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Good news: Personal income is growing nationwide. A recent report from the Pew Charitable Trusts indicates that income has grown by 1.7 percent across the board since the fourth quarter of 2007. The not-so-good news: The average income growth rate over the last 30 years was about 2.8 percent. These are the 10 states where income levels have grown the most since the fourth quarter of 2007.
The lush forests aren't the only thing that's green in in Oregon. The average income growth rate there has held steady at 2.1 percent since the fourth quarter of 2007.
Since the start of the Recession in late 2007, personal income levels have grown at a slower rate than usual — but the good news is, income levels have still been increasing. Nationwide, personal income is estimated to have grown by 1.7 percent annually since the fourth quarter of 2007. This compares to an average growth rate of 2.8 percent over the last 30 years.
Growth rates of personal income are used to track economic trends state by state. Information regarding the economic health of individual states is important not only to individuals and families, but to local and state governments who rely on tax revenue and consumer spending.
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State personal income is defined using three key components: earnings from working or owning a business, rent, interest, and dividends, and any transfers from a business or government. Contributions to pensions and insurance programs are included in personal income in addition to wages and salaries.
In a recent report, the PEW Charitable Trusts collected data about personal income growth for all 50 states. The report examined compound annual growth rates (CAGRs) for each state since the fourth quarter 2007, in addition to income growth rates over the past year.
Click the link to see which states had the highest average personal income growth rates since 2007, starting with number one:
1. North Dakota
· North Dakota enjoyed the fastest rate of personal income growth compared to every other state. Personal incomes in the state grew at a rate of 4.7 percent since 2007.
· In the last year, incomes dropped by 1.8 percent, largely due to declining petroleum prices.
· Incomes in the Lone Star State grew at a rate of 3.1 percent since 2007.
· Over the past year along, state residents have enjoyed a 1.7 percent growth rate in incomes.
Click to the next page to see states three and four.
· The growth rate for incomes in Utah was 2.6 percent.
· Over the past year, incomes have risen more than the state average since the Recession, growing at 3.7 percent.
· For the past 8.75 years, state personal incomes in Colorado have grown by 2.4 percent.
Click to the next page to see states five and six.
· 2.2 percent has been the average state personal income growth rate for Californians since 2007.
· Personal incomes have grown by 2.9 percent over the past year alone.
· The average income growth rate for Oregon held steady at 2.1 percent.
· Over the past year, average incomes have increased at a rate of 3.3 percent.
Click to the next page to see states seven and eight.
· Citizens of Washington state have seen their personal incomes rise at a rate of 2.1 percent since 2007.
· A growth rate of 3.3 percent has occurred within the last year.
8. South Carolina
· Like several other states, South Carolina also had an average personal income growth rate of 2.1 percent.
· Incomes grew by 3.0 percent within the past year alone.
Click to the next page to see states nine and 10.
· The state personal income growth rate for Alaska was also 2.1 percent.
· Over the past year, growth rates for income in the state fell by 2.0 percent, due in part to declining wages in the mining and mineral extraction industries.
· Since 2007, state personal income growth has increased at a rate of 2.1 percent.
· Personal income growth rates have fallen within the last year by 1.2 percent. This is mostly a consequence of lost wages in the coal, natural gas, and oil industries.