Data released by the Commerce Dept. revealed that the economy in South Dakota grew at a seasonally adjusted rate of 9.2% in the third quarter of 2015, tops in the country. Wall Street Journal staffer Eric Morath reports on South Dakota's economic growth, as well as the bust in North Dakota, which after years of riding the oil boom, contracted at a rate of 3.4% during that same time period.
South Dakota grew its economy with farming,which made up 6.9% of its overall growth. Other farm states that saw major gains from the second quarter of 2015 to the third were Kansas, Iowa, and Nebraska:
Those gains reflect a turnaround in farm incomes. Farm earnings grew 17.5% in the third quarter of 2015, after falling 4.5% in the second quarter, according to Commerce Department data. Still, the Agriculture Department expects farm incomes to slump in 2016, so the gains could be short-lived.