Data from the US Bureau of Economic Analysis shows South Dakota led the way in personal income growth in the first three months of 2022.
The percent change in personal income across all states ranged from 8.5 percent in South Dakota to 1.3 percent in Hawaii.
In South Dakota, North Dakota, Iowa and Idaho– the states with the largest increases in personal income– an uptick in farm earnings was the leading contributor to the rise in personal income in the first quarter.
Earnings increased in 23 of the 24 industries for which BEA prepares quarterly estimates. Professional, scientific and technical services; construction; and administrative and support and waste management and remediation services were the leading contributors to the overall growth in earnings.
For the nation, earnings increased 8.3 percent in the first quarter of 2022 after increasing 10.3 percent in the fourth quarter of 2021. The increase in earnings reflected the continued economic recovery following the partial economic shutdown that began in the first quarter of 2020 after the start of the COVID–19 pandemic.
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