South Dakota has the fastest growing incomes in the nation, with the average South Dakotans’ personal income rising by 21% in the past 3 years. So far in 2022, South Dakota has the largest increase of new housing development of any state in the nation.
For decades, South Dakota has had all the right ingredients to become an economic powerhouse. We’re one of the best states to start a small business because of our low taxes and lack of a state income tax or business income tax. The affordability of living in South Dakota also makes it easier to raise a family and for bold thinkers to kickstart their ideas.
Governor Noem has championed South Dakota as the best place in the country to do business since she took office by:
- Bringing the next big industry—cyber research—to South Dakota by investing $30M in Dakota State University’s cyber programs. This investment will bring top defense contractors to the state, create high-paying jobs for South Dakota college graduates, and give high schoolers the opportunity to earn college credit toward a cyber degree.
- Investing in high-speed broadband connectivity state-wide for businesses and workers alike.
- Revamping the SD Works website to connect employers with potential employees. Today, there are about 27,000 job openings published on the site.
- Pursuing licensure reform, including making it easier for military spouses to transfer out-of-state licenses to South Dakota and recognizing out-of-state licenses for medical professionals.
The early economic indicators for this year already point to more success on the horizon for our state. South Dakota’s unemployment rate continues to be among the lowest in the country and is far below the national rate. Our population grew ten times faster than the national growth rate in the last year. All of these are signs that what we are doing in South Dakota is working.Two years ago, when the COVID-19 pandemic made its way to America, states across this country shut their doors out of fear. All but one. South Dakota built opportunity out of that difficulty, and the result is a booming economy — the strongest in the nation.