Hey, Walt Bones! What happens when you think agriculture is the only option for rural economic development?
The weather changes, and you end up being the only state where personal incomes dropped in 2012:
Average state personal income growth slowed to 3.5 percent in 2012 from 5.2 percent in 2011, according to estimates released today by the U.S. Bureau of Economic Analysis. State personal income growth ranged from -0.2 percent in South Dakota to 12.4 percent in North Dakota. Inflation, as measured by the national price index for personal consumption expenditures, fell to 1.8 percent in 2012 from 2.4 percent in 2011.
South Dakota’s small personal income decline was due to the effect of last year’s drought on farm income. The drought also had relatively strong adverse effects in Nebraska, Kansas, and Iowa, all of which had below average total personal income growth in 2012. In contrast, nonfarm personal income growth in each of these states was above average [Bureau of Economic Analysis, press release, 2013.03.27].
We did pretty well in personal income growth over the last decade with crop prices rising, but now the drought is drying up our ag income right along with our water supply. Time to diversify that economic development portfolio, right, Secretary Bones?
p.s.: Interestingly, even though South Dakota was the only in come loser for the full year, the BEA says that in 2012 Quarter 4, we posted the highest average state personal income growth, 4.8%, compared to the 1.9% national average and the nation's low of 1.3% in West Virginia. Big Christmas bonuses at Citibank?
Water-intensive dairies courted:
http://www.mitchellrepublic.com/event/article/id/78009/
How ironic because Oregon is among the top 10 states for fastest growing incomes in the past year.
Crop insurance checks in the fall.
charlie's right - i saw a version of the story that attribued the 4th quarter growth to crop insurance checks
What state economic development? Then keep the state's money here instead of sending it to the Wall Street casino.
http://www.motherjones.com/mojo/2009/03/how-nation%E2%80%99s-only-state-owned-bank-became-envy-wall-street
They talk about economic developement. But when it rains the economy is up and when it is dry the economy is down. That is just like Rounds managing the dam by waiting till it rains to fill and taking credit for the dam filling, only for it to flood the next year when it rained again. Do we know what economic developement is or do we just get lucky when it rains. But then doing nothing is conservative. Oh, now days they also give big breaks to the rich.
So government spending and Bryon Noem saved our income numbers for the fourth quarter?
So we are still a welfare state dependent on income redistribution from other states.
Mercer just tweeted that Lucas Lurch will replace Walt Bones.
er, letch.