The following is an excerpt from Eric Morath | March 2, 2016 | WSJ.com |
The economy in South Dakota grew at a 9.2% seasonally adjusted annualized rate in the third quarter, far and away the most robust gain in the country, according to data released by the Commerce Department on Wednesday. That’s outsized growth compared with the country’s 1.9% advance in gross domestic product that quarter.
North Dakota, which for several years rode the oil boom to lead the nation in economic growth, went bust. Its economy contracted at a 3.4% pace, worst in the nation. A year earlier the state’s output had expanded 5% in the third quarter. (And that was a slowdown from 18.8% in the second quarter of 2014.)
South Dakota grew its economy with the industry that’s long been the staple of the upper Midwest: farming. The state’s agriculture sector contributed 6.9 percentage points to overall growth. South Dakota’s health care, retail and construction industries also grew at healthy rates.
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