A national analysis shows Nevada’s growth in personal income was last in the nation during 2010.
The federal government’s Bureau of Economic Analysis today released a report charting personal incomes for all 50 states during 2010.
Personal income growth in Nevada was 0.3 percent. Across the nation, personal incomes rose an average of 3.0 percent in 2010 after falling 1.7 percent in 2009.
The report analyzed incomes by industry. Most industries showed growth during 2010 with two industries continuing to decline: real estate and construction.
According to the report, the average Nevadan makes $36,997 per year before taxes. The Bureau of Economic Analysis used the 2010 Census numbers to calculate that per capita income figure.
Nevada’s 2010 average income was ranked 31st in the nation. Connecticut was first in the nation with $56,001 and Mississippi was last with $31,186.
The lowest-in-the-nation personal income growth rate shows Nevada has enjoyed a less robust economic recovery than other states.
But Nevada is not alone in its low growth in personal incomes. Around the region, states bordering Nevada also lagged behind the national average in personal income growth.
The Nevada Legislature will be looking at economic indicators such as personal income growth as they wait for a May 1 revenue forecast. That projection will tell legislators how much the state has to spend during coming years and, in turn, the size of the state’s budget.