March 24, 2021
In 2020, U.S. state personal income rose 6.1% relative to a 3.9% increase in 2019 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 8.4% in Arizona and Montana to 2.4% in Wyoming.” Meanwhile, state personal income fell 6.8% at an annual rate in the fourth quarter of 2020 in comparison to an 11.3% fall in the third quarter.
Earnings for the nation climbed 0.3% in 2020. Earnings fell in 10 of the 24 industries for which BEA prepares estimates. The leading contributors to the nation’s overall decline in earnings were accommodation and food services and in arts, entertainment, and recreation, however, the decline was partially tempered by earnings growth in 14 industries with the largest increases in professional, scientific, and technical services and in finance and insurance. Notably, the percent change in earnings across all states ranged from 5.2% in Utah to –6.6% in Hawaii.
In 2020, property income fell by 1.1% for the nation compared to a 1.3% increase in 2019. Moreover, the percent change in property income ranged from –0.4% in Hawaii, New Mexico, and West Virginia to –1.9% in South Dakota.
Transfer receipts advanced mainly due to increases in state unemployment insurance compensation and in all other transfer receipts. Furthermore, transfer receipts advanced in all states and the District of Columbia, ranging from 64.2% in Hawaii to 23.9% in Arkansas.
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