March 24, 2020
In 2019, state personal income rose 4.4% relative to a 5.6% increase in 2018 in the U.S. according to estimates released by Bureau of Economic Analysis (BEA). The BEA also noted, “The percent change in personal income across all states ranged from 6.1% in Colorado to 2.8 percent in West Virginia.” Meanwhile, State personal income advanced 3.0% at an annual rate in the fourth quarter of 2019 in comparison to a 2.8% rise in the third quarter.
Earnings climbed 4.5% in 2019, rising n all 24 industries for which BEA prepares estimates.
The leading contributors to the nation’s overall growth in earnings were professional, scientific, and technical services; health care and social assistance; and state and local government and where the leading contributors to growth in the fastest growing states: Colorado, Utah, Idaho, Arizona, and New Mexico.
In 2019, property income rose by 2.3% for the nation compared to a 8.4% increase in 2018. Moreover, the percent change in property income ranged from 2.8% in Nevada, to 2.0% in Delaware, Mississippi, Oklahoma, and Texas.
Transfer receipts advanced by 6.7% for the nation in 2019, versus a 4.3% increase in the previous year. Furthermore, the percent change in transfer receipts ranged from 9.2% in Idaho to 3.0% in New York.
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