Largest Growth In Personal Income In Over A Decade
April 25, 2001
Thanks to strength in the high-tech and services sectors, U.S. per capita income jumped 7.3 percent last year -- the biggest increase since 1989. That finding comes from the Commerce Department's Bureau of Economic Analysis. But experts warn that with technology sectors limping and job growth slowing considerably, this year's outlook isn't nearly so bright.
- Colorado, California and Massachusetts led the nation in personal income growth -- at 10.8, 10.3 and 9.9 percent, respectively.
- The nation's per capita income hit $29,676 last year.
- Total income was $8.35 trillion.
- Growth was the slowest in Alabama, Mississippi and Louisiana -- which saw increases of only 4.0, 4.3 and 4.4 percent, respectively.
The federal government defines personal income as the sum of several measures -- including earnings from wages and salaries, stock dividends, interest and government payments through Social Security or welfare. Capital gains from the sale of stocks are not included.
Source: Will Pinkston, "Western States Led Personal-Income Gains in 2000," Wall Street Journal, April 25, 2001; News release, "State Personal Income & State Per Capita Personal Income: 2000, State Personal Income: Fourth Quarter 2000," April 24, 2001, Bureau of Economic Analysis, Department of Commerce, Washington, D.C.
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