Mountain West Sees High Personal Income Growth Rates
Personal income is on the rise across the country, and some of the biggest increases are in Mountain West states, according to data published last week by the U.S. Bureau of Economic Analysis.
Compared to a 5.4% annual growth rate nationally, Idaho saw a 7.4% rise in the second quarter, while personal income rose 6.9% in Utah.
Matthew von Kerczek, an economist with the bureau, says professional services, such as law firms, accounting offices and marketing agencies, experienced the most growth. But our region also saw significant gains in other areas.
“We saw growth in finance in Nevada and in Utah. And we saw growth in farming in Idaho and in Wyoming,” von Kerczek said.
Every state in the West saw above-average personal income growth during the second quarter except Colorado, with a rate of 4.8%.
“Professional, scientific, and technical services was the leading contributor to the earnings increase in Texas, the fastest growing state, as well as five other fast-growing states— Washington, Utah, Nevada, Arizona, and Oregon,” the report said.
Meanwhile, North Dakota’s rate was unchanged.
Nationally, the second quarter’s growth rate of 5.4% is down from the first quarter rate of 6.2%.
This story was produced by the Mountain West News Bureau, a collaboration between Wyoming Public Media, Boise State Public Radio in Idaho, KUER in Salt Lake City, KUNR in Nevada and KRCC and KUNC in Colorado.
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