September 25, 2018
State personal income increased 4.2 percent, at an annual rate, in the second quarter of 2018, a deceleration from the 5.0 percent increase in the first quarter. The percent change in personal income across all states ranged from 6.0 percent in Texas to 1.6 percent in Washington.
- For the nation, earnings increased 4.5 percent in the second quarter of 2018, after increasing 5.1 percent in the first quarter, and increased in 21 of the 24 industries for which BEA prepares quarterly estimates. Earnings was the leading contributor to personal income growth in most states, including the four states with the fastest personal income growth – Texas, Louisiana, Kentucky, and North Dakota.
- Professional, scientific, and technical services was the leading contributor to the earnings increase in Texas.
- Nationally, earnings increased fastest in farming and mining. Although neither industry contributed more than 0.2 of a percentage point to personal income growth nationally; both industries were important contributors to growth in several states.
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