Minnesotans’ Personal Income Climbed 5% in 2011
Minnesotans collectively earned about 5 percent more in personal income last year than they did in 2010, according to data released Wednesday by the U.S. Bureau of Economic Analysis.
Personal income-defined as the sum of all income, including wages, interest, dividends, and rental income-totaled about $238.8 billion, compared to an estimated $227.3 billion the previous year.
Minnesota's personal income growth essentially matched the national year-over-year growth rate of 5.1 percent, which is up from 3.7 percent between 2009 and 2010. The state ranked in the middle of the pack-19th-based on its rate of income growth between 2010 and 2011.
Per capita personal income-the state's total personal income divided by its population-totaled $44,672, up 4.4 percent from $42,798 in 2010. The state ranked 11th nationally based on per capita personal income in 2011, unchanged from 2010.
The state outperformed the national average per-capita income of $41,663 in 2011.
The U.S. Bureau of Labor Statistics released a separate report this week regarding income; it looked at third-quarter wages at the county level. The report found that St. Louis County experienced Minnesota's biggest jump in wages, rising 9.5 percent between the third quarters of 2010 and 2011. Dakota County followed with an increase of 8.1 percent, while Hennepin County saw only a 3.1 percent jump during the quarter.