Idaho per capita income gains
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March 27, 2013 |
Solid investment earnings and strong business
profits during the final three months of 2012
pushed Idaho’s total personal income for the
year to over $53.8 billion, finally returning
per capita income to slightly above its
prerecession peak.
The state’s fourth quarter 2.1 percent increase
on an annualized basis in total personal income
– the value of all wages, business profits,
investment earnings and transfer payments like
Social Security, unemployment benefits and
pensions – was slightly higher than the national
increase and ranked 14th among the states.
It capitalized on the strong third quarter that
was double the national increase to rank third
nationally and offset weak growth in the first
half of the year.
But the 2.6 percent increase in per capita
income to $33,749 – the amount of total income
for every man, woman and child in the state –
fell a tenth of a point short of the increase
nationally. Idaho ranked 49th among the 50
states in per capita income at 79 percent of the
national figure of $42,693. Mississippi ranked
last.
Overall, personal income was up 3.3 percent in
2012, two-tenths of a percentage point below the
national increase to rank 25th among the states.
Investment earnings were up over six percent
from 2011, and business profits rose 6.6 percent
from the previous year – nearly double the
growth nationally and an increase exceeded by
only six other states. Wages and salaries
increased 1.9 percent, ranking 41st among the
states.
Construction posted its first increase in
earnings since 2007, rising 3.9 percent from
2011. Retail at 5.6 percent and manufacturing at
3.7 percent also posted strong gains from the
previous year. |
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