Aug. 10, 2018

South Dakota reported the third-highest growth rate in the nation for GDP in the first quarter of the year, according to the U.S. Bureau of Economic Analysis.

Gross domestic product grew by 3.1 percent, behind only Washington and Utah.

“South Dakota’s annual GDP is now estimated to be in excess of $51 billion,” Gov. Dennis Daugaard said.  “We’re enthused about the first-quarter results and hopeful the growth will continue throughout 2018.”

According to the BEA report, strong showings from South Dakota’s production agriculture, finance/insurance and manufacturing industries helped propel the state’s 3.1 percent growth during the period.

The nationwide rate for the same time was 2.2 percent.

State-by-state figures for the second quarter will be available in November. The U.S. economy grew by 4.1 percent during that period, the best pace since 2014.