State Personal Income, Third Quarter 2018
State personal income increased 4.0 percent at an annual rate in the third quarter of 2018, an acceleration from the 3.4 percent increase in the second quarter, according to estimates released today by the Bureau of Economic Analysis (table 1). Personal income increased in all states and the District of Columbia. The percent change in personal income across all states ranged from 6.2 percent in Nevada and Washington to 2.1 percent in Missouri.
Increases in earnings and property income (dividends, interest and rent) contributed to personal income growth in all states, while increases in transfer receipts contributed to personal income growth in all states, but New York (table 2).
Earnings. Earnings increased 4.0 percent in the third quarter of 2018, after increasing 3.0 percent in the second quarter and was the leading contributor to personal income growth in most states, including the six fastest growing states—Nevada, Washington, Arizona, Colorado, New Hampshire, and Oregon. Earnings increased in 20 of the 24 industries for which BEA prepares quarterly estimates (table 4).
- Construction was the leading contributor to the earnings increase in Nevada, Arizona, New Hampshire, and Oregon (table 3).
- Information was the leading contributor to the earnings increase in Washington.
- Professional, scientific, and technical services was the leading contributor to the earnings increase in Colorado.
For the nation, professional, scientific, and technical services; state and local government; and healthcare and social assistance were the industries contributing most to overall growth in personal income (chart 1).
Property income. Property Income increased 4.0 percent for the nation in the third quarter of 2018, after increasing 3.9 percent in the second quarter. Growth rates ranged from 5.2 percent in Washington to 2.6 percent in Oklahoma.
Transfer receipts. Transfer receipts increased 4.0 percent for the nation in the third quarter of 2018, after increasing 4.4 percent in the second quarter. Growth rates ranged from 10.9 percent in Colorado to -1.6 percent in New York.
Updates to Personal Income. Today, BEA also released revised quarterly estimates for 2018:Q1 and 2018: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 on November 29, 2018.
State Personal Income, Fourth Quarter 2018 and Preliminary Annual 2018