MN Personal Income Growing Slower than U.S.
Minnesota's personal income growth trailed much of the country in the second quarter, according to a report released Monday by the U.S. Bureau of Economic Analysis.
Minnesota's total personal income was $225.92 billion-up 0.9 percent from the first quarter.
Though the growth is a positive indicator, the state saw a smaller percent increase in personal income than the nation, and it lagged behind many other states. Minnesota's 0.9 percent growth ranked it 35th among states, tied with Connecticut. The United States as a whole saw a 1 percent increase in personal income during the period.
North Dakota saw the greatest personal income growth with an increase of 2 percent. Nevada fared the worst with only a 0.3 percent increase in personal income during the second quarter.
Total personal income is defined as the income received by all people in a state from all sources-including net earnings, property income, and personal transfer income.
A significant contributor to Minnesota's personal income growth was a 0.43 percent increase in wage and salary disbursements-which outpaced the national increase of 0.4 percent.
The U.S. Bureau of Economic Analysis prepares national, regional, industry, and international accounts that present information on key issues including economic growth, regional economic development, and inter-industry relationships.