State Personal Income Growth Slows in Second Quarter
According to new data out today from the Bureau of Economic Analysis, state personal income growth slowed in the second quarter of 2011to 1.1 percent. That's compared to an average growth rate of 2.1 percent in the first quarter. Growth rates ranged from a high of 2.2 percent in Nebraska and South Dakota to a low of 0.7 percent in both Washington and Georgia.
Earnings in health care and professional services stood out, with positive growth rates in all states in the second quarter. According to the BEA, contributions from farming, mining, and durable goods manufacturing industries were what distinguished the fastest growing states from the others.
Personal Income Growth Rate, 1Q 2011 - 2Q 2011
Source: Bureau of Economic Analysis