South Dakota's Key Industries
Bioscience, Financial Services and Value-Added Ag Make Great Economic Impact
You may have already heard that South Dakota is a great place for business. In fact, we recently ranked No. 2 in the Tax Foundation’s State Business Tax Climate Index, and 3rd in the Gallup Well-Being Index. We take pride in these rankings since we want our businesses to be successful.
Because of this, we have spent a great deal of time researching industries that make a good fit for our state.
Bioscience and Medical Device Manufacturing:
Entrepreneurs, small businesses and large corporations in our state are conducting cutting-edge research. Our bioscience infrastructure includes cGMP facilities, research parks, world-class healthcare systems, and our small size lends opportunities for collaboration that you don’t find in every state. South Dakota also has a skilled and ready workforce, with a high concentration of graduates in bio-related programs.
The financial services industry is South Dakota’s No. 1 industry, in terms of Gross Domestic Product. It accounts for 15 percent of our economy. We credit this to our longstanding regulatory climate and our leader’s efforts to make South Dakota’s rules and regulations business friendly. Companies like Citibank, Wells Fargo, & Co., TCF Bank, Sammons Financial and Meta Payment Systems all have a presence in South Dakota.
Agriculture has a long-standing and successful history in South Dakota, and has a $20.7 billion economic impact. With 98 percent of our farms being family-owned, producers and raw product are easily accessible, and adding value to commodities already on-site benefits our citizens and our businesses.