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Growth in Personal Income by States - 4/7/16

Personal income in the U.S., a broad measure that includes earnings from employment, income from property, and government benefits, grew four point four percent in twenty fifteen according to data recently supplied by the Commerce Department. 

Among the leading sources of income growth were construction, professional services and healthcare.  Earnings related to the U.S. construction sector expanded for a fifth consecutive year and are now higher than their previous peak registered before the Great Recession. 

As reported by the Wall Street Journal, Nevada and Utah experienced the fastest growth in that sector.  Earnings from the mining sector declined by more than five percent nationally and subtracted from income growth in a number of states, including North Dakota, Wyoming, West Virginia and Oklahoma. 

Among the fifty states, Connecticut ranked first in per capita personal income even though personal income rose just 3 percent there last year.  Maryland ranked 5th in terms of personal income, with income growing 4.1 percent in the Free State last year.  West Virginia and Mississippi report the nation’s lowest per capita personal incomes.  

Anirban Basu, Chariman Chief Executive Officer of Sage Policy Group (SPG), is one of the Mid-Atlantic region's leading economic consultants. Prior to founding SPG he was Chairman and CEO of Optimal Solutions Group, a company he co-founded and which continues to operate. Anirban has also served as Director of Applied Economics and Senior Economist for RESI, where he used his extensive knowledge of the Mid-Atlantic region to support numerous clients in their strategic decision-making processes. Clients have included the Maryland Department of Transportation, St. Paul Companies, Baltimore Symphony Orchestra Players Committee and the Martin O'Malley mayoral campaign.