February 01, 2014
4. Sioux Falls, SD
• 2013 gross metro product (GMP) change: 5.2%
• 2013 change in employment: 2.0% (tied-65th best)
• Projected 2014 GMP change: 2.9% (70th best)
• Unemployment rate: 3.1% (tied-3rd lowest)
While South Dakota has not benefited from the oil boom as North Dakota has, parts of the state still recorded robust growth last year. The economy of Sioux Falls, the state’s largest city by population, grew by 5.2% last year, and it is projected to grow another 2.9% this year. One of Sioux Falls’ strengths has been its financial sector. Citibank has a substantial presence there, as do several other banks. As of November, 11% of the metro area’s jobs were in the finance sector. The city’s population has been growing, and Sioux Falls set a city record for construction in 2013 at $588.2 million worth of building permits issued.