STATE ECONOMIC PROFILE
South Dakota Economic Overview
$56.3b
GROSS STATE PRODUCT
Growth Rate 2019-24
State Growth Rank
1.5%
28
929,057
POPULATION
Growth Rate 2019-24
State Growth Rank
0.9%
12
113,607
BUSINESSES
Growth Rate 2019-24
State Growth Rank
3.1%
16
Overview of the South Dakota Economy
In 2024, the state of South Dakota has a population of 929,057, having grown an annualized 0.9% over the five years to 2024, which ranks it 12th out of all 50 US states by growth rate. South Dakota's gross state product (GSP) in 2024 reached $56.3b, with growth of 1.5% over the 5 years to 2024. Businesses in South Dakota employed a total of 466,801 people in 2024, with average annual employment growth over the past five years of 1.2%. The top three sectors by total employment are Finance and Insurance, Agriculture, Forestry, Fishing and Hunting, Real Estate and Rental and Leasing, while the unemployment rate across the state in 2024 was 2.1%.
What is South Dakota's Gross Domestic Product (GDP)?
In 2024, South Dakota's GDP reached $56.3b, representing an increase of 1.5% from 2023. South Dakota's GDP has grown at an annualized rate of 0.0% over the five years to 2024. Moreover, South Dakota's trailing five-year GDP growth ranks it 28th out of all 50 US states.
State GDP, or Gross State Product, is a measurement of a state's output, or the sum of value added from all industries in the state. It is a common indicator used to track the health of a state's economy.
You can track trends in South Dakota's GDP, and compare them to the national average, using the chart below.
STATE ECONOMIC PROFILE
South Dakota Industry Trends
What are South Dakota's Largest Industries by Revenue?
The largest industries by revenue in South Dakota are Credit Card Issuing, Corn, Wheat & Soybean Wholesaling and Commercial Banking, which generated $18.0b, $10.0b and $5.2b in 2024.
STATE ECONOMIC PROFILE
Top Companies in South Dakota
Top 10 Companies Headquartered in South Dakota by Employment
The largest companies by employment in South Dakota are Avera Health, Walmart and Monument Health, which employed 20,000, 5,884 and 5,100 people in 2024.
STATE ECONOMIC PROFILE
South Dakota Sector Statistics
In South Dakota, certain sectors drive a higher share of state GDP and employ more workers than others. However, simply looking at raw numbers doesn't always tell the whole story. Factoring in the current year growth percentage, in addition to the annualized growth percentage over the past five years, will give you a deeper understanding of the economic situation.
What is South Dakota's GDP by Sector?
The Finance and Insurance, Agriculture, Forestry, Fishing and Hunting and Real Estate and Rental and Leasing sectors contributed the most to South Dakota's GDP in 2024, representing a combined 35.9% of state GDP.
GDP trends by sector are an important indicator of which sectors are contributing the most value-add to the state's economy, in addition to how the state economy is evolving over time.
What is South Dakota's Employment by Sector?
The Healthcare and Social Assistance, Retail Trade and Accommodation and Food Services sectors contributed the most to employment in South Dakota in 2024, representing a combined 40.5% of state employment.
Employment trends by sector are an important indicator of which sectors are growing or contracting most rapidly relative to the state economy as a whole.
STATE ECONOMIC PROFILE
South Dakota Employment Trends
466.8k
EMPLOYMENT
Growth Rate 2019-24
State Growth Rank
1.5%
27
2.1%
UNEMPLOYMENT
Growth Rate 2019-24
State Growth Rank
-5.4%
13
What Employment Trends are Impacting South Dakota?
The state of South Dakota employs 466,801 people in 2024, which ranks it 46th out of all 50 US states. Employment in South Dakota has grown at an annualized rate of 1.5% over the five years to 2024, overperforming the national average of 1.2%. Major sectors by employment in South Dakota include Healthcare and Social Assistance, Retail Trade and Accommodation and Food Services, which employed 77,990, 67,716 and 43,274 people in 2024, respectively. South Dakota's unemployment rate is 2.1% in 2024, which ranks it 1st out of 50 states. South Dakota's unemployment rate has trended downwards at a rate of -5.4% over the five years to 2024, overperforming the US economy as a whole. Employment trends indicate the degree of tightness or slack in labor markets, in addition to the overall strength of an economy. Faster employment growth typically indicates a strong and growing economy, while lower unemployment tends to imply tightness in labor markets.
You can track unemployment trends in South Dakota, and compare them to the US economy, using the chart below.
PER CAPITA DISPOSABLE INCOME
Growth Rate
State Growth Rank
PER CAPITA CONSUMPTION EXPENDITURE
Growth Rate 2013-18
State Growth Rank
What is South Dakota's Per Capita Disposable Income?
STATE ECONOMIC PROFILE
South Dakota Construction & Building Trends
NONRESIDENTIAL CONSTRUCTION
Growth Rate
State Growth Rank
RESIDENTIAL CONSTRUCTION
Growth Rate
State Growth Rank
BUILDING PERMITS
Growth Rate
State Growth Rank
What can construction trends tell you about a state’s economy?
STATE ECONOMIC PROFILE
South Dakota Population Statistics
Which Counties in South Dakota have the Largest Populations?
STATE ECONOMIC PROFILE
South Dakota Demographics
Education Level
Race in
South Dakota State Industry Reports
IBISWorld State Industry Reports help you quickly understand how an industry performs at the state level compared with the national level by providing accurate and unbiased industry information with a local focus. Use this collection to:
- Discover key local industry trends
- Identify threats and opportunities at the subnational level
- Inform your business strategies and planning
See our list of 615 South Dakota Industry Reports.
