Here's How State Personal Income Grew in Early 2016
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Most states saw gains, except for two with significant fossil fuels sectors.
Personal income grew in every state except Wyoming and North Dakota in the first quarter of the year, compared to the final quarter of 2015, according to estimates the U.S. Bureau of Economic Analysis released Wednesday.
The state with the top growth rate for the first three months of 2016 was Washington, where personal income was up by an estimated 1.5 percent. At the other end of the spectrum was North Dakota, where the drop in personal income was pegged at -1.3 percent.
The first chart below shows the percent of estimated personal income growth in all 50 states and the District of Columbia from the fourth quarter of 2015, to the first quarter of 2016.
North Dakota and Wyoming are both states where fossil fuel industries are key economic drivers.
Low oil prices have hit North Dakota hard, following a hydraulic fracturing boom in the state's Bakken region. And Wyoming’s energy sector has been hurt by sagging oil and gas prices, along with declines in the coal industry.
Across all states, estimated personal income growth was 1 percent during the first quarter of the year. That's the same rate seen in the previous two quarters, and slightly below the median of 1.2 percent for all quarters dating back to early 1995.
This next chart shows state personal income growth rates for the entire U.S. between 2000 and the first quarter of 2016.
Highest on the per capita personal income list as of the first quarter of this year were Washington, D.C., Connecticut, and Massachusetts. Annualized per capita estimates for all states are shown in the following chart.
The Bureau of Economic Analysis defines personal income as the income received "by all persons from all sources." To get per capita figures, the total personal income for residents in a state is divided by the state's population.
These next two charts display percent changes in quarterly personal income, dating back to 2007, for states with the least and greatest growth rates during the first quarter of this year.
Bigger or more frequent spikes and dips in the charts indicate more volatility in a state's personal income growth levels.
Finally, here are annual personal income estimates for 2015, to give some sense of how much personal income is generated in each state. Numbers are displayed in thousands. So to get the full dollar amount, add three zeros.
A full copy of the information released Wednesday can be found here.
Bill Lucia is a Reporter for Government Executive's Route Fifty and is based in Washington, D.C.
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