State Quarterly Personal Income, 3rd quarter 2017
State personal income increased 0.7 percent on average in the third quarter of 2017, according to estimates released today by the Bureau of Economic Analysis (table 1). In the second quarter, state personal income increased 0.6 percent. Increases in earnings and personal current transfer receipts were the leading contributors to the acceleration in personal income in the third quarter.
Personal income increased 1.0 percent in Washington, faster than in any other state. Texas had the next largest increase at 0.9 percent. South Dakota, New Mexico, Nebraska, Kansas, and Iowa had the slowest increases in personal income.
Earnings. For the nation, earnings increased 0.8 percent in the third quarter of 2017, after increasing 0.6 percent in the second quarter. Earnings increased in 22 of the 24 industries for which BEA prepares quarterly estimates (table 5). Earnings increases in three industries–health care and social assistance; finance and insurance; and construction–were the leading contributors to the overall increase in personal income.
Earnings was the leading contributor to the increase in personal income in most states (table 2). The percentage change in earnings ranged from an increase of 1.2 percent in Washington to a decrease of less than 0.1 percent in South Dakota.
- Information earnings, which increased 0.6 for the nation, increased 5.7 percent in Washington, contributing to more than one-third of the increase in the state's total earnings (table 3). The increase in Washington's third quarter earnings reflected the vesting of employee stock grants.
- Construction earnings, which increased 1.5 percent for the nation, was the leading contributor to the increases in total earnings in Nevada, Alaska, and Utah.
- Finance and insurance earnings, which increased 1.5 percent for the nation, was the leading contributor to the increase in total earnings in New York.
- Health care earnings, which increased 1.4 percent for the nation, was the leading contributor to the increases in total earnings in Pennsylvania, Ohio, Massachusetts, and New Hampshire.
- Wholesale trade earnings, which increased 1.2 percent for the nation, was the leading contributor to the increase in total earnings in Texas.
- Farm earnings decreased for the nation and in most states in the third quarter, and was the leading contributor to the decrease in total earnings in South Dakota, and to the relatively small increases in total earnings in Nebraska, Kansas, Iowa, and North Dakota.
Transfer Receipts. Transfer receipts increased 0.7 percent for the nation in the third quarter of 2017, up from 0.2 percent in the second quarter. The percentage change in transfer receipts ranged from 1.5 percent in Washington to -0.1 percent in New Mexico. Transfer receipts increased 1.3 percent in Texas and 1.1 percent in Florida, reflecting disaster related assistance following hurricanes Harvey and Irma.
Property income. Property income increased 0.2 percent in the third quarter of 2017, down from 0.8 percent in the second quarter. The percentage change in property income ranged from 0.5 percent in Michigan to -0.2 percent in Rhode Island.
Updates to Personal Income. Today, BEA also released revised quarterly estimates for 2017:Q1 and 2017:Q2. 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 that were released in November.
Next release: March 22, 2018 at 8:30 A.M. EST – State Personal Income: Fourth Quarter 2017 and Preliminary Annual 2017.