Agricultural production, whether in the form of crops or livestock, has traditionally played a large role in the economic prosperity of South Dakota. In the last few years the value of agricultural commodities produced in the state has averaged $6.0 billion annually. The impacts of this activity go beyond the agricultural sector alone. The effects of this production are threefold, the direct, indirect, and induced. The direct effect is the actual value of the commodities produced in the state. The indirect effect is the business to business activity that is created through the production of these commodities. The induced effect is the additional consumer spending resulting from the increased economic activity in the state. Combined, these three effects provide an estimate of the total economic impact of agriculture on the South Dakota economy.
|Organization||South Dakota State University Extension|
|Publisher||South Dakota State University|
|Material Type||Written Material|