Idaho per capita income gains |
| 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. |