Across the United States, personal income growth as a whole increased by 1 percent in the first quarter of 2016 from the fourth quarter of 2015. On a state-by-state level, Washington saw its incomes grow faster than anywhere else thanks in large part to stock grants to workers from technology companies, The Wall Street Journal reports.
Washington’s income grew by 1.5 percent in the first quarter compared to the fourth quarter. The state with the second best income growth is on the complete opposite side of the country; Maine’s income grew by 1.4 percent with the construction and manufacturing industries being the biggest drivers of the gain.
Michigan (1.3 percent), Utah (1.3 percent), and Massachusetts (1.2 percent) round out the top five. Meanwhile, on the opposite end of the spectrum, North Dakota experienced the smallest increase, posting a -1.3 percent decline. Wyoming was the only other state to show negative growth at -0.3 percent. Louisiana (0.2 percent), South Dakota (0.3 percent), and West Virginia (0.5 percent) make up the rest of the bottom five. For many of these states, falling earnings related to the farming and energy industries are to blame, especially in North Dakota where those are the two primary industries.
To view a list of the seasonally adjusted change in personal income from the previous quarter for each state, click the link below.
PB Topical Ref
