Perspective On South Dakota Economy Fantastic Despite Challenges
Where does South Dakota's economy land on this list?
In general, just about every report you hear about South Dakota's economy is a glowing tribute to all of us hardworking peeps!
This study by Wallet Hub doesn't dispute that rosy perspective, but as is always true, different people, have different ideas about what elements drive a successful economy.
So, South Dakota, ended up (in this survey anyway), closer to the bottom than the top in the 37th position.
What does the study tell us about how they determined this.
In order to determine which states are pulling the most weight even during this time of economic difficulty caused by the COVID-19 pandemic, WalletHub compared the 50 states and the District of Columbia across 28 key indicators of economic performance and strength. Our data set ranges from GDP growth to startup activity to the share of jobs in high-tech industries. - Wallet Hub
But South Dakota really shines in some areas, right?
It really does! For instance, in the Economic Health category, South Dakota is ranked 4th! The information gathered for this determination came from examining the-
- Median household income
- Unemployment rate
- Growth in state personal income
- Percentage of people living in poverty
- Foreclosure rates
- Building permit activity (the growth in this category for Sioux Falls alone is astounding!)
- Increase in Ratio of Full-Time Jobs to Part-Time Jobs
- Change in Nonfarm Payrolls
...and a lot more!
The top 3 Best Economies in the U.S. are:
To see the complete report check out Wallet Hub's 2022 Best and Worst State Economies.