South Dakota’s economic outlook grew above growth-neutral in June for the first time this year, according to Creighton University’s monthly index.
The Rural Mainstreet Index gives an economic snapshot of 10 regional states covering approximately 200 rural communities using survey responses from community bank presidents and CEOs.
South Dakota’s jumped to 51.2 in June in the index, up from 46.7 in May. A score of 50 represents growth neutral, with the complete index ranging from 0 to 100.
It’s the first time the state has reached above growth neutral since May 2022. It dipped in the 30s starting in the Summer last year and barely climbed into the 40s by December. It dropped into the 30s again just once so far in 2023 during April, according to the index.
South Dakota’s farmland-price index, which monitors the prices of crops and livestock received by farmers, climbed to 55.3, up from 52.6 last month. Meanwhile, its June new hiring index grew to 56.3, up from 55.6 in May.
Despite the state’s months-long dip below growth neutral last year, its state agriculture and livestock exports still grew by 74.9% in 2022 above the previous year, the report said. Most of these exports went to Mexico, representing 52.9% of South Dakota’s farm exports.
The state exported $113 million worth of agriculture and livestock last year.
South Dakota was among five states that saw their ranking go up and the only one to climb above growth neutral as the others were already above that threshold.
Only one state, Missouri, remained below growth neutral in June.
Source: newscenter1.tv
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Categories: South Dakota, Business, Crops, Education, Livestock