Best States for Business 2019

South Dakota

gross state product

$53B

population

882.2K

median household income

$58,360

cost of doing business

15% below nat'l avg

college attainment

28.1%

net migration

2,800 (year: 2018)

unemployment

2.9%

moody`s bond rating

Aaa

governor

Kristi Noem

As of December 2019

South Dakota’s business costs are the lowest in the country at 15% below the national average. Retail, finance, and healthcare make up the primary service industries in the state. In 1981, Citi established significant operations in South Dakota in order to take advantage of its favorable banking regulations; the bank employs more than 3,000 people today in the state. South Dakota’s $3.3 trillion in bank assets are among the most of any state and represent nearly one-fifth of all bank assets in the U.S. The government

comprises another important segment of the state's economy with Ellsworth Air Force Base the second-largest employer in the state.

On forbes lists

#14

Best States for Business 2019

In Business Costs

#22

In Labor Supply

#13

In Regulatory Environment

#39

In Economic Climate

#20

In Growth Prospects

#28

In Quality of Life

EmploymentHousingEducationQuality of Life

Job Growth

1.8% (year: 2018)

Projected Annual Job Growth

0.8%

Unemployment

2.9%

Median Household Income

$58,360

Household Income Growth

3.6%

Right to Work State

yes

Union Workforce

5.6%

Sources: Moody's Analytics; U.S. Census; ATTOM Data Solutions; FBI; BLS; Forbes.
a. Index measures whether a family earning the median income can afford the median-priced home. A value of 120 indicates a typical household has 20% more income than needed for the typical home.

2019