South Dakota Sees Rise in Sole Proprietorships
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Lately, we've seen stories of individuals who can't find work creating their own businesses. But, in South Dakota, where unemployment is relatively low, sole proprietorships are on the rise. Workers in SD realize that working for themselves can be extremely rewarding.
From Small Business Labs:
A professor at South Dakota State University analyzed non-farm wage, salary and sole 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.
We look forward to learning what makes South Dakota so successful.