South Dakota’s Gross Domestic Product (GDP) is up for the third consecutive year in 2012 with an increase of 1.9 percent, according to preliminary numbers released by the Bureau of Economic Analysis, U.S. Department of Commerce. That’s after a very strong increase of 8.8 percent in 2011.
“Although South Dakota’s increase in GDP isn’t quite as high as last year’s, there are a number of positive findings in the report,” said Pat Costello, commissioner, Governor’s Office of Economic Development. “Within the manufacturing sector, our numbers are up by 10 percent, which gives South Dakota the 5th highest percent increase in the nation for manufacturing.”
Costello said that South Dakota’s agricultural-based economy played a large factor in the 2012 total.
“Within the agricultural sector, the GDP was down by 16 percent, and most of that loss can be attributed to the drought that has plagued the entire state last year,” Costello said. “When you have an ag-based economy like we do here in South Dakota, this is the sort of thing we deal with.”
Costello also noted that since the GDP numbers are preliminary, South Dakota’s ranking could fluctuate as the figures are adjusted and refined.
Gross Domestic Product by State statistics are released by the U.S. Department of Commerce’s Bureau of Economic Analysis as a measure of comprehensive economic activity. For more information about national and regional statistics, visit www.bea.gov/newsreleases/regional/gdp_state/gsp_newsrelease.htm.
South Dakota Gross State Product: (in current $)
- 2012, $42.464 billion, +1.9 percent
- 2011, $41.667 billion, +8.8 percent
- 2010, $38.297 billion, +3.4 percent
- 2009, $37.040 billion, -0.6 percent
- 2008, $37.266 billion, +6.8 percent
- 2007, $34.885 billion, +8.0 percent
- 2006, $32.304 billion, +2.4 percent
- 2005, $31.549 billion, +3.2 percent
- 2004, $30.569 billion, +5.7 percent
- 2003, $28.922 billion