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The finance and insurance industry led GDP gains in South Dakota and the nation during Q2 of 2015.
The finance and insurance industry led GDP gains in South Dakota and the nation during Q2 of 2015.
U.S. Bureau of Economic Analysis map
January 5, 2016

Finance Industry Drives SD To No. 2 GDP Growth

Strong growth in the finance and insurance industries led South Dakota to the No. 2 spot nationally for growth in gross domestic product during the second quarter of 2015, according to the U.S. Bureau of Economic Analysis. The state's GDP growth was 5.8 percent during that quarter. Washington state ranked first nationally with GDP growth of 8 percent, Oklahoma ranked 50th with -2.4 percent.

The finance and insurance sector grew 12.4 percent nationally and was the growth leader in 28 states. In South Dakota, the industry grew 2.42 percent during Q2 2015, putting the Rushmore State behind No. 1 Delware, with 2.42 percent growth, and ahead of No. 3 New York, with 2.16 percent growth. 

In South Dakota, growth in all other sectors was less than 1 percent, with three industries reporting negative growth -- mining, educational services and agriculture/forestry/fishing/hunting. (See tables attached to this post.) After finance and insurance, the real estate industry grew the most in South Dakota, at 0.74 percent. 

Drops in energy prices continued slumps in neighboring states of North Dakota and Wyoming, which ranked 47th and 49th nationally after recording negative GDP growth rates of 1.2 percent and 2.3 percent respectivally. Other neighboring states fared better, with Minnesota 14th, 4.5 percent growth; Iowa 16th, 4.5 percent growth; Nebraska, 19th, 4.3 percent growth and Montana 38th, 3.2 percent growth.

 

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