Over the past several years, South Dakota’s economy has consistently been the strongest of any state in the country. We recently received two updates that underscore just how strong our economy continues to be, even with the sluggish economy under the Biden-Harris Administration.
South Dakota once again led the nation in income growth in 2023 according to the Federal Reserve. Additionally, their data shows that we have the second-best growth over the last five years for growth in real median household income. That means our incomes are rising faster than inflation, which isn’t the case for many states across the country.
We also received an accolade from the free market Cato Institute, which recognized us as tied for 4th out of all states for fiscal policy. They gave us an A and said the following about South Dakota:
“Kristi Noem of South Dakota has defended her state’s low-tax policies since her election in 2018. As one of the freest states in the nation, South Dakota enjoys net domestic in-migration, while most of its neighbors suffer out-migration. Noem cut the general sales tax rate from 4.5 percent to 4.2 percent – a significant reduction, as the state has no income tax and relies heavily on sales taxes. Noem consistently proposes flat budgets.”
South Dakota is setting an example for wise fiscal management. We still have a AAA credit rating and one of the only fully-funded pension plans in the country, and we are looking forward to delivering a balanced budget once again in the upcoming legislative session.
Our unemployment rate remains the lowest in the nation at 2.0%, and last year we even broke the record for lowest unemployment rate for a state in American history. Our jobs market remains the strongest in America – Freedom truly Works Here!
Behind all of these statistics are people – South Dakota families who are able to put food on the table, keep a roof over their heads, and grow towards their American Dream.
The rest of the nation could certainly stand to follow South Dakota’s example. By getting government out of the way and allowing people to utilize their Freedom in pursuit of the American Dream, we can bring incomes up, costs down, and get the United States of America back to work!
