Posts Tagged ‘personal income’

Nevada Personal Income Rose 4.1 Percent In 2011, Ranking 47th Among States

By Nevada News Bureau Staff | 11:31 am March 28th, 2012

CARSON CITY – State personal income rose an average 5.1 percent in 2011 after rising 3.7 percent in 2010, according to estimates released today by the U.S. Bureau of Economic Analysis.

State personal income growth ranged from 3.4 percent in Maine to 8.1 percent in North Dakota.

Nevada saw personal income growth of 4.1 percent, ranking the state 47th in the percentage change from 2010.

U.S. Bureau of Economic Analysis.

Inflation, as measured by the national price index for personal consumption expenditures, increased to 2.5 percent in 2011 from 1.8 percent in 2010.

Per capita personal income nationally increased by 4.3 percent in 2011 over 2010, after rising 2.8 percent in 2010. Across states, per capita personal income growth ranged from 2.9 percent in Alaska to 6.7 percent in North Dakota.

Nevada saw per capita personal income growth of 3.3 percent to $38,173. The percentage change from 2010 to 2011 again placed Nevada 47th among states.

Personal income is the income received by all persons from all sources. Per capita personal income is personal income divided by population.

Earnings, which grew an average 4.4 percent in 2011, recovered their pre-recession levels and reached new peaks in 45 states. Earnings in Arizona, Florida, Michigan, Nevada, and Oklahoma are still below peaks reached in 2007 or 2008. The 3 percent earnings growth in Nevada in 2011 followed three consecutive years of decline.

The report also showed a slight population increase in Nevada from 2010 to 2011, to 2.72 million for a 0.7 percent increase. The state ranked 24th in terms of the percentage increase in population.

Income Growth In Nevada Last In Nation

By Andrew Doughman | 12:15 pm March 23rd, 2011

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.

Personal incomes in Nevada grew by 0.3 percent during 2010. The national average was 3.0 percent.

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.