Income growth in Washington strongly outperformed the nation last year. And total dollars earned by Washingtonians were above the national average.
Washington turned in the third biggest growth in personal income earnings last year, at 6.3 percent, propelled by gains in information and retail. Oregon was No. 5 at 5.9 percent.
The federal Bureau of Economic Analysis said today that state personal income advanced by 3.6 percent nationally compared with 4.5 percent in 2015.
Nevada saw the largest percentage earnings gain, 7.2 percent, followed by Utah at 6.9 percent. Wyoming was lowest with a 4.2 percent decline.
Beyond earnings, personal income is defined as property income and current personal transfer receipts (ranging from dividends to government benefits).
Most Read Business Stories
- Seattle faces a moment of truth to save downtown
- Hasbro, owner of Wizards of the Coast, to lay off 15% of workforce
- Boeing added 15,000 jobs in 2022, with more hiring ahead
- WA bills seek to cap rent hikes and register rentals, landlords object
- They poured their savings into homes that were never built
Washington’s total personal income grew by 4.8 percent. Elsewhere in the Northwest, Alaska slipped by 1 percent, Oregon grew by 4.5 percent and Idaho grew by 3.6 percent.
In dollars, Washington’s per-capita personal income (PCPI) was $53.493. The national average was $49.571. Despite its strong percentage gain, Nevada’s PCPI was $43,637.
Today’s Econ Haiku:
The climate’s changing
But Donald doesn’t believe
Climate doesn’t care