State Personal Income in Q1 2022
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Personal incomes growth again varied widely across the states in 2022:Q1, with large differences in both the growth of transfer payments (reflecting idiosyncratic impacts of the wide-down of COVID relief) and net earnings The fastest rate of growth was South Dakota’s 8.5 percent, while the lowest was Hawaii’s 1.3 percent. Growth was fastest in the Great Plains and New England; slowest in the Southwest. The distribution of net earnings was somewhat different. The Plains—aided by sharp increases in farm income--and New England remain the strongest regions there, but the weakest was the Mideast. In the Mideast overall personal income grew at the national average of 4.8 percent. The drop in transfers was less marked than the national average, and the growth of property income was larger. In the Southwest, net earnings growth was greater than the national average, but property income rose less rapidly and transfers fell more.
In other industry detail, the boom in incomes generated in leisure and hospitality was over in the first quarter, with Nevada the only state seeing especially marked gains.
Charles Steindel
AuthorMore in Author Profile »Charles Steindel has been editor of Business Economics, the journal of the National Association for Business Economics, since 2016. From 2014 to 2021 he was Resident Scholar at the Anisfield School of Business, Ramapo College of New Jersey. From 2010 to 2014 he was the first Chief Economist of the New Jersey Department of the Treasury, with responsibilities for economic and revenue projections and analysis of state economic policy. He came to the Treasury after a long career at the Federal Reserve Bank of New York, where he played a major role in forecasting and policy advice and rose to the rank of Senior Vice-President. He has served in leadership positions in a number of professional organizations. In 2011 he received the William F. Butler Award from the New York Association for Business Economics, is a fellow of NABE and of the Money Marketeers of New York University, and has received several awards for articles published in Business Economics. In 2017 he delivered Ramapo College's Sebastian J. Raciti Memorial Lecture. He is a member of the panel for the Federal Reserve Bank of Philadelphia's Survey of Professional Forecasters and of the Committee on Research in Income and Wealth. He has published papers in a range of areas, and is the author of Economic Indicators for Professionals: Putting the Statistics into Perspective. He received his bachelor's degree from Emory University, his Ph.D. from the Massachusetts Institute of Technology, and is a National Association for Business Economics Certified Business EconomistTM.