Wednesday, June 22, 2011

Washington's personal income growth ranked 8th in nation

Despite a high percentage of workers still looking for jobs, the U.S. Bureau of Economic Analysis ranks Washington the 8th-fastest in personal income growth during the first quarter of the year.

The Seattle Times reports:

Total personal income rose 2.08 percent in the first quarter, to $304.1 billion, according to the BEA data. That was due to strong increases in wage and salary income, business owners' income, fringe benefits and dividends, and despite a 0.6 percent decline in unemployment insurance, welfare and other "transfer payments" from government.

The industrial sectors with the greatest income growth were the usual state powerhouses: aerospace and software - the highly skilled, highly educated sectors. In fact, Washington lead the nation in growth rate in personal income from durable-goods manufacturing last quarter: 7.5 percent.

Note: We assume it's possible that our state's aerospace income will grow, thanks to Airbus' penchant for scraping buildings on the tarmac at large Parisian air shows...

To read this blog post in Spanish, go here.