ATLANTA, GA — State personal income grew an average of 3.6 percent in 2016, with Georgia ranking fifth out of all state for personal income growth.
The estimates were released Tuesday by the Department of Commerce’s bureau of economic analysis. While state personal income grew, it was lower than the average for 2015, when personal income grew an average of 4.5 percent.
In Georgia, personal income was up 4.8 percent last year, according to the Commerce Department — trailing only Nevada, Utah, Florida and Washington.
Earnings — the pay received through employment — was the leading contributor to growth in personal income in most states, with the fastest growth in earnings reported in Nevada.
Earnings grew in 22 of the 24 industries for which the department’s Bureau of Economic Analysis prepares estimates. Farm and mining were the only two industries where earnings fell.
In Georgia, total personal income in 2016 was estimated to be about $431.3 billion, up from $411 billion in 2015.
The Peach State’s estimated per-person income, however, was estimated at $41,835. That’s only good enough for 40th in the nation, and amounts to 84 percent of the national average.
Here’s a look at the 10 states estimated to have had the biggest growth in personal income in 2016.
- Nevada, 5.9%
- Utah, 5.6%
- Florida, 4.9%
- Washington, 4.8%
- Georgia, 4.8%
- New Hampshire, 4.7%
- Oregon, 4.5%
- Hawaii, 4.5%
- California, 4.5%
- South Carolina, 4.4%
Patch’s Feroze Dhanoa contributed to this report.
Photo via Pixabay
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