Business Blog

Washington at the top of list for personal income growth in first quarter

Washington state was at the top of the list for personal income growth in the first quarter of 2014.

The U.S. Bureau of Economic Analysis report indicates personal income grew 1.4 percent in Washington, tying it with Vermont and West Virginia for the biggest jump in the first quarter. Overall personal income grew 0.8 percent across the U.S.

Personal income, as defined by the BEA, is the income received by all persons from all sources.

Personal income fell 2.9 percent in North Dakota and 0.3 percent in South Dakota, partly a result of falling crop prices during that period.

In Washington state, income growth through wages was highest in durable goods and construction. Washington also posted a significant increase in transfer receipts, which includes Social Security, unemployment benefits and tax credits.