Print
E-mail
Comment
Rate
Economist: S.D. Resisting Recession
USD Professor Says State Continues Increasing Number Of Non-Farming Jobs
RAPID CITY (AP) — An economics professor says South Dakota is withstanding the economic slowdown that’s hit much of the nation.
A record number of non-farm jobs, higher incomes and record highs in farm income are helping the state’s economy beat the national downward spiral, said Ralph Brown, of the University of South Dakota.
Since December 2007, the national economy has shed 760,000 non-farm jobs, and watched as industrial production and retail and food sales declined. In contrast, South Dakota’s non-farm jobs continue to climb, including construction and manufacturing jobs.
“We have more people employed in South Dakota than we’ve ever had before,” he said. “To this point, South Dakota’s not in a recession, at least in looking at the employment numbers.”
Farm income is up as commodity prices climbed since the 2006 drought. While South Dakota farm income averages about $1 billion a year, income has climbed past $1.6 billion this year.
“That’s a record. We’ve never had higher farm income,” Brown said.
Although requests for building permits in the state are slowing, they haven’t sunk far when compared with an 8-year average. Home prices didn’t inflate nearly as much as they did nationally, so they climb more steadily with less fear of a dramatic decrease, Brown said.
A recovery nationally should start in 2010 with a “robust recovery” in 2011, Brown said.
South Dakota’s numbers dont look bad, but nobody should think the national picture has no effect on the state, Brown said.
“Were not immune to this economy, we are linked,” he said. “Were not going to see near the fluctuations, or near the downturns of the U.S. economy, but were going to see some impact.”
Brown spoke Thursday at an economic outlook conference hosted by the South Dakota Chamber of Commerce & Industry.
A record number of non-farm jobs, higher incomes and record highs in farm income are helping the state’s economy beat the national downward spiral, said Ralph Brown, of the University of South Dakota.
Since December 2007, the national economy has shed 760,000 non-farm jobs, and watched as industrial production and retail and food sales declined. In contrast, South Dakota’s non-farm jobs continue to climb, including construction and manufacturing jobs.
“We have more people employed in South Dakota than we’ve ever had before,” he said. “To this point, South Dakota’s not in a recession, at least in looking at the employment numbers.”
Farm income is up as commodity prices climbed since the 2006 drought. While South Dakota farm income averages about $1 billion a year, income has climbed past $1.6 billion this year.
“That’s a record. We’ve never had higher farm income,” Brown said.
Although requests for building permits in the state are slowing, they haven’t sunk far when compared with an 8-year average. Home prices didn’t inflate nearly as much as they did nationally, so they climb more steadily with less fear of a dramatic decrease, Brown said.
A recovery nationally should start in 2010 with a “robust recovery” in 2011, Brown said.
South Dakota’s numbers dont look bad, but nobody should think the national picture has no effect on the state, Brown said.
“Were not immune to this economy, we are linked,” he said. “Were not going to see near the fluctuations, or near the downturns of the U.S. economy, but were going to see some impact.”
Brown spoke Thursday at an economic outlook conference hosted by the South Dakota Chamber of Commerce & Industry.
 |
||
| Bank: Agriprocessors Defaulted On $35M Loan |
Article Rating
Reader Comments
Submit a Comment
We encourage your feedback and dialog, all comments will be reviewed by our Web staff before appearing on the Web site.
Not registered yet?
