30 June 2017

Bureau of Economic Analysis: State Personal Income: First Quarter 2017

EMBARGOED UNTIL RELEASE AT 8:30 A.M. EDT, Tuesday, June 27, 2017
BEA 17—30
State Personal Income: First Quarter 2017
State personal income growth accelerated to 1.0 percent on average in the first quarter of 2017 from 0.3 percent in the fourth quarter of 2016, according to estimates released today by the Bureau of Economic Analysis (table 1). Earnings and personal current transfer receipts were the leading contributors to growth for the nation and in most states (table 2).
[ BLOGGER NOTE: The full text of the release on BEA's Web site can be found at www.bea.gov/newsreleases/regional/spi/sqpi_newsrelease.htm
No rush to post this since these reports get revised all the time ]
Please note that some data and infographics are inserted in this post for a perspective:
Personal Income grew 1.6 percent in Idaho, faster than in any other state. Four other states–Louisiana, Michigan, Florida, and Texas–had the next fastest growth in personal income at 1.3 percent. Kansas, Minnesota, North Dakota, and Iowa had the slowest growth, and Nebraska at -0.1 percent was the only state where personal income declined.
The infographic to the left is for information purposes and not included in the BEA report








Earnings. Earnings increased 0.9 percent in the first quarter of 2017. Earnings growth ranged from 1.5 percent in Michigan to -0.7 percent in Nebraska.
  • Growth in farm earnings was a leading contributor to growth in total earnings in Idaho, but was also a leading contributor to slow-growing or declining earnings in Minnesota, Kansas, Iowa, North Dakota, and Nebraska (table 3). The divergence in farm earnings reflects different types of farm output among states.
  • Earnings growth in durable goods manufacturing was a leading contributor to growth in total earnings in Michigan. Auto workers in Michigan and in eight other states–Illinois, Indiana, Kansas, Kentucky, Missouri, Ohio, Tennessee and Texas–received profit-sharing payments totaling $5.3 billion (annual rates) in the first quarter of 2017, under terms of agreements between manufacturers and the United Auto Workers signed in 2015.
  • Mining earnings, which grew 2.8 percent nationally after nine consecutive quarterly declines, was the leading contributor to growth in total earnings in Texas.
  • Growth in construction earnings continued in the first quarter of 2017 and was the leading contributor to growth in total earnings in Florida and in Louisiana.
For the nation, earnings grew in 21 of the 24 industries for which BEA prepares quarterly estimates (table 5). They were the leading contributors to overall growth in personal income
Professional
Scientific and technical services
Construction
Healthcare 
Social Assistance 

Transfer Receipts. Transfer receipts grew 1.5 percent for the nation in the first quarter of 2017. Growth rates ranged from 2.9 percent in Florida to -0.7 percent in Illinois.
The first quarter growth reflects an increase in refundable tax credits, and a 0.3 percent increase in the Social Security cost of living adjustment.
The growth in transfer receipts had the largest impact in Florida and in Louisiana where it accounted for almost half of each state's personal income growth.

Updates to Personal Income. Today, BEA also released revised quarterly personal income estimates for 2016:Q1 to 2016:Q4. Updates were made to incorporate source data that are more complete and more detailed than previously available, and to align the states with revised national estimates.

Upcoming Annual Update of the State Personal Income Accounts. Revised annual and quarterly state personal income estimates for 2014 to 2016 will be released on September 26, 2017.
In addition, revised estimates for 2017:Q1 and preliminary estimates for 2017:Q2 will also be released. The October Survey of Current Business will contain an article that describes the results.
Next release: September 26, 2017, at 8:30 A.M. EDT — State Personal Income: Second Quarter 2017
 
Additional Information/ Resources
Definitions
 
Personal income is the income received by, or on behalf of, all persons from all sources: from participation as laborers in production, from owning a home or business, from the ownership of financial assets, and from government and business in the form of transfers. It includes income from domestic sources as well as the rest of world. It does not include realized or unrealized capital gains or losses.
Per capita personal income is calculated as the total personal income of the residents of a state divided by the population of the state. In computing annual per capita personal income, BEA uses the Census Bureau's annual midyear population estimates. In computing quarterly per capita personal income, BEA uses midquarter population estimates based on unpublished Census Bureau data.
Earnings:
Earnings by place of work is the sum of wages and salaries, supplements to wages and salaries, and proprietors' income. BEA's industry estimates are presented on an earnings by place of work basis.
Net earnings by place of residence is earnings by place of work less contributions for government social insurance, plus an adjustment to convert earnings by place of work to a place-of-residence basis. BEA presents net earnings on an all industry level.
Property income is rental income of persons, personal dividend income, and personal interest income.
Personal current transfer receipts are benefits received by persons from federal, state, and local governments and from businesses for which no current services are performed. They include retirement and disability insurance benefits (mainly Social Security), medical benefits (mainly Medicare and Medicaid), income maintenance benefits, unemployment insurance compensation, veterans' benefits, and federal education and training assistance.
Personal income is measured before the deduction of personal income taxes and other personal taxes and is reported in current dollars (no adjustment is made for price changes).
The estimate of personal income for the United States is the sum of the state estimates and the estimate for the District of Columbia; it differs slightly from the estimate of personal income in the national income and product accounts (NIPAs) because of differences in coverage, in the methodologies used to prepare the estimates, and in the timing of the availability of source data.

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