Personal Income Gain In State Outpaces Nation


Connecticut residents, though not necessarily the bulk of us, saw accelerating income growth in the first three months of 2014, outgaining the nation as a whole for only the second quarter since the start of 2013.

Personal income grew by 0.9 percent in the state in the winter quarter to an annual rate of $221.5 billion, placing Connecticut as the No. 16 state in growth, the U.S. Bureau of Economic Analysis reported Tuesday. The nation grew by 0.8 percent in the quarter, to an annual rate of $14.4 trillion.

Despite trailing the nation in recent quarters, Connecticut's lead in per-capita income remains secure, at $60,847 for 2013, the BEA reported previously. The No. 2 state was North Dakota at $57,084 on the strength of its oil boom, but that state was the biggest decliner in the first three months of 2014, losing a colossal 2.9 percent of its income amid declining crop prices and oil price volatility.

Washington state saw the fastest growth in income, at 1.4 percent in the winter quarter.

None of this says much about how typical families are faring. Personal income is a measure of all income before taxes, and Connecticut is largely driven by Gold Coast wealth, combined with the relative lack of vast populations in poverty.

Featured Stories

CTnow is using Facebook comments on stories. To comment on ctnow.com articles, sign into Facebook and enter your comment in the field below. Comments will appear in your Facebook News Feed unless you choose otherwise. To report spam or abuse, click the X next to the comment. For guidelines on commenting, click here.

BUSINESS MIDDAY


BUSINESS MIDDAY

Business Midday Get daily business news sent directly to your inbox for free weekdays at 1 p.m.



SEE SAMPLE | SIGN IN
After signing in, click on your username at the top left of this screen and then on "My Newsletter Subscriptions."