State Personal Income in Q2 2023
State personal income growth ranged from annual rates of 6.1 percent in DC and New York to -2.7 percent in Maine. The drop in Maine related to a one-off large decline in transfers; Arkansas, number 49 with a meager .4 percent growth rate, was weak in all major categories.
In general, states in that grew notably faster than the national average were in the Northeast and Far West, and slow-growing states in the middle of the nation. There were exceptions: Kentucky grew at a 5.8 percent clip and Kansas 5.0 percent, while South Carolina (another state affected by a drop in transfers) grew at only a 1.4 percent rate.
The range of the annual rate of growth for net earnings (employee compensation plus noncorporate business earnings—a measure likely more closely related than overall person income to current economic activity—was also wide, with Florida’s 7.1 percent tops, and North Dakota at the bottom at -.8 percent.
Charles SteindelAuthorMore 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.