Wyomings Personal Growth Income
Wyo personal income growth is second best in U.S.
By Business Report Staff
June 22, 2011 --
Wyoming's personal income grew at a rate of 2.6 percent for the first quarter of 2011, compared to 0.7 percent growth for the fourth quarter of 2010. Income growth was good enough to earn the state a national ranking of second place out of the 50 states; North Dakota's growth of 6.9 percent was the nation's best.
Based on estimates released by the U.S. Bureau of Economic Analysis (BEA) on June 22, personal income for the Rocky Mountain region, which includes Wyoming, Colorado, Idaho, Montana and Utah, grew at a slightly slower pace of 2.0 percent while the U.S. recorded growth of 1.8 percent.
Wyoming's first quarter growth led the region followed by Montana, Utah and Colorado while Idaho trailed the region with a growth rate of 1.8 percent and a ranking of 26.
According to the BEA, the lowering of the personal contribution rate for Social Security explained a good deal of the first quarter personal income growth in most states. Personal income is defined as income received by all people, from all sources, and that includes wages, interest and dividends, rents, and government transfer payments.
Jim Robinson, senior economist for Wyoming's Economic Analysis Division, commented, "This is very good news for the state, and it is not just about one quarter's performance. Wyoming has now had five consecutive quarters of income growth, and that is directly related to the state's improving job market."
Of the 24 industries that the BEA follows, growth in earnings from mining, farm and transportation/warehousing had the largest impact on the state's income growth. Real estate and management of companies were the only two industries that recorded declines for Wyoming.
