Average Income Up 6.9% in South Dakota; 3rd Highest In Nation

Fargo Forum:

North Dakota led the nation last year in average income growth, new figures show.

The U.S. Bureau of Economic Analysis reported North Dakota's per-capita income reached $31,398 in 2004, an 8.6 percent increase from the previous year and well above the national average increase of 4.7 percent. Twenty-seven other states saw growth above the U.S. average.

State Budget Director Pam Sharp said the increase is a reflection of a strong North Dakota economy. Income and sales taxes both are strong, and North Dakota has seen growth in both wages and employment, she said.  ...

Average income percentage increases in surrounding states included 6.9 in South Dakota, 5.7 in Montana and 5.4 in Minnesota. South Dakota ranked third among the 50 states and District of Columbia, Montana 10th and Minnesota 15th.

The report said the top three states - North Dakota, Iowa, and South Dakota - benefited from record or nearrecord production of corn, soybeans and other crops, together with good market prices.