Wyoming’s Personal Income Growth in 3rd Quarter, 6th in Nation
Wyoming’s personal income grew at a rate of 1.2 percent for the third quarter of 2013, matching the growth rate of the previous quarter, earning the state a national ranking of 6th place out of the 50 states. Based on estimates released by the U.S. Bureau of Economic Analysis (BEA) on December 19, 2013, personal income for the Rocky Mountain region, which includes Wyoming along with Colorado, Idaho, Montana, and Utah, grew at a slightly better pace of 1.3 percent while the U.S. recorded growth of 1.1 percent. Colorado’s third quarter growth of 1.4 percent and a national ranking of 2nd led the region followed by Wyoming, Utah, Idaho, and Montana.
The BEA noted that 25 states recorded personal income growth that was at a slower rate than the previous quarter, 22 states had rates that were higher leaving Texas, Washington, and Wyoming as the states showing no change. Mississippi led all states in growth with a rate of 1.9 percent and New Mexico had the lowest at 0.4 percent. Personal income is defined as income received by all persons from all sources including wages, interest and dividends, rental income, and government transfer payments.
Jim Robinson, principal economist for the state’s Economic Analysis Division, said, “The state saw growth in 14 of the 24 BEA-defined industries in the third quarter of 2013 but three industries in particular stood out.The mining, construction, and farming industries were the largest contributors to earnings growth. Of the 5 industries that declined, civilian employees of the federal government sector had the largest drop primarily because of furloughs. “