NATIONALLY, state personal income rose an average of 5.1 percent in 2011 after rising only 3.7 percent in 2010, according to a U.S. Bureau of Economic Analysis report. For a larger version of this map, click HERE.
WASHINGTON – State personal income rose an average of 5.1 percent nationally in 2011 after rising only 3.7 percent in 2010, according to a U.S. Bureau of Economic Analysis report released Wednesday.
Rhode Island’s state personal income grew an average of 4.63 percent, 1.2 percentage points up from the 3.4 percent growth in 2010.
State personal-income growth ranged from 3.4 percent in Maine to 8.1 percent in North Dakota.
National inflation – as measured by the national price index for personal consumption expenditures – increased to 2.5 percent in 2011 from 1.8 percent in 2010.
Nationally, earnings grew an average 4.4 percent in 2011 and recovered to pre-recession levels or higher in 45 states, including Rhode Island.
In Arizona, Florida, Michigan, Nevada and Oklahoma, earnings are still below pre-recession peaks and Nevada’s 3.0 percent earnings growth in 2011 follows three consecutive years of decline.
Earnings increased in every private industry in 2011, according to the report, and earnings growth accelerated in all private industries except administrative services and accommodations.
In contrast, 2011 earnings fell 0.3 percent for state and local government employees and earnings growth slowed for civilian federal employees to 0.6 percent from 7.2 percent in 2010 and for the military to 1.3 percent from 4.0 percent in 2010.
Estate and Corporate Income Taxes are changing next year, and business owners and executives should know the details. The PBN Summit on November 6th will provide those details and more - including how much Obamacare's Employer Mandate could cost.
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