South Dakota has posted impressive economic growth in the first quarter of the year, with a 10.1 percent annualized growth rate, far exceeding the national average of 2 percent.
This exceptional growth is attributed primarily to the resurgence of the agricultural sector.
The Dakota Institute for Business and Economic Analysis reported these findings in its quarterly Dakota Outlook publication.
The institute also revised its growth forecasts, anticipating continued positive growth for South Dakota, while keeping an eye on potential disruptions in commercial real estate and government shutdowns.
Despite concerns about inflation, the state’s income and wage growth remain strong, with personal income growing by 5.1 percent.
The housing market in South Dakota remains robust, and the labor market continues to show strong employment growth, though worker availability remains a challenge.