The Regional Outreach director for the Federal Reserve Bank of Minneapolis says the poor agriculture economy is the main factor dragging South Dakota’s overall state economy down.
Ron Wirtz says there are many spillovers from ag to other areas.
He says current projections don’t show an improvement for farmers and ranchers in the near term.
Wirtz says a recent analysis by the Federal Reserve Bank of Minneapolis shows an increase in the number of farms filing for bankruptcy in South Dakota, North Dakota, Montana, Minnesota and Wisconsin.
Wirtz says how farmers and ranchers have managed their finances will determine whether or not they make it another year.
Until the agriculture economy improves, Wirtz doesn’t expect to see much growth in the rural parts of South Dakota.
Hear more from Wirtz on South Dakota’s economy in the latest KGFX Beyond the Mic podcast. Subscribe for free through Spotify, Google Play, Podbean or iTunes.
