Business highlights.

South Dakota

Job growth continued in South Dakota with the addition of 9,400 jobs in the third quarter of 2007 over this period a year ago. Nonfarm employment in South Dakota advanced 2.3 percent reaching a third quarter total of 413,500 jobs. Industry sectors that experienced strong growth were

The unemployment rate in South Dakota remains among the lowest in the nation. The third quarter 2006 rate was 3.2 percent. The rate fell to 3.0 percent in the third quarter of 2007.

The Building Permits Branch of the Bureau of the Census reported a slowdown in the number of residential building permits issued for the period of January through September. For the first nine months in 2007, a total of 2,346 permits were issued. For this same period in 2006, a total of 2,608 permits were issued.

The Bureau of Economic Analysis (BEA) reported that personal income in South Dakota increased 7.9 percent in the third quarter of 2007 over this period a year ago. Among the Plains States, Nebraska's personal income grew 8.3 percent, followed by North Dakota and South Dakota, each with an increase of 7.9 percent. The remaining Plains States of of Iowa, Kansas, Minnesota, and Missouri had increases ranging from 6.0 percent to 7.7 percent. South Dakota industries with the fastest earnings growth in the third quarter included information; management of companies and enterprises; administrative and waste services; and farming. The steep increase in farm earnings resulted mainly from the increase in crop cash receipts.

United States

Nonfarm payroll employment increased 1.2 percent in the third quarter of 2007 over this period a year ago. The growth rate increased 1.1 percent from the fourth quarter of 2006 compared to the the fourth quarter of 2007, according to preliminary numbers released by the Bureau of Labor Statistics in January 2008.

Both manufacturing and construction employment fell throughout 2007. Manufacturing jobs have continued to trend down since 2003 with the exception of a slight upturn in the summer of 2006.

Retail trade added 88,000 jobs in the third quarter of 2007 over this period a year ago. According to preliminary figures released for the fourth quarter of 2007, only 59,000 jobs were added.

Jobs in financial activities increased 0.9 percent in the third quarter of 2007 over a year ago. According to fourth quarter figures for 2006 and 2007, employment in this sector was unchanged with both quarters reporting 8.4 million employees. The financial sector ended 2007 on a downward trend.

Over the year, U.S. personal income grew 6.5 percent in the third quarter of 2007, exceeding the 6.1 percent gain in second quarter of 2007. Industries with the fastest earnings growth in the third quarter 2006 to the third quarter 2007 were in farming, mining, and management of companies and enterprises. These industries represent a small percent of personal income. Taking into account both size and growth, health care, professional services industries and state and local government contributed most to third quarter personal income growth. Together, these three industries make up just over 25 percent of total personal income.

The following table provides income and employment data for the U.S. and South Dakota.

                                             South Dakota

                            Latest    Latest      Year   Percent
General Indicators          Quarter   Quarter     Ago    Change

Personal Income ($ Mil.)    2007-3     27,468   25,459      7.9
Farm Prop. Income           2007-3        775      282    174.8
($ Mil.)
Non-Ag Employment           2007-3        414      404      2.5
(Thous.)
Unemployment Rate (%)       2007-3        3.0      3.2
Total Employment (Thous.)   2007-3        424      418      1.4

                                                 United States

                            Latest       Latest         Year   Percent
General Indicators          Quarter      Quarter         Ago    Change

Personal Income ($ Mil.)    2007-3    11,727,099   11,016,422      6.5
Farm Prop. Income           2007-3        35,631       16,208    119.8
($ Mil.)
Non-Ag Employment           2007-3       138,143      136,442      1.2
(Thous.)
Unemployment Rate (%)       2007-3           4.7          4.6
Total Employment (Thous.)   2007-3       146,019      144,604      1.0

Note: All U.S. data seasonally adjusted. For South Dakota, all
data is seasonally adjusted except for nonfarm employment.