According to new data from the U.S. Department of Commerce, state personal income grew on average 3.6 percent in 2016, after increasing 4.5 percent in 2015, according to estimates released today by the Bureau of Economic Analysis.
Growth of state personal income—the sum of net earnings by place of residence, property income, and personal current transfer receipts—ranged from –1.7 percent in Wyoming to 5.9 percent in Nevada.
Earnings. Earnings increased 4.1 percent in 2016 and was the leading contributor to growth in personal income in most states.
Both personal income and earnings grew faster in Nevada than in any other state. Earnings growth in management; arts, entertainment, and recreation; and construction were the leading contributors to its 7.2 percent growth in total earnings.
Utah, Washington, Florida, and Oregon had the next fastest growth in total earnings.
- In Utah, earnings growth in construction, and in health care and social assistance, were the leading contributors to the 6.4 percent growth in total earnings.
- In Washington, earnings growth in information, and in retail trade, were the leading contributors to the 6.3 percent growth in total earnings.
- In Florida, earnings growth in professional, scientific, and technical services, and in health care and social assistance, were the leading contributors to the 6.2 percent growth in total earnings.
- In Oregon, earnings growth in health care and social assistance, and in construction, were the leading contributors to the 5.9 percent growth in total earnings.
For the nation, earnings grew in 22 of the 24 industries for which BEA prepares estimates. Earnings growth in health care and social assistance; professional, scientific, and technical services; and construction were the leading contributors to overall growth in total earnings.
Mining earnings fell 13.6 percent nationally in 2016, after falling 13.3 percent in 2015. Lower mining earnings was the leading contributor to declines in total earnings in Oklahoma, Alaska, North Dakota, and Wyoming, and to very slow earnings growth in Louisiana.
Property income. Property income (dividends, interest, and rent) grew 1.9 percent on average in 2016, slower than the 2.8 percent increase in 2015. Dividend income decreased 0.3 percent in 2016, after increasing 2.7 percent in 2015. Growth in rental income slowed to 6.9 percent in 2016, after increasing 8.8 percent in 2015. Growth in interest income, in contrast, accelerated slightly to 0.9 percent in 2016, up from 0.1 percent 2015. The growth in property income ranged from 0.9 percent in Wyoming to 2.8 percent in North Dakota.
