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Economy in Brief

State Personal Income
by Charles Steindel  December 19, 2019

The patter of state personal income growth in the third quarter of 2019 was heavily affected by large gains in farm income. Aggregate income in the Great Plains state grew quite rapidly that quarter, with Iowa, Nebraska, and the two Dakotas all experiencing annual rates of growth above 10 percent. In contrast, two energy-intensive states-West Virginia and Wyoming had growth rate under 2 percent.

The range of growth was narrower among states less dependent on agriculture and energy extraction, and closer to the national figure of 3.8 percent. Growth in the Northeast, though, trailed other regions, with income in New York growing at a modest 2.1 percent annual rateā€”much less than growth in Florida, Texas, and California. In general, job growth has been slower in the Northeast than in much of the rest of the nation, and with no marked kick from farm income, aggregate income growth also lagged.

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