Press Release - SD #1 in Nation for Per Capita Personal Income Growth

Press Release - SD #1 in Nation for Per Capita Personal Income Growth

Governor gives credit to South Dakotans working together to enhance economy

Over the last three years, South Dakota has had the highest annual per capita personal income growth of all fifty states.

Governor Mike Rounds made the announcement at a forum hosted by the South Dakota Municipal League in Spearfish when he also noted that over 18,000 new jobs have been created in South Dakota over the past three years. According to the most recent figures released by the U.S. Bureau of Economic Analysis (BEA) for 2003 - 2005, South Dakota outpaced other states with a 20.5% increase while the national average was only 12%.

Governor Rounds gave most of the credit to South Dakotans who have worked together to expand existing businesses and bring new businesses to our state. "South Dakotans are to be congratulated for their efforts in developing and implementing the 2010 Initiative for economic development. We have already seen successes - not just in the higher population areas, but in our small towns as well.

According to the governor, "These figures highlight the fact that we are not just creating jobs, we are creating better paying jobs." He also said while these numbers are outstanding, "There is more work to be done. We're still in the midst of a six-year drought and there will be more challenges." The governor also said he believes South Dakotans are prepared to meet those challenges, "I expect that with the course we are on, we will continue to achieve great things for South Dakota. Our on-going goal continues to be providing more opportunities so our working families can improve their quality of life and so that our young people have the option of staying here in South Dakota to live, work and raise a family."

According to BEA figures, the 2005 average per capita income in South Dakota was $32,642 - up over $5,500 from the 2002 figure of $27,087. The final 2005 figures were released at the end of September.

Per capita personal income is calculated as the personal income of residents of a given area divided by the resident population of the area. In computing per capita personal income, BEA uses the Census Bureau's annual midyear population estimates.

http://www.roundsforgov.com/Newsroom/NewsDetail80.cfm?ID=0,43

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