State Quarterly Personal Income, 4th quarter 2017; State Annual Personal Income, 2017 (preliminary)
State personal income increased 3.1 percent on average in 2017, after increasing 2.3 percent in 2016, according to estimates released today by the Bureau of Economic Analysis (table 1). In 2017, personal income increased in all states and the District of Columbia except one, North Dakota. The percent change in personal income across all states ranged from 4.8 percent in Washington to -0.3 percent in North Dakota.
Earnings increased 3.1 percent in 2017 and was the leading contributor to growth in personal income in most states, including the five fastest growing states—Washington, Idaho, Nevada, Utah, and Arizona (table 2).
- Retail trade was the leading contributor to the earnings increase in Washington (5.2 percent) (table 3). Retail trade earnings increased 15.3 percent in Washington compared with 2.9 percent for the nation (table 5).
- Durable goods manufacturing was the leading contributor to the earnings increase in Idaho (5.3 percent). Durable goods manufacturing increased 9.7 percent in Idaho compared with 2.0 percent for the nation.
- Construction was the leading contributor to the earnings increase in Nevada (4.3 percent). Construction earnings increased 13.2 percent in Nevada compared with 5.2 percent for the nation.
- Professional, scientific, and technical services was the leading contributor to the earnings increase in Utah (4.7 percent). Professional, scientific, and technical services earnings increased 7.6 percent in Utah compared with 3.7 percent for the nation.
- Health care was the leading contributor to the earnings increase in Arizona (4.8 percent). Health care earnings increased 6.4 percent in Arizona compared with 4.1 percent for the nation.
For the nation, earnings increased in 22 of the 24 industries for which BEA prepares estimates (table 5). Earnings growth in three industries—health care and social assistance; professional, scientific, and technical services; and construction—were the leading contributors to overall growth in personal income.
Farm earnings decreased 6.6 percent for the nation in 2017. This was the fourth consecutive annual decrease in farm earnings and was the leading contributor to slow earnings growth in Kansas, Nebraska, and South Dakota, and to decreases in earnings in Iowa and North Dakota.
Mining earnings, which for the nation has decreased 35 percent since 2014, decreased 2.7 percent in 2017 and was the leading contributor to a decrease in earnings in Alaska.
Property income (dividends, interest, and rent)
Property Income increased 3.3 percent in 2017, after increasing 1.2 percent in 2016. The percent change in property income ranged from 4.4 percent in Washington to 2.4 percent in Kentucky (table 2).
Personal current transfer receipts
Transfer receipts increased 3.0 percent for the nation in 2017, after increasing 3.1 percent in 2016. The percent change in transfer receipts ranged from 8.3 percent in Louisiana to -1.1 percent in New Mexico.
Fourth quarter personal income
State personal income increased 1.1 percent on average in the fourth quarter of 2017, after increasing 0.8 percent growth in the third quarter (table 6). The percent change in personal income across all states ranged from 1.5 percent in Nevada to 0.2 percent in North Dakota. Earnings increased 1.1 percent nationally, and was the leading contributor to growth in personal income in most states (table 7).
Next release: June 21, 2018 at 8:30 A.M. EDT – State Personal Income: First Quarter 2018.