State Personal Income, Second Quarter 2019
State personal income increased 5.4 percent at an annual rate in the second quarter of 2019, a deceleration from the 6.2 percent increase in the first quarter, according to estimates released today by the Bureau of Economic Analysis (table 1). The percent change in personal income across all states ranged from 7.5 percent in Texas to unchanged in North Dakota.
Increases in earnings, property income (dividends, interest, and rent), and transfer receipts contributed to personal income growth nationally and in most states (table 2).
Earnings. Earnings increased 4.4 percent in the second quarter of 2019, after increasing 8.1 percent in the first quarter. Earnings increased in 20 of the 24 industries for which BEA prepares quarterly estimates (table 4).
For the nation, professional, scientific, and technical services; finance and insurance; and state and local government were the leading contributors to overall growth in earnings.
- Professional, scientific, and technical services was the leading contributor to the earnings increase in Texas, the fastest growing state, as well as five other fast-growing states-- Washington, Utah, Nevada, Arizona, and Oregon (table 3).
- Finance was the leading contributor to the earnings increase in Delaware and New York.
- Mining was the leading contributor to the earnings increase in New Mexico.
- Farming was the leading contributor to the earnings increase in Idaho.
Farming was a leading contributor to the earnings decrease in North Dakota and South Dakota, and to slow growth in Iowa, Mississippi, Nebraska, and Kansas. The decreases in farm earnings reflect smaller Market Facilitation Payments in the second quarter of 2019 than in the first quarter.
Property income. Property income increased 8.0 percent for the nation in the second quarter of 2019, after decreasing 4.6 percent in the first quarter. Property income increased in every state, ranging from 10.5 percent in Utah and New York to 4.7 percent in Alaska.
Transfer receipts. Transfer receipts increased 6.1 percent for the nation in the second quarter of 2019, after increasing 15.4 percent in the first quarter. Growth in transfer receipts ranged from 10.6 percent in Alaska to 0.1 percent in Connecticut.
The estimates of 2019:Q2 personal income incorporate the results of BEA's annual update of state personal income that was also released today. The annual estimates of state personal income for 1998 to 2018, and quarterly estimates of state personal income for 1998:Q1 to 2019:Q1 were revised (Table 5). The update incorporates revised source data that are more complete and more detailed than previously available, updates to seasonal factors, and the results of the July 2019 annual update of the National Income and Product Accounts.
Today, BEA also released revised estimates of real state personal income for 2008 to 2017 that incorporate the results of the annual update to state personal income.
Next release: December 18, 2019 at 8:30 A.M. EST
State Personal Income, Third Quarter 2019