You’ve probably noticed that there are new rankings and South Dakota mentions in the news every day. Some of them are relevant to economic development and warrant an in-depth look and others, not so much. But we still want to be aware. So occasionally we’re going to do a round-up of these “stray” rankings or notable news items to keep you informed. If nothing else, at least you’ll have interesting water cooler fodder.
Our second installment of Rankings Round-up brings us a look at the fiscal strength of South Dakota and its residents.
Did you know South Dakota residents are better off than 90% of the country? A look at BEA data on Real Per Capita Income shows that the average South Dakota resident earns $48,626 annually, ranking 5th. Additionally, we had the 8th highest increase in real per capita income from 2008-2012.
Sure things in life, taxes and death, collide in 19 states who levy pesky estate and inheritance taxes (talk about adding insult to injury). Thankfully, South Dakota removed ourselves from this list back in 2001 with the repeal of the inheritance tax.
The biannual Conning State of the State report highlights South Dakota’s fiscal prudence including having the lowest economic debt level. Overall we rank 2nd behind North Dakota.