Global| Dec 19 2019State Personal Income
|in:Viewpoints
Summary
The patter of state personal income growth in the third quarter of 2019 was heavily affected by large gains in farm income. Aggregate income in the Great Plains state grew quite rapidly that quarter, with Iowa, Nebraska, and the two [...]
The patter of state personal income growth in the third quarter of 2019 was heavily affected by large gains in farm income. Aggregate income in the Great Plains state grew quite rapidly that quarter, with Iowa, Nebraska, and the two Dakotas all experiencing annual rates of growth above 10 percent. In contrast, two energy-intensive states-West Virginia and Wyoming had growth rate under 2 percent.
The range of growth was narrower among states less dependent on agriculture and energy extraction, and closer to the national figure of 3.8 percent. Growth in the Northeast, though, trailed other regions, with income in New York growing at a modest 2.1 percent annual rate—much less than growth in Florida, Texas, and California. In general, job growth has been slower in the Northeast than in much of the rest of the nation, and with no marked kick from farm income, aggregate income growth also lagged.
Charles Steindel
AuthorMore in Author Profile »Charles Steindel has been editor of Business Economics, the journal of the National Association for Business Economics, since 2016. From 2014 to 2021 he was Resident Scholar at the Anisfield School of Business, Ramapo College of New Jersey. From 2010 to 2014 he was the first Chief Economist of the New Jersey Department of the Treasury, with responsibilities for economic and revenue projections and analysis of state economic policy. He came to the Treasury after a long career at the Federal Reserve Bank of New York, where he played a major role in forecasting and policy advice and rose to the rank of Senior Vice-President. He has served in leadership positions in a number of professional organizations. In 2011 he received the William F. Butler Award from the New York Association for Business Economics, is a fellow of NABE and of the Money Marketeers of New York University, and has received several awards for articles published in Business Economics. In 2017 he delivered Ramapo College's Sebastian J. Raciti Memorial Lecture. He is a member of the panel for the Federal Reserve Bank of Philadelphia's Survey of Professional Forecasters and of the Committee on Research in Income and Wealth. He has published papers in a range of areas, and is the author of Economic Indicators for Professionals: Putting the Statistics into Perspective. He received his bachelor's degree from Emory University, his Ph.D. from the Massachusetts Institute of Technology, and is a National Association for Business Economics Certified Business EconomistTM.