The bad news: we're digging out of a hole. For the whole year, South Dakota personal income dropped 3.5%. Per capita personal income dropped 4.4%. Only Wyoming and Nevada saw their personal income drop more sharply.
Overall, South Dakotans made a billion dollars less than they made in 2008. What happened?
- Farming took the big hit, making up almost all of the decline. Farm personal income dropped 3.50%.
- Next biggest drop was in durable goods manufacturing (that's Gehl and Terex), down 0.59%.
- Drops in personal income in wholesale trade and construction were barely more than 0.1%.
- All other sectors stayed virtually the same. Of course, not making more than you did last year isn't progress when your insurance premiums go up 23%.
- Almost all of the drop came in Quarter 1. Our personal income went up a titch in Q2, down a similar titch in Q3, then jumped in Q4. That jump, like the earlier drop, came largely from farming, as every other sector stayed flat.