South Dakota’s GDP Continues to Climb

2015GDPThe Bureau of Economic Analysis (BEA) released Gross Domestic Product (GDP) by State in mid-June and South Dakota’s GDP continued to climb in 2015. The state’s GDP grew $1.07 billion to an estimated $46.67 billion from 2014 to 2015, a rate of 2.36%. Nationally, GDP increased 3.47% to $17.8 trillion.

Our growth in 2015 was not as brisk as recent years, ranking 38th in the nation. The slowing pace is mostly attributable to the agriculture sector taking a hit for the second year in a row with a 15.7% decline over 2014 numbers. Mining also decreased in 2015.

Notably, all other sectors gained in GDP and all but three had banner years in 2015, turning in their largest GDP numbers to date. As of 2015, the five leading private industries by GDP in South Dakota are:

  1. Finance, Insurance, Real Estate, and Leasing at $11.7 billion
  2. Education Services, Health Care, and Social Assistance at $4.4 billion
  3. Manufacturing at $4.3 billion
  4. Agriculture, Forestry, Fishing, and Hunting at $3.8 billion
  5. Retail Trade at $3.4 billion

Want to dig into the numbers a bit more? Take a gander at the following charts (click to enlarge):

2015GDPtime

2015GDPIndustry

2015GDPpie

 

Want to dig in even further? Take a look at the regional interactive GDP tables on the BEA’s website. This will give you access to a plethora of GDP and related information. Have fun digging!

Oh, also, a heads-up… the BEA has revamped their website so if you start from the home page, be aware that things may not be quite where you remember them.



Categories: Economy

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