SD Bureau of Finance and Management released the Economic and Revenue Update for December 2018.
Overall highlights, include ongoing state general fund collections for FY 2019 for the first five months are higher than a year ago, primarily due to growth in sales & use tax, contractor’s excise tax, lottery receipts and unclaimed property receipts. Through the first five months of the fiscal year, ongoing general fund receipts were 6.1% higher than FY2018.
In South Dakota the labor force has remained steady and the unemployment rate has remained at 3.0% for the past four months.
SD farm income peaked in 2011 at $3.6 billion and registered $0.9 billion in 2017 on an annual basis. Lower crop production due to dry conditions and low crop prices in 2017 was partially offset by higher livestock prices. So far in 2018, income has been steady reflecting strong crop production that is being offset by lower prices. Ongoing trade disputes continue to be a concern in the Agriculture sector heading in to 2019
SD Bureau of Finance and Management (BFM) will update the revenue and economic activity report in April.