Federal report: Maine personal income rises
Maine’s personal income growth rate is rising, according to new estimates by the U.S. Bureau of Economic Analysis.
Just two years ago, Maine fell to 39th in the country, with a personal income growth rate of only 0.5%.
But the estimates released by the bureau on Tuesday show personal incomes of Maine residents rose 1.1% in the third quarter of 2016, placing Maine as the 25th highest growth rate in the nation.
The BEA’s news release said that for the nation, earnings grew in 22 of the 24 industries for which BEA prepares quarterly estimates. Growth in professional, scientific and technical services; health care and social assistance; and finance and insurance were the leading contributors to overall growth in personal income.
Overall, state personal income growth fell slightly to 1.1% on average in the third quarter of 2016 from 1.2% in the second quarter, the bureau reported. Earnings increased 1.3% in the third quarter of 2016 and were the leading contributor to growth in personal income in most states.
Both personal income and earnings grew faster in South Dakota than in any other state. Growth in farm earnings and in finance and insurance earnings were the leading contributors to the 1.8% growth in total earnings. The next fastest-growing states were Pennsylvania, Minnesota, Massachusetts and Oregon, where personal income grew 1.3%.
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