Personal income rose this spring in every state — except Maine
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Personal income in Maine fell 2.7% during the second quarter of 2023, and the state was the only one where there was a decline.
Americans' incomes grew this spring in 49 states and the District of Columbia, but not in Maine.
While rising nationwide 4.3% during the second quarter, personal income fell in the Pine Tree State by 2.7%, according to data published Sept. 29 by the U.S. Bureau of Economic Analysis.
Personal income consists of net earnings, government benefit payments — known as transfer receipts — and dividends, interest and rent payments that are received.
In Maine, personal income totaled $87 billion from April through June, according to the BEA report. That amount was down from $87.6 billion during the first three months of the year. The bureau calculated the percentages of personal income change on an annualized, seasonally adjusted basis.
The BEA said Maine's decrease resulted primarily from a one-time refundable tax credit, which the state had issued in the first quarter of the year. The amount of transfer receipts then fell in the second quarter by $1.3 billion, which was partially offset by an increase in net earnings of $603 million.
Windfalls such as the tax credit have led to other dramatic ups and downs in personal income, especially during the pandemic. During the first quarter of 2021, when the federal and state governments were cutting emergency relief checks, Mainers' personal income soared at one of the highest rates in the country.
Despite the decline this year, Maine's Q2 personal income was still more than the total during the same period in 2022, $83.5 billion.
In the second quarter of 2023, the state where personal income grew the most was New York, with a 6.1% increase over the Q1 total. That rate tied New York with the District of Columbia, which also recorded a 6.1% increase. North Dakota residents saw the meagerest increase, an uptick of 0.8%.
Across New England, personal income growth ranged from 2.7% in Vermont to 5.6% in Massachusetts, whose increase ranked No. 3 in the U.S. New Hampshire residents saw growth of 4.5%, while personal income increased 4.2% in Rhode Island and 3.7% in Connecticut.
The state ranking No. 2 for personal income growth was Kentucky, with an increase of 5.8%.
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