States experienced historic economic growth in the first quarter of 2019, according to an analysis by The Pew Charitable Trusts. Personal income in the United States grew two percent from 2018, after adjusting for inflation.
In addition to wages and salaries, personal income estimates include other income, such as employers’ contributions to health insurance and public benefits like Medicaid and Medicare coverage. Personal income trends are important to state governments, since tax revenue and spending demands may correspond to residents’ incomes.
This is the second time since the Great Recession’s onset in 2007 that every state had consecutive quarters of annual economic growth; the first time was in 2011.
States experiencing the fastest economic growth in the past year included:
- West Virginia (4.3 percent);
- Idaho (3.7 percent);
- Nevada (3.5 percent);
- Arizona (3.3 percent);
- Colorado (3.2 percent);
- Washington (3.1 percent); and
- North Dakota (3.0 percent).
States with the slowest economic growth included New Hampshire, Rhode Island, Connecticut, New York, and Massachusetts, each with rates less than one percent.
Contact Senior Director of Policy Erin O’Malley at email@example.com or 202.585.0127 with questions.