Arkansas Sees 2.2% Rise in State Personal Income

by Arkansas Business Staff  on Monday, Apr. 7, 2014 12:00 am  

Average state personal income in the U.S. grew 2.6 percent in 2013, a decline from the 4.2 percent of 2012, according to the U.S. Bureau of Economic Analysis.

The growth ranged from 1.5 percent in West Virginia to 7.6 percent in North Dakota, “with every state growing more slowly in 2013 than in 2012,” the bureau said.

"Mining (including oil and gas extraction) was one of the major contributors to earnings growth in North Dakota, Oklahoma, and Texas in 2013. Earnings growth rates in these three states have outpaced the national average not only in 2013, but in each of the four years since the recession," the bureau said.

For the country as a whole, earnings increased last year in every industry except civilian federal government, which declined by $6.7 billion, though the growth slowed in most private-sector fields.

In Arkansas, personal income increased 2.2 percent in 2013, to $36,086 per capita. That showing meant that the state ranked 35 in growth last year, though its per capita personal income placed it at 46 among the states.

 

 

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