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Wednesday, March 25, 2009

State Per Capita Incomes

The BEA reports:

The range of state growth rates was wide. The high end included oil producing states such as Alaska, Wyoming, Oklahoma, and Texas which benefitted from the rise in oil prices, which peaked in the first half of 2008. Annual employment levels in 2008 in these states exceeded their 2007 levels. At the other end, personal income growth was less than the 3.3 percent national inflation rate in 13 states in 2008. These states include Florida, Arizona, Michigan, and Nevada which had among the largest percentage declines in employment in 2008.

Per capita personal income (personal income divided by population) grew 2.9 percent nationally in 2008 down from 4.9 percent in 2007. Across states, per capita personal income growth rates ranged from 0.4 percent in Arizona (down from 1.7 percent) to 9.0 percent in North Dakota (down from 11.9 percent).
Change in Per Capita Personal Income by State (YoY)

Personal income declined nationally and in 41 states in the fourth quarter of 2008. The 0.2 percent national decline was the first since 1994Q1 and contrasts with a 0.2 percent increase in the third quarter. Personal consumption prices fell 1.3 percent in the fourth quarter of 2008, the largest quarterly decline ever.

The largest contributors (by industry) to the decline in personal income were the cyclically sensitive manufacturing and construction sectors as well as the trade sector, at both the wholesale and retail levels.
Change in Personal Income by State (QoQ)

Finally, for those interested in how your state stacks up in per capita personal income, have at it (gotta love those politician's raking it in).

Per Capita Personal Income by State

Source: BEA