PIERRE, S.D. (KELO) — Today, the Bureau of Economic Analysis (BEA) announced state gross domestic product (GDP) decreases for all 50 states. The South Dakota economy contracted by 2.2%, the second smallest amount in the country, for the first quarter of 2020, which covers January to March.
The state of South Dakota says South Dakota was the second least impacted by COVID-19 during that time.
Nebraska’s GDP declined by 1.3%, the lowest decline of any state during that time period, according to the BEA.
The first coronavirus case in South Dakota was on March 10. Cases did not increase much until April when there was an outbreak at Smithfield Foods in Sioux Falls.
States with a higher number of COVID-19 cases generally had a larger decline in their GDP.
The first confirmed case in New York was on March 1. New York is been one of the states hit the hardest by the pandemic. Its GDP declined by 8.2%, according to the BEA.
Connecticut’s decline was 4.2%.
New York’s GDP is about $1.5 trillion. South Dakota’s GDP was about $53.6 billion in 2019, the fourth-lowest in the nation, according to Statista.com.
“The credit here goes to the people of South Dakota,” Gov. Kristi Noem said in a state news release. “Obviously, our low taxes and reasonable regulatory environment put us in a really good position to bounce back from this pandemic. We have trusted our people to do the right things for themselves, their loved ones, and – in turn – their communities, and we will continue to do so.”