Tags: US State Facts | industries in south dakota | economy

Top 5 Industries in South Dakota: Which Parts of the Economy Are Strongest?

By    |   Friday, 10 Apr 2015 10:45 AM

The biggest industries in South Dakota include agriculture and mining. The Midwestern state, home to Mount Rushmore and Badlands National Park has plenty to offer those looking to relocate.

Here are the top five industries in South Dakota:

1. Agriculture, including livestock and crops, is one of the largest industries in South Dakota. The state has an estimated five beef cattle per resident and agriculture has a $20 billion impact on the state economy annually. Approximately 98 percent of the farms in the region are family owned and operated, according to the South Dakota Department of Agriculture.

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2. Manufacturing, including food processing and electronics, are big income generators in South Dakota. According to the Bureau of Labor and Statistics, in December 2014 more than 43,000 people worked in manufacturing.

Manufacturers in South Dakota account for nearly 10 percent of the state's workforce with 916 firms operating as of 2011. More than $1.5 billion in manufactured goods are exported annually, reports the National Association of Manufacturers.

3. Mining is another key industry in South Dakota's economic landscape. The country's leading gold mining center was once operated in the town of Lead, which is in the Black Hills. In 2001 the mine closed, but other types of mining, including some gold mining, continue today.

Construction sand, gravel and stone are mined regularly and South Dakota is also considered a mineral-rich state, with minerals like gypsum, silver and copper in abundance.

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4. Tourism, also known as the leisure and hospitality industry, employs approximately 42,000 people in South Dakota, and fluctuates seasonally, according to the Bureau of Labor Statistics. It's home to Mount Rushmore and the Black Hills Caves, popular tourist spots which bring in many visitors annually.

5. South Dakota thrives in casino gaming. As a home to several American Indian reservations, including Pine Ridge and Standing Rock, the casino gaming industry has a stronghold in the state.

Slot machines and table games generate revenue for the state in the forms of regulation. The state has a 9 percent gaming tax on the adjusted proceeds of gaming, and poses additional fees on slot machines for licensing, according to South Dakota's Department of Revenue.

In December 2014 the South Dakota Gaming Commission collected $614,891 in taxes alone for the month. The majority of the state revenue from gaming is used to fund tourism. There are nine tribally run casinos operating in South Dakota.

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The biggest industries in South Dakota include agriculture and mining. The Midwestern state, home to Mount Rushmore and Badlands National Park has plenty to offer those looking to relocate.
industries in south dakota, economy
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2015-45-10
Friday, 10 Apr 2015 10:45 AM
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