Thursday, Oct. 6, 2011PIERRE, S.D. –South Dakotans are making more money than they were in 2009 and are among the nation’s leaders in income growth. Data recently released by the Bureau of Economic Analysis shows South Dakotans’ per capita personal income grew by 3.5 percent between 2009 and 2010. In fact, South Dakota boasted the sixth-largest growth in personal income from 2009 to 2010 among all states. Although pleased by the information, Gov. Dennis Daugaard said news that South Dakota is faring better than many states isn’t terribly surprising. “South Dakota didn’t experience the deep valleys of the recession like some states,” the Governor said. “Our agricultural base and conservative spending tendencies helped South Dakota remain relatively stable and economically sound through these tough economic times.” J. Pat Costello, Commissioner of the Governor’s Office of Economic Development (GOED), said growth in personal income is important for a couple of reasons. “GOED is constantly striving to increase income in South Dakota. The 3.5 percent growth from 2009 to 2010 shows we’re trending in the right direction,” said Costello. “Additionally, it speaks to our state’s economic health, which positions South Dakota businesses for better growth and helps us encourage new economic activity in the state.” South Dakota’s per capita personal income is currently the 22nd highest in the nation. The state has seen significant growth in personal income from two decades ago, when it was 37th in the nation. “At one point, South Dakota was considered a low-income state,” said Costello. “We’re in the upper half of the pack now. And given our low cost of living, South Dakotans are doing quite well, on average, compared to the rest of the country.” The U.S. Bureau of Economic Analysis defines personal income as the income received by all persons from all sources. It is the sum of net earnings by place of residence, property income and personal current transfer receipts. -30-