Personal income up 4.5 percent in 2018, report says
State personal income increased 4.5 percent in 2018, after increasing 4.4 percent in 2017, according to estimates released Tuesday by the Bureau of Economic Analysis. In 2018, personal income increased in all states and the District of Columbia. The percent change in personal income across all states ranged from 6.8 percent in Washington to 2.9 percent in Hawaii.
Increases in earnings, property income (dividends, interest and rent), and transfer receipts contributed to personal income growth in all states.
Earnings. Earnings increased 4.4 percent in 2018 and was the leading contributor to growth in the five fastest growing states—Washington, Utah, Nevada, Colorado, and Arizona.
- Information was the leading contributor to the earnings increase in Washington.
- Professional, scientific, and technical services was the leading contributor to the earnings increase in Utah and Colorado.
- Construction was the leading contributor to the earnings increase in Nevada and Arizona.
For the nation, earnings increased in all 24 industries for which BEA prepares estimates. Earnings growth in three industries—professional, scientific, and technical services; health care and social assistance; and construction—were the leading contributors to overall growth in personal income.
Fourth quarter personal income. State personal income increased 5.2 percent at an annual rate in the fourth quarter of 2018, after increasing 4.4 percent in the third quarter. The percent change in personal income across all states ranged from 12.9 percent in South Dakota to 2.8 percent in New York. Earnings increased 5.1 percent nationally and was the leading contributor to growth in personal income in every state.
More on Tuesday’s BEA report HERE.