Despite Low Unemployment Rate, Sole Proprietorships Growing in South Dakota

proprietorship data for 2000 and 2008 by county for South Dakota. He found the number of non-farm business sole proprietors grew during this period.

Key quote from an article in Sioux Fall’s Argus Leader:

“The bottom line is that the number of self-employed South Dakotans is increasing faster than those in hired positions. Statewide, nonfarm proprietors grew by 25 percent and total jobs increased 9 percent.”

I find this really interesting.

South Dakota has one of our nation’s strongest economies. The unemployment rate is only 4.5% and only North Dakota’s unemployment rate is lower (3.8%).

Unlike many parts of of the country, it seems unlikely that a lack of jobs and necessity entrepreneurship is driving the growth of solopreneurs in SD. People appear to choosing to be self-employed over traditional employment.

How and why people choose between traditional employment and self-employment is something we are constantly examining. I look forward to learning more about what is happening in South Dakota.