STUDY: Same-Sex Marriage Could Add $10 Million Annually to South Dakota Economy
Legalizing same-sex marriage in South Dakota could also mean a nearly $10 million economic bump for the state’s economy, according to a recent study.
The financial website Nerdwallet.com looked at each state’s consumer spending on weddings, the number of self-identified gay and lesbian residents and overall marriage rates to come to its figure: $9.8 million of new wedding-related business in South Dakota if the state legalized same-sex marriage.
“Many states where same-sex marriage is legal have seen an economic boost as couples plan their unions,” the study said. “But this increase doesn’t predict future spending because marriage rates for the first couple of years after legalization are inflated due to pent up demand.”
The study also noted that were initial marriages are often done cheaply at courthouses. However, when same-sex marriage has been legal for a few years in a state, the study said it assumed couples would be spending more time—and money—on their weddings. The study also concluded that the widespread recognition of same sex marriages would boost federal revenue through income and estate taxes.
The average cost of a wedding in South Dakota, according to Nerdwallet, is $22,790.