STATE ECONOMIC PROFILE
South Dakota Economic Overview
$1.4tn
GROSS STATE PRODUCT
Growth Rate 2020-25
State Growth Rank
4.9%
1
23,300,438
POPULATION
Growth Rate 2020-25
State Growth Rank
1.5%
2
2,975,464
BUSINESSES
Growth Rate 2020-25
State Growth Rank
3.6%
11
Overview of the Florida Economy
In 2025, the state of Florida has a population of 23,300,438, having grown an annualized 1.5% over the five years to 2025, which ranks it 2nd out of all 50 US states by growth rate. Florida's gross state product (GSP) in 2025 reached $1.4tn, with growth of 4.9% over the 5 years to 2025. Businesses in Florida employed a total of 12,216,147 people in 2025, with average annual employment growth over the past five years of 3.6%. The top three sectors by total employment are Real Estate and Rental and Leasing, Professional, Scientific and Technical Services, Healthcare and Social Assistance, while the unemployment rate across the state in 2025 was 4.3%.
What is South Dakota's Gross Domestic Product (GDP)?
In 2025, Florida's GDP reached $1.4tn, representing an increase of 4.9% from 2024. Florida's GDP has grown at an annualized rate of 3.6% over the five years to 2025. Moreover, Florida's trailing five-year GDP growth ranks it 1st 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 Florida'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 Florida are Professional Employer Organizations, New Car Dealers and Hospitals, which generated $114.0b, $102.9b and $84.1b in 2025.
STATE ECONOMIC PROFILE
Top Companies in South Dakota
Top 10 Companies Headquartered in South Dakota by Employment
The largest companies by employment in Florida are Publix Super Markets, Walmart and Walt Disney Co, which employed 161,481, 118,940 and 82,000 people in 2025.
STATE ECONOMIC PROFILE
South Dakota Sector Statistics
In Florida, 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, Professional, Scientific and Technical Services and Healthcare and Social Assistance sectors contributed the most to Florida's GDP in 2025, representing a combined 40.6% 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 Administration, Business Support and Waste Management Services, Healthcare and Social Assistance and Retail Trade sectors contributed the most to employment in Florida in 2025, representing a combined 46.0% 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
12.2m
EMPLOYMENT
Growth Rate 2020-25
State Growth Rank
1.9%
38
4.3%
UNEMPLOYMENT
Growth Rate 2020-25
State Growth Rank
-11.8%
48
What Employment Trends are Impacting South Dakota?
The state of Florida employs 12,216,147 people in 2025, which ranks it 3rd out of all 50 US states. Employment in Florida has grown at an annualized rate of 1.9% over the five years to 2025, overperforming the national average of 1.8%. Major sectors by employment in Florida include Administration, Business Support and Waste Management Services, Healthcare and Social Assistance and Retail Trade, which employed 2,735,399, 1,444,451 and 1,438,514 people in 2025, respectively. Florida's unemployment rate is 4.3% in 2025, which ranks it 28th out of 50 states. Florida's unemployment rate has trended downwards at a rate of -11.8% over the five years to 2025, 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 Florida, and compare them to the US economy, using the chart below.
$159.0k
PER CAPITA DISPOSABLE INCOME
Growth Rate 2020-25
State Growth Rank
7.5
15
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. Florida's DPI in 2025 was $159.0k, compared to the US average of $138.3k, which places it 15th 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 Florida's per capita disposable income, and compare it to the US average, using the chart below.
STATE ECONOMIC PROFILE
South Dakota Construction & Building Trends
$44,133.2tn
NONRESIDENTIAL CONSTRUCTION
Growth Rate 2020-25
State Growth Rank
13.1%
36
$54.4tn
RESIDENTIAL CONSTRUCTION
Growth Rate 2020-25
State Growth Rank
8.5%
38
180,954
BUILDING PERMITS
Growth Rate 2020-25
State Growth Rank
2.2%
36
What can construction trends tell you about a state’s economy?
In Florida, non-residential construction was $44,133.2tn in 2025, which ranks it 36th out of all US states. Residential construction was $54.4tn in 2025, which places Florida 38th in the United States. The number of building permits issued in Florida in 2025 was 180,954, representing a 2.2% annualized growth rate between 2020 and 2025.
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 Florida, 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 Florida are Miami-Dade County, Broward County and Hillsborough County, which had populations of 2,659,586, 1,961,898 and 1,587,106 people in 2025.
STATE ECONOMIC PROFILE
South Dakota Demographics
Education Level Florida
Race in Florida
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 652 Florida Industry Reports.
