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State Quarterly Personal Income, 4th quarter 2017; State Annual Personal Income, 2017 (preliminary)

Summary:
State personal income increased 3.1 percent on average in 2017, after increasing 2.3 percent in 2016, according to estimates released today by the Bureau of Economic Analysis (table 1). In 2017, personal income increased in all states and the District of Columbia except one, North Dakota. The percent change in personal income across all states ranged from 4.8 percent in Washington to -0.3 percent in North Dakota. Earnings. Earnings increased 3.1 percent in 2017 and was the leading contributor to growth in personal income in most states, including the five fastest growing states—Washington, Idaho, Nevada, Utah, and Arizona (table 2). Retail trade was the leading contributor to the earnings increase in Washington

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State personal income increased 3.1 percent on average in 2017, after increasing 2.3 percent in 2016, according to estimates released today by the Bureau of Economic Analysis (table 1). In 2017, personal income increased in all states and the District of Columbia except one, North Dakota. The percent change in personal income across all states ranged from 4.8 percent in Washington to -0.3 percent in North Dakota.

State Quarterly Personal Income, 4th quarter 2017; State Annual Personal Income, 2017 (preliminary)

Earnings. Earnings increased 3.1 percent in 2017 and was the leading contributor to growth in personal income in most states, including the five fastest growing states—Washington, Idaho, Nevada, Utah, and Arizona (table 2).

  • Retail trade was the leading contributor to the earnings increase in Washington (5.2 percent) (table 3). Retail trade earnings increased 15.3 percent in Washington compared with 2.9 percent for the nation (table 5).
  • Durable goods manufacturing was the leading contributor to the earnings increase in Idaho (5.3 percent). Durable goods manufacturing increased 9.7 percent in Idaho compared with 2.0 percent for the nation.
  • Construction was the leading contributor to the earnings increase in Nevada (4.3 percent). Construction earnings increased 13.2 percent in Nevada compared with 5.2 percent for the nation.
  • Professional, scientific, and technical services was the leading contributor to the earnings increase in Utah (4.7 percent). Professional, scientific, and technical services earnings increased 7.6 percent in Utah compared with 3.7 percent for the nation.
  • Health care was the leading contributor to the earnings increase in Arizona (4.8 percent). Health care earnings increased 6.4 percent in Arizona compared with 4.1 percent for the nation.
State Quarterly Personal Income, 4th quarter 2017; State Annual Personal Income, 2017 (preliminary)

For the nation, earnings increased in 22 of the 24 industries for which BEA prepares estimates (table 5). Earnings growth in three industries—health care and social assistance; professional, scientific, and technical services; and construction—were the leading contributors to overall growth in personal income.

Farm earnings decreased 6.6 percent for the nation in 2017. This was the fourth consecutive annual decrease in farm earnings and was the leading contributor to slow earnings growth in Kansas, Nebraska, and South Dakota, and to decreases in earnings in Iowa and North Dakota.

Mining earnings, which for the nation has decreased 35 percent since 2014, decreased 2.7 percent in 2017 and was the leading contributor to a decrease in earnings in Alaska.

Property income (dividends, interest, and rent). Property Income increased 3.3 percent in 2017, after increasing 1.2 percent in 2016. The percent change in property income ranged from 4.4 percent in Washington to 2.4 percent in Kentucky (table 2).

Personal current transfer receipts. Transfer receipts increased 3.0 percent for the nation in 2017, after increasing 3.1 percent in 2016. The percent change in transfer receipts ranged from 8.3 percent in Louisiana to -1.1 percent in New Mexico.

Fourth quarter personal income. State personal income increased 1.1 percent on average in the fourth quarter of 2017, after increasing 0.8 percent growth in the third quarter (table 6). The percent change in personal income across all states ranged from 1.5 percent in Nevada to 0.2 percent in North Dakota. Earnings increased 1.1 percent nationally, and was the leading contributor to growth in personal income in most states (table 7).

Updates to Personal Income. Today, BEA also released revised quarterly estimates for 2017:Q1-2017:Q3. Updates were made to incorporate source data that are more complete and more detailed than previously available and to align the states with revised national estimates. BEA also released revised quarterly estimates of population and per capita personal income for 2010:Q1-2017:Q3, and revised annual estimates of population and per capita personal income for 2010-2016.

Next release: June 21, 2018 at 8:30 A.M. EDT – State Personal Income: First Quarter 2018.

Additional Information

Resources

Definitions

Personal income is the income received by, or on behalf of, all persons from all sources: from participation as laborers in production, from owning a home or business, from the ownership of financial assets, and from government and business in the form of transfers. It includes income from domestic sources as well as the rest of world. It does not include realized or unrealized capital gains or losses.

Per capita personal income is calculated as the total personal income of the residents of a state divided by the population of the state. In computing per capita personal income, BEA uses midquarter population estimates based on unpublished Census Bureau data.

Earnings:
Earnings by place of work is the sum of wages and salaries, supplements to wages and salaries, and proprietors' income. BEA's industry estimates are presented on an earnings by place of work basis.

Net earnings by place of residence is earnings by place of work less contributions for government social insurance, plus an adjustment to convert earnings by place of work to a place-of-residence basis. BEA presents net earnings on an all industry level.

Property income is rental income of persons, personal dividend income, and personal interest income.

Personal current transfer receipts are benefits received by persons from federal, state, and local governments and from businesses for which no current services are performed. They include retirement and disability insurance benefits (mainly Social Security), medical benefits (mainly Medicare and Medicaid), income maintenance benefits, unemployment insurance compensation, veterans' benefits, and federal education and training assistance.

Personal income is measured before the deduction of personal income taxes and other personal taxes and is reported in current dollars (no adjustment is made for price changes).

The estimate of personal income for the United States is the sum of the state estimates and the estimate for the District of Columbia; it differs slightly from the estimate of personal income in the national income and product accounts (NIPAs) because of differences in coverage, in the methodologies used to prepare the estimates, and in the timing of the availability of source data.

Statistical Conventions

Quarter-to-quarter percent changes are calculated from unrounded data and are not annualized. Quarterly estimates are expressed at seasonally adjusted annual rates, unless otherwise specified. Quarter-to-quarter dollar changes are differences between published estimates.

BEA Regions

BEA groups all 50 states and the District of Columbia into eight distinct regions for purposes of data collecting and analyses: New England (Connecticut, Maine, Massachusetts, New Hampshire, Rhode Island, and Vermont); Mideast (Delaware, District of Columbia, Maryland, New Jersey, New York, and Pennsylvania); Great Lakes (Illinois, Indiana, Michigan, Ohio, and Wisconsin); Plains (Iowa, Kansas, Minnesota, Missouri, Nebraska, North Dakota, and South Dakota); Southeast (Alabama, Arkansas, Florida, Georgia, Kentucky, Louisiana, Mississippi, North Carolina, South Carolina, Tennessee, Virginia, and West Virginia); Southwest (Arizona, New Mexico, Oklahoma, and Texas); Rocky Mountain (Colorado, Idaho, Montana, Utah, and Wyoming); and Far West (Alaska, California, Hawaii, Nevada, Oregon, and Washington).

Uses of State Personal Income Statistics

State personal income statistics provide a framework for analyzing current economic conditions in each state and can serve as a basis for decision making. For example:

  • Federal government agencies use the statistics as a basis for allocating funds and determining matching grants to states. The statistics are also used in forecasting models to project energy and water use.
  • State governments use the statistics to project tax revenues and the need for public services.
  • Academic regional economists use the statistics for applied research.
  • Businesses, trade associations, and labor organizations use the statistics for market research.

List of News Release Tables

Table 1. Personal Income, Population, and Per Capita Personal Income, by State and Region, 2016-2017

Table 2. Personal Income Change by Component, by State and Region, 2016-2017

Table 3. Contributions of Earnings to Percent Change in Personal Income by Industry, State and Region, 2016-2017

Table 4. Earnings Growth by Industry, State and Region, 2016-2017

Table 5. Earnings Growth Rates by Industry, State and Region, 2016-2017

Table 6. Personal Income, by State and Region, 2016:Q3-2017:Q4

Table 7. Personal Income Change by Component, by State and Region, 2017:Q3-2017:Q4

Table 8. Contributions of Earnings to Percent Change in Personal Income by Industry, State and Region, 2017:Q3-2017:Q4

Table 9. Earnings Growth by Industry, State and Region, 2017:Q3-2017:Q4

Table 10. Earnings Growth Rates by Industry, State and Region, 2017:Q3-2017:Q4

Bureau of Economic Analysis
The BEA Advisory Committee advises the Director of BEA on matters related to the development and improvement of BEA’s national, regional, industry, and international economic accounts, especially in areas of new and rapidly growing economic activities arising from innovative and advancing technologies, and provides recommendations from the perspectives of the economics profession, business, and government.

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