[Vision2020] States Where Incomes Are Booming (or Not)

[Kenneth Marcy]

*States Where Incomes Are Booming (or Not)

***The combined sum of all income received by all Americans was $12.2 
trillion in 2010. It was the end of what many economists consider the 
worst decade for the American economy since the 1930s. During the Great 
Recession GDP growth slowed to a crawl, and unemployment fell to levels 
not seen in decades. Starting in 2010 the nation began its long process 
of recovery. In 2015, personal income amounted to $14.0 trillion, a 
14.6% increase from five years earlier.

While all states have enjoyed some economic recovery, growth was far 
from even. North Dakota led the nation with a 27.9% increase in personal 
income, while Maine’s 4.2% personal income growth was the slowest. To 
identify the states where income is booming, and the states where it is 
not, 24/7 Wall St. reviewed personal income data from the Bureau of 
Economic Analysis for each state over the five years through 2015.

Personal income is the sum of the net earnings of all people from all 
sources before taxes, the largest component of which is wages and 
salaries. Most of the states where personal incomes grew the fastest 
have strong, flourishing industries that helped weather the recession 
and continue to aid the recovery. In an interview with 24/7 Wall St., 
Chad Shearer, senior research analyst at the Brookings Institution’s 
Metropolitan Policy Program, said, “The biggest factor in explaining why 
some places have recovered faster than others is really their industrial 
composition.”

*
More of the story may be read at: http://tinyurl.com/hrjrnrh*

*
16. Idaho
 > Personal income growth (2010-2015):* 15.2%
*> Per capita personal income 2015:* $36,991 (3rd lowest)
*> Unemployment rate:* 4.1% (12th lowest)
*> Pct. change in labor force (2010-2015):* 4.8% (7th highest)

Three industries have been a drag on Idaho’s economy since 2010. The 
mining, utilities, and information sectors all contracted by at least 
2.9%. Still, faster-than-average GDP gains in several other industries 
such as manufacturing and government were enough to drive personal 
income growth up 15.2% from 2010 through 2015. Income per capita in 
Idaho, however, remains among the lowest in the country. The average 
resident in the state earns only $36,991 per year, less than in all but 
two other states. (Those two states are Arizona, and, at the bottom, Utah.)



Ken

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