MN Q3 Personal Income Grows, National Growth Slows
Minnesota's third-quarter personal income growth outperformed most other states in the country and was well above the national growth rate, according to a report released Monday by the U.S. Bureau of Economic Analysis.
The state saw a 1.2 percent increase in personal income in the third quarter to $229 billion, an improvement from the second quarter when the state only saw a 0.8 percent increase.
The 1.2 percent increase places Minnesota fifth in the nation and well above the national average of 0.7 percent. The state was also one of only six states that saw increased growth from the second quarter.
South Dakota claimed the number one spot with a 1.8 percent increase while Connecticut and New York's personal income remained unchanged from the second quarter, landing them at the bottom of the list.
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 0.64 percent increase in wage and salary disbursements-which outpaced the national increase of 0.4 percent. The state also saw a 0.24 percent increase in proprietors' income, which was also better than the 0.7 percent increase that the nation saw.
The state's farm industry saw the largest personal income growth in the third quarter at 0.26 percent. The finance and insurance industry followed with an increase of 0.17 percent.
Although all the regions saw personal income growth in the third quarter, the plains region-which includes Minnesota, Iowa, Kansas, Missouri, Nebraska, North Dakota, and South Dakota-performed the best with a growth of 1.2 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.