PEW: While economic growth continues since the recession, some states are feeling it more than others.
Personal incomes grow unevenly across U.S.
By Max Marin
February 14, 2016
While economic growth has continued since the 2008 recession, some states across the U.S. are feeling its effects more than others, according to an analysis from the Pew Charitable Trusts. All but one state saw higher personal incomes by the third quarter of 2015.
But growth has varied somewhat dramatically among states. For example, Nevada has experienced a constant annual growth rate of less than one percent, while North Dakota has seen more than five percent in the last eight years.
In a survey of inflation-adjusted income through the third quarter of 2015, Pew found that 18 states outpaced the national average income growth.
A number of Western states saw the highest growth: California (5.5 percent), Utah (5.4 percent), Nevada (5.0 percent), Washington (4.9 percent), and Oregon (4.7 percent). Meanwhile, only one state saw a drop in personal income. North Dakota's average income fell by 3.2 percent, which Pew attributes to declining earnings in the farm and mining sectors.
Only three states’ personal income grew by less than one percent: Iowa (0.4 percent), Wyoming (0.5 percent), and South Dakota (0.5 percent). Again, earnings in the farming and mining losses played a big role here.