Newspaper article THE JOURNAL RECORD

Personal Income Growth in State Tops U.S. Average

Newspaper article THE JOURNAL RECORD

Personal Income Growth in State Tops U.S. Average

Article excerpt

WASHINGTON (AP) _ Personal income grew 4.9 percent from the first quarter of 1991 to the first quarter of 1992 in Oklahoma, ranking the Sooner State 20th in growth for the period, a government study said Wednesday.

Nationally, people living along the East Coast and in California trailed the rest of the nation in personal income growth as the economy tried to shake off the recession, a government study said Wednesday, according to the report by the Commerce Department's Bureau of Economic Analysis.

"The 15 states with the slowest growth in personal income since the first quarter of 1991 are on or near the East Coast, except for California, and tend to be densely populated."

All states posted income gains in the 12 months ending in March, ranging from an anemic 1 percent in Rhode Island to a robust 7.3 percent in Idaho. Nationally, incomes grew 4.1 percent.

But personal income growth in 10 East Coast states failed to keep up with a 3 percent increase in the inflation index used by the bureau. Californians' incomes, which grew 3.2 percent, barely outpaced rising prices.

The report breaks the states into eight separate regions, though Alaska and Hawaii are not included in a region. Oklahoma is included in the Southwest region, along with Texas, New Mexico and Arizona.

Texas experienced personal income growth of 6.3 percent, placing it No. 3 behind No. 1 Idaho and Montana, which was ranked No. 2 even though its growth was the same as for Texas.

New Mexico's gain of 5.1 percent placed it at No. 19, just ahead of Oklahoma. Arizona's growth was 3.5 percent, which ranked it 35th among the states.

"Most of the states with the fastest growth in personal income since the first quarter of 1991 _ the last quarter in which real gross domestic product declined _ are in the western half of the United States," the report said.

These states, it added, "have few large urban areas and have had fast growth in payrolls in construction and private servicepe industries."

A recession generally is defined as two consecutive quarters of decline in the Gross Domestic Product, the total of goods and services produced in the United States and the broadest measure of the nation's economic health. …

Search by... Author
Show... All Results Primary Sources Peer-reviewed

Oops!

An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.