WASHINGTON – Personal income in Rhode Island grew 1.5 percent from 2010 to 2011, but fell short of that mark from 2007 to 2011, as the Great Recession held real personal income growth to 0.5 percent, according to a report released Wednesday by the U.S. Bureau of Economic Analysis.
Personal income in the Ocean State grew from $39.7 billion to $40.3 billion from 2010 to 2011. All figures were in 2005 dollars. Real personal income increased 2.7 percent across the United States from 2010 to 2011.
From 2007 to 2011, however, the state’s real personal income grew from $40.1 billion to $40.3 billion, a 0.5 percent gain. The small change over the four-year period was caused by a large drop nationwide in 2009 personal income. (The national gain in the same 2007-2011 period was 0.9 percent.)
From 2008 to 2009, personal income in Rhode Island declined 3.5 percent, a relatively low amount compared to the rest of the states. The highest drop from 2008 to 2009 was in Wyoming, which saw its real personal income drop 11.2 percent from $26 billion to $23.1 billion. West Virginia saw the lowest decline during that period, at 1.3 percent.
From 2010 to 2011, neighboring Massachusetts saw its real personal income grow 2.5 percent from $281.4 billion to $288.4 billion.
From 2007 to 2011, the BEA reported that the Bay State’s real personal income grew 1 percent from $285.4 billion to $288.4 billion.
PBN is now accepting applications for its newest award program and event for RI & Bristol County to celebrate the Manufacturing Renaissance that is evolving regionally and across the country. The deadline for applications is March 20th.
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