September 25, 2018

CT income up 4.2% in 2Q

PHOTO | U.S. Bureau of Economic Analysis
PHOTO | U.S. Bureau of Economic Analysis
Personal income: Percent change at annual rate, 2018: Q1-2018: Q2

Connecticut wage earners ranked average nationwide in personal income growth during the second quarter, according to the U.S. Bureau of Economic Analysis.

Personal income in the state grew at an annual rate of 4.2 percent in the second quarter, ranking Connecticut No. 22 nationally in growth vs. the first quarter. For the quarter ended June 30, Connecticut workers earned over $265.6 billion, up from $262.8 billion recorded in the first quarter, BEA said Tuesday.

Connecticut and Maine led New England in personal income growth at 4.2 percent, outpacing the region's modest 3 percent uptick after climbing by 6.5 percent during the first quarter. Trailing were Vermont (3.8 percent), New Hampshire (2.7 percent), Massachusetts (2.2 percent) and Rhode Island (2 percent).

Transfer receipts in the state rose to 9.4 percent, the highest increase in the nation during the second quarter. BEA defines transfer receipts as benefits for veterans, retirement, disability insurance (Social Security), medical (Medicare and Medicaid), income maintenance, unemployment insurance compensation and federal education and training assistance.

The nation's personal income growth of 4.2 percent decelerated from the 5 percent increase last quarter, BEA said.

The percent change in income ranged from 6 percent in Texas to 1.6 percent in Washington. Louisiana (5.9 percent), Kentucky (5.5 percent), South Dakota (5.4 percent) and Colorado (5.3 percent) rounded out the top five for income growth.

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