By PBN Staff
WASHINGTON - Personal income in Rhode Island grew by 2.4 percent during 2012 and Massachusetts’ personal income grew by 3.2 percent during the year, according to a new report from the U.S. Bureau of Economic Analysis.
Personal income in the Ocean State rose from $46.12 billion during 2011 to $47.25 billion during 2012. During 2012, Rhode Islanders made an average $44,990, 105 percent of the average in the United States.
Personal income in Massachusetts increased by 3.2 percent during 2012 - the second largest increase in the country behind Connecticut. Personal income in the Bay State rose from $352.24 billion in 2011 to $363.46 billion in 2012. During the year, residents in Massachusetts made an average $54,687, 128 percent of the national average.
The BEA defines personal income as the sum of net earnings by place of residence, property income and personal current transfer receipts.
Nationwide, 2012 earnings dropped in four industries – farming, finance, real estate and military. The largest decline nationally, of 2.94 percentage points, was in the farming industry.
In Rhode Island, 2012 earnings dropped in utilities (2.19 percentage points), information (1.54 percentage points), finance and insurance (1.07 percentage points) and educational services (0.52 percentage points). The Ocean State’s farming industry was most improved in 2012, increasing 17 percent to $3 million.
Massachusetts saw 2012 earnings drop in finance, management, military, mining and utilities.
During the fourth quarter of 2012, Rhode Island’s personal income rose 2 percent to $47.9 billion, earning it the 20th spot in the nation for growth.
During the fourth quarter, Massachusetts’ personal income rose 2 percent to $369.7 billion, the 18th best improvement in the United States.
To view the full BEA report visit: www.bea.gov.