015, growing by 5.8 percent, before surging in the third quarter.