By Kimberley Donoghue PBN Web Editor Twitter: @kdonog
WASHINGTON – In Rhode Island, annual personal income, disposable personal income and gross domestic product increased in 2010 from a year earlier.
The figures – the latest available – were compiled by the U.S. Bureau of Economic Analysis in its Survey of Current Business released last week.
Rhode Island gross domestic product ranked 44th with $49.234 billion. Its three biggest contributors by sector were: financial activities, $13.458 billion; government, $6.468 billion; education and health services, $6.437 billion.
Rhode Island’s per capita disposable income in 2010 was $38,216, ranking 13th nationally. Regional counterpart Connecticut took the No. 1 spot – its residents had a disposable income of $47,454 per person. On the other end of the spectrum, Mississippi ranked last, with $29,009.
The Ocean State’s annual personal income in 2010 increased 3.3 percent from a year earlier to $44.321 billion, as per capita persona income ranked 15th at $42,095.
In the third quarter of 2011, personal income declined 0.2 percent to $46.294 billion, down from $46.380 billion in the second quarter of 2011.
The bureau defines personal income as the sum of net earnings by place of residence, property income and personal current transfer receipts.
New England personal income increased 0.1 percent. Massachusetts and New Hampshire both increased 0.2 percent in the third quarter.
In a separate report, the bureau said that U.S. GDP grew at an annual rate of 2.8 percent in the fourth quarter of 2011, bringing the full-year growth in GDP to 1.7 percent, which follows 3 percent growth across the country for 2010.
In addition, the report stated that real disposable personal income increased 0.8 percent in the fourth quarter after falling 1.9 percent in the third quarter.
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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