BEA: R.I. 19th for personal income growth in U.S.

RHODE ISLAND'S personal income grew 1.1 percent in the first quarter compared with the fourth quarter of 2015, to $54.4 billion from $53.9 billion, on an annualized basis, ranking the Ocean State 19th in the nation for personal income growth, according to the U.S. Bureau of Economic Analysis. / COURTESY U.S. BUREAU OF ECONOMIC ANALYSIS
RHODE ISLAND'S personal income grew 1.1 percent in the first quarter compared with the fourth quarter of 2015, to $54.4 billion from $53.9 billion, on an annualized basis, ranking the Ocean State 19th in the nation for personal income growth, according to the U.S. Bureau of Economic Analysis. / COURTESY U.S. BUREAU OF ECONOMIC ANALYSIS

PROVIDENCE – Personal income for the nation climbed 1 percent on average in the first quarter, the same pace as the fourth quarter, and rose in all states, including Rhode Island, except for Wyoming and North Dakota, according to the U.S. Bureau of Economic Analysis.
Personal income – income received by all persons from all sources – in Rhode Island grew 1.1 percent in the first quarter compared with the fourth quarter of 2015, to $54.4 billion from $53.9 billion, on an annualized basis, ranking the Ocean State 19th on the list for personal income growth, and fifth among the six New England states. Rhode Island was ahead of only Connecticut for personal income growth, which ranked 36th nationally for its 0.8 percent gain over the quarter.
Maine led personal income growth among the New England states at 1.4 percent, ranking second nationwide for its quarter-over-quarter growth. Massachusetts ranked third in New England – ninth nationwide – for its 1.2 percent personal income growth during that time frame.
Washington led the nation with quarter-over-quarter personal income growth of 1.5 percent, while North Dakota ranked last with a 1.3 percent decrease, and Wyoming was next-to-last with its 0.3 percent decline.
Overall, earnings, a different measure of income, grew 1.1 percent nationally during the time period, with earnings in Washington growing 2.1 percent, faster than any other state, thanks to stock grants in the information sector. Rhode Island earnings grew 1.3 percent, the BEA said. North Dakota had the largest earnings decline at 2.1 percent.
In this category, Rhode Island’s earnings growth was third highest in New England and fueled by the farm industry. Maine led New England in this category with 1.4 percent earnings growth, followed by Massachusetts with 1.3 percent growth.

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