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Wednesday, Apr. 2, 2025

Did South Dakota’s GDP shrink in 2024?

Megan Luther, South Dakota News Watch
no

While South Dakota’s gross domestic product was 0.6% lower in the fourth quarter of 2024 compared to the fourth quarter of 2023, it was up slightly overall for the year. 

GDP measures the value of all goods and services produced in a state. In South Dakota, real, or inflation-adjusted GDP rose roughly from $57.3 billion in 2023 to $57.5 billion in 2024 – a 0.4% increase.

The national average GDP was up 2.8% between 2023 and 2024. Utah saw the highest growth at 4.5% while North Dakota saw the lowest at -0.7%. South Dakota ranked 48th.

Reasons for South Dakota’s sluggish growth include a workforce shortage, declining farm income, weakening consumer spending and higher interest rates.

GDP is a common measure of economic health and is used to inform decisions on matters such as interest rates, trade policy, government spending and private investment.

See a full discussion of this at South Dakota News Watch

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