Washington among the best in 2013 personal income growth

Posted by DAVE GALLAGHER on March 25, 2014 

Personal income in Washington state grew significantly last year, led by strong showings in the construction and retail industries.

Washington's average personal income was up 3.2 percent in 2013 compared to the previous year, beating the national average of 2.6 percent. Only five other states in the U.S. posted higher growth in 2013, according to data from the U.S. Bureau of Economic Analysis.

Personal income, as defined by the BEA, is all income received by all persons from all sources. This includes net earnings from work as well as revenue sources like property income and stock dividends.

For Washington residents the biggest growth came in property income such as rent and stock dividends, but there was also growth in job income. Along with construction and retail, industries posting solid growth include durable goods manufacturing and professional/technical services.

North Dakota experienced the highest average personal income growth in 2013, posting a 7.6 percent increase. West Virginia had the lowest growth, at 1.5 percent. Oil and gas extraction played a big role in North Dakota's growth, according to the report.

 

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