Hey, Sioux Falls! Get your personal income growth back in gear! According to the latest data from the Bureau of Economic Analysis, personal income in the Sioux Falls metro area (Minnehaha, McCook, Turner, and Lincoln counties) grew 1.6% in 2010, from $9.47 billion to $9.62 billion. That's positive, but so was the growth rate in 362 of the country's 366 metro areas. Around the country, the average personal income growth rate in the big metros was 2.9%. Personal income grew in every metro but four (Grand Junction, CO; Las Vegas-Paradise, NV; Reno-Sparks, NV; and Carson City, NV).
Sioux Falls actually improved over its 2009 personal income growth rate of 0.3%, a year when only 124 metros posted positive numbers in that column. But now with everyone else growing, 2010's slow and steady performance ranks Sioux Falls just 335th out of the 366 metros.
Just down the road, the Sioux City metro enjoyed a good bounce back from a rough 2009. Our Iowegian/Dakota Dunesian friends spent 2009 losing 1.4% of their personal income. In 2010, they cranked up their personal income 3.2%
Meanwhile, across the other river, the Rapid City metro (Pennington and Meade) saw a similar turnaround. It rose from from 0.3% shrinkage in personal income in 2009 to 3.2% growth in 2010. That's a climb from $4.66 billion to $4.81 billion.
Set growth aside and look at the raw dollar figures. The total personal income in South Dakota in 2010 was $31.6 billion. Out of every $100 made in South Dakota last year, $30.45 was made in the Sioux Falls metro, while $15.21 was made in the Rapid City metro. Nearly half of our state wealth is generated in those two metro areas.