Personal Income by State, 1st Quarter 2022
State personal income increased 4.8 percent at an annual rate in the first quarter of 2022 after increasing 3.6 percent in the fourth quarter of 2021, according to estimates released today by the U.S. Bureau of Economic Analysis (BEA) (table 1). The percent change in personal income across all states ranged from 8.5 percent in South Dakota to 1.3 percent in Hawaii.
In the first quarter of 2022, increases in earnings and property income (dividends, interest, and rent) more than offset a decrease in transfer receipts (chart 1).
In the first quarter, an increase in COVID–19 cases related to the Omicron variant resulted in continued restrictions and disruptions in the operations of establishments in some parts of the country. Government assistance payments in the form of forgivable loans to businesses, grants to state and local governments, and social benefits to households all decreased as provisions of several federal programs expired or tapered off. The full economic effects of the COVID–19 pandemic cannot be quantified in the state personal income estimates for the first quarter, because the impacts are generally embedded in source data and cannot be separately identified. For more information, see "Federal Recovery Programs and BEA Statistics."
For the nation, earnings increased 8.3 percent in the first quarter of 2022 after increasing 10.3 percent in the fourth quarter (table 2). The increase in earnings reflected the continued economic recovery following the partial economic shutdown that began in the first quarter of 2020 after the start of the COVID–19 pandemic.
- In South Dakota, North Dakota, Iowa, and Idaho, the states with the largest increases in personal income, an increase in farm earnings was the leading contributor to the increase in personal income in the first quarter (table 3).
- In New Hampshire, Vermont, and Massachusetts, an increase in professional, scientific, and technical services was the leading contributor to the increase in personal income in the first quarter (table 3).
Earnings increased in 23 of the 24 industries for which BEA prepares quarterly estimates (table 4). Professional, scientific, and technical services; construction; and administrative and support and waste management and remediation services were the leading contributors to the overall growth in earnings. The percent change in earnings across all states ranged from 13.5 percent in North Dakota to 3.0 percent in Hawaii (table 2).
Property income increased 2.6 percent for the nation in the first quarter of 2022 after increasing 6.5 percent in the fourth quarter. The percent change in property income across all states ranged from 5.2 percent in Utah to 1.0 percent in Rhode Island (table 2).
Transfer receipts decreased 4.5 percent for the nation in the first quarter of 2022 after decreasing 17.6 percent in the fourth quarter. The decrease in transfer receipts was due to decreases in state unemployment insurance compensation and all other transfer receipts partially offset by increases in Social Security, Medicare, and Medicaid benefits. The percent change in transfer receipts across all states ranged from 4.6 percent in Delaware to –11.2 percent in Arizona (table 2).
Today, BEA also released revised quarterly estimates of personal income for the first quarter of 2021 through the fourth quarter of 2021. 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 May 27, 2022.
BEA also released new estimates of per capita personal income for the first quarter of 2022, along with revised estimates for the first quarter of 2021 through the fourth quarter of 2021. BEA used Census population figures for the first quarter of 2021 through the first quarter of 2022, based on the 2020 decennial counts, to calculate per capita personal income estimates.
Revised annual state personal income estimates for 2017 to 2021 will be released on September 30, 2022. In addition, revised estimates for the first quarter of 2017 through the first quarter of 2022 and preliminary estimates for the second quarter of 2022 will also be released. In November 2022, the Survey of Current Business will publish an article describing the results.
Starting on September 30, 2022, BEA will begin regularly publishing quarterly statistics for state gross domestic product and state personal income together in a single news release, providing a fuller picture of the economies of all states and the District of Columbia. The combined news release will replace the publication of two separate releases issued on different days.
Next release: September 30, 2022, at 10:00 a.m.
Gross Domestic Product and Personal Income by State, 2nd Quarter 2022 and Annual Update 2021