STATE ECONOMIC PROFILE
South Dakota Economic Overview
$64.4b
GROSS STATE PRODUCT
Growth Rate 2019-24
State Growth Rank
1.5%
29
1,098,778
POPULATION
Growth Rate 2019-24
State Growth Rank
0.8%
17
124,255
BUSINESSES
Growth Rate 2019-24
State Growth Rank
2.0%
32
Overview of the Rhode Island Economy
In 2024, the state of Rhode Island has a population of 1,098,778, having grown an annualized 0.8% over the five years to 2024, which ranks it 17th out of all 50 US states by growth rate. Rhode Island's gross state product (GSP) in 2024 reached $64.4b, with growth of 1.5% over the 5 years to 2024. Businesses in Rhode Island employed a total of 569,297 people in 2024, with average annual employment growth over the past five years of 0.3%. The top three sectors by total employment are Real Estate and Rental and Leasing, Healthcare and Social Assistance, Professional, Scientific and Technical Services, while the unemployment rate across the state in 2024 was 4.6%.
What is South Dakota's Gross Domestic Product (GDP)?
In 2024, Rhode Island's GDP reached $64.4b, representing an increase of 1.5% from 2023. Rhode Island's GDP has grown at an annualized rate of 1.9% over the five years to 2024. Moreover, Rhode Island's trailing five-year GDP growth ranks it 29th out of all 50 US states.
State GDP, or Gross State Product, is a measurement of a state's output, or the sum of value added from all industries in the state. It is a common indicator used to track the health of a state's economy.
You can track trends in Rhode Island's GDP, and compare them to the national average, using the chart below.
STATE ECONOMIC PROFILE
South Dakota Industry Trends
What are South Dakota's Largest Industries by Revenue?
The largest industries by revenue in Rhode Island are Colleges & Universities, Property, Casualty and Direct Insurance and Public Schools, which generated $9.7b, $8.9b and $6.3b in 2024.
STATE ECONOMIC PROFILE
Top Companies in South Dakota
Top 10 Companies Headquartered in South Dakota by Employment
The largest companies by employment in Rhode Island are Lifespan Health System, Care New England Health System and Roman Catholic Diosese of Providence, which employed 15,000, 7,500 and 7,500 people in 2024.
STATE ECONOMIC PROFILE
South Dakota Sector Statistics
In Rhode Island, certain sectors drive a higher share of state GDP and employ more workers than others. However, simply looking at raw numbers doesn't always tell the whole story. Factoring in the current year growth percentage, in addition to the annualized growth percentage over the past five years, will give you a deeper understanding of the economic situation.
What is South Dakota's GDP by Sector?
The Real Estate and Rental and Leasing, Healthcare and Social Assistance and Professional, Scientific and Technical Services sectors contributed the most to Rhode Island's GDP in 2024, representing a combined 39.2% of state GDP.
GDP trends by sector are an important indicator of which sectors are contributing the most value-add to the state's economy, in addition to how the state economy is evolving over time.
What is South Dakota's Employment by Sector?
The Healthcare and Social Assistance, Educational Services and Retail Trade sectors contributed the most to employment in Rhode Island in 2024, representing a combined 44.3% of state employment.
Employment trends by sector are an important indicator of which sectors are growing or contracting most rapidly relative to the state economy as a whole.
STATE ECONOMIC PROFILE
South Dakota Employment Trends
569.3k
EMPLOYMENT
Growth Rate 2019-24
State Growth Rank
1.1%
6
4.6%
UNEMPLOYMENT
Growth Rate 2019-24
State Growth Rank
5.4%
50
What Employment Trends are Impacting South Dakota?
The state of Rhode Island employs 569,297 people in 2024, which ranks it 43rd out of all 50 US states. Employment in Rhode Island has grown at an annualized rate of 1.1% over the five years to 2024, underperforming the national average of 1.2%. Major sectors by employment in Rhode Island include Healthcare and Social Assistance, Educational Services and Retail Trade, which employed 99,783, 84,624 and 67,532 people in 2024, respectively. Rhode Island's unemployment rate is 4.6% in 2024, which ranks it 42nd out of 50 states. Rhode Island's unemployment rate has trended upwards at a rate of 5.4% over the five years to 2024, overperforming the US economy as a whole. Employment trends indicate the degree of tightness or slack in labor markets, in addition to the overall strength of an economy. Faster employment growth typically indicates a strong and growing economy, while lower unemployment tends to imply tightness in labor markets.
You can track unemployment trends in Rhode Island, and compare them to the US economy, using the chart below.
$96.8k
PER CAPITA DISPOSABLE INCOME
Growth Rate 2019-24
State Growth Rank
4.7
43
What is South Dakota's Per Capita Disposable Income?
Per capita disposable income, also known as disposable personal income (DPI), is the amount of money that the average person in an economy has available for spending and saving after accounting for income taxes. Rhode Island's DPI in 2024 was $96.8k, compared to the US average of $129.8k, which places it 43rd out of all 50 US states.
Disposable income is regarded as a key economic indicator as trends in disposable income are indicative of the level of aggregate demand, the state of labor markets and the financial strength of households.
You can track trends in Rhode Island's per capita disposable income, and compare it to the US average, using the chart below.
STATE ECONOMIC PROFILE
South Dakota Construction & Building Trends
$757.6tn
NONRESIDENTIAL CONSTRUCTION
Growth Rate 2019-24
State Growth Rank
-13.0%
1
$325.5b
RESIDENTIAL CONSTRUCTION
Growth Rate 2019-24
State Growth Rank
4.3%
16
1,258
BUILDING PERMITS
Growth Rate 2019-24
State Growth Rank
1.9%
25
What can construction trends tell you about a state’s economy?
In Rhode Island, non-residential construction was $757.6tn in 2024, which ranks it 1st out of all US states. Residential construction was $325.5b in 2024, which places Rhode Island 16th in the United States. The number of building permits issued in Rhode Island in 2024 was 1,258, representing a 1.9% annualized growth rate between 2019 and 2024.
Trends in the construction sector are important because it creates jobs, income and tax revenue for a state. In addition, construction sector activity impacts other sectors in its supply chain, including manufacturing, wholesaling, warehousing, transportation, and real estate, rental and leasing services. Therefore, construction trends are important indicators of the health of an economy.
You can track trends in the number of building permits issued in Rhode Island, and compare it to trends in the number issued in the United States as a whole, using the chart below.
STATE ECONOMIC PROFILE
South Dakota Population Statistics
Which Counties in South Dakota have the Largest Populations?
The counties with the highest populations in Rhode Island are Providence County, Kent County and Washington County, which had populations of 656,193, 172,241 and 130,405 people in 2024.
STATE ECONOMIC PROFILE
South Dakota Demographics
Education Level Rhode Island
Race in Rhode Island
South Dakota State Industry Reports
IBISWorld State Industry Reports help you quickly understand how an industry performs at the state level compared with the national level by providing accurate and unbiased industry information with a local focus. Use this collection to:
- Discover key local industry trends
- Identify threats and opportunities at the subnational level
- Inform your business strategies and planning
See our list of 618 Rhode Island Industry Reports.
