Southdakotaxl » Economy of South Dakota

Economy of South Dakota

The economy of South Dakota in north central US is dictated by an agro-based society; rural economy and lifestyle is dominant in South Dakota. The economy based on the occupation of cultivation is the main livelihood of the rural population of South Dakota. The beautiful Missouri River along with its tributaries like Cheyenne and Sioux River meandering through the core of the state divides the state into two distinct social and economic hubs; these rivers have made South Dakota rich with fertile farm lands and a fertile production hub for agricultural goods.

Other industries are on a rise in South Dakota but agriculture is the prime factor that for the backbone of the economy of South Dakota. The importance of agriculture is a thing to remain in this state in USA. The production of agricultural products like wheat, corn, oats, soybeans, alfalfa, sunflowers along with meat related products like mutton, pork and beef has a great and major impact on the economy of South Dakota.

Poultry and sheep rearing are also done in South Dakota; wool is produced in the rural areas of the state. Agriculture is definitely a blessing to the rural populace because it has led to the introduction and establishment of several inter-related industries like meat packing and ethanol production (which is utilized in the production of alcoholic beverages like vodka). South Dakota features among the top five US nations dealing with ethanol production.

The Black Hills and its mines in South Dakota is abundantly rich with minerals like gold, silver, copper and lead have led to the formation of industries directly connected to the optimum utilization of these natural minerals.

Last but not the least tourism plays a vital role in the economy of South Dakota. Great many tourist attractions like Mount Rushmore and national parks and historic site Deadwood have captivated the tourist from all quarters of the world. Tourism in South Dakota earns jobs for the local people and earns revenue for the state government.

Per capita total state tax rate is the lowest in South Dakota according to 2005 annual survey. The state revenue department does not collect or use property taxes but from time to time it assesses the fortune and property of the large companies in South Dakota

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