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Economic Development

Sept. 28 - State Personal Income: Second Quarter 2017

Category: Economic Development

Savannah Business Journal Staff Report

September 28, 2017 - State personal income grew 0.7 percent on average in the second quarter of 2017, after increasing 1.4 percent in the first quarter, according to estimates released today by the Bureau of Economic Analysis (table 1). Each of the major aggregates of personal income–net earnings, property income, and personal current transfer receipts–grew more slowly than in the first quarter.

Personal income grew 1.3 percent in Nevada, faster than in any other state. Utah had the next fastest growth at 1.1 percent. Iowa, Nebraska, and West Virginia had the slowest growth in personal income, with each state growing less than half the rate of the nation.

Personal Income: Percent Change, 2017:Q1-2017:Q2

Earnings. On average, earnings increased 0.8 percent in the second quarter of 2017, after increasing 1.5 percent in the first quarter. Earnings growth ranged from 1.6 percent in Nevada to -0.1 percent in Nebraska, and was the leading contributor to growth in personal income in most states (table 2).

Earnings 2017:Q1-2017:Q2 (Percent Change)
  • Growth in construction earnings was the leading contributor to above average earnings growth in Nevada and Oregon (table 3).
  • Growth in retail trade earnings was the leading contributor to above average earnings growth in Utah.
  • Growth in professional, scientific, and technical services earnings was the leading contributor to above average earnings growth in Florida.
  • Growth in information earnings was the leading contributor to above average earnings growth in Georgia and Colorado.
  • Growth in construction earnings and in finance and insurance earnings were both contributors to above average earnings growth in Rhode Island.
  • Growth in finance and insurance earnings was the leading contributor to above average earnings growth in Texas.

Farm earnings declined for the nation and in every state in the second quarter (table 4) and was the leading contributor to slow earnings growth in many states. In Nebraska, Iowa and North Dakota, the decline in farm earnings reduced earnings growth by half a percentage point or more. The slow growth in farm earnings reflects lower prices for grains and other crops.

For the nation, earnings grew in 20 of the 24 industries for which BEA prepares quarterly estimates. Earnings growth in three industries–health care and social assistance; professional, scientific, and technical services; and finance and insurance–was the leading contributor to overall growth in personal income.

Property income. Property income increased 0.8 percent in the second quarter of 2017, down from 1.3 percent in the first quarter. Property income growth ranged from 1.2 percent in Michigan to 0.4 percent in Rhode Island.

Transfer receipts. Transfer receipts grew 0.2 percent for the nation in the second quarter of 2017, down from the 1.3 percent growth in the first quarter. Growth rates ranged from 2.0 percent in Alaska to -1.1 percent in Iowa.

Updates to Personal Income. Today, BEA also released revised annual estimates of state personal income for 2014 to 2016 and revised quarterly estimates for 2014:Q1 to 2017:Q1. Updates were made to incorporate source data that are more complete and more detailed than previously available, to incorporate updated seasonal factors, and to align the states with revised national estimates that were released with the July 2017 annual update to the National Income and Product Accounts.

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