R.I. personal income rises 0.8% in 1Q

By PBN Staff
Twitter: @ProvBusNews

WASHINGTON - Personal income in Rhode Island rose 0.8 percent from $46.3 billion during the fourth 2011 to $46.7 billion during the first quarter 2012, according to a new report from the U.S. Bureau of Economic Analysis.

Personal income across New England rose 0.9 percent during the same period and nationwide it rose 0.8 percent.

The BEA defines personal income as the sum of net earning by place of residence, property income and personal current transfer receipts.

For its first quarter gains in personal income, Rhode Island ranked 20th in the nation.

Comparatively, North Dakota earned the first place slot, with an increase of 2.3 percent between the fourth quarter 2011 and the first quarter 2012.

Nationwide, first quarter earnings dropped in eight industries – real estate, farm, fishing and forestry, mining, utilities, information, federal/civilian and other sources.

The largest decline nationally, of 6.42 percent, was in the real estate industry. In Rhode Island, real estate profits dropped 5.84 percent between the fourth quarter 2011 and the first quarter 2012. .

The BEA analysis also noted that for two consecutive quarters, national earnings have dropped in the information industry and for three consecutive quarters, national earnings have dropped in the utilities industry.

In Rhode Island, the earnings from the information industry dropped 1.85 percent, a 0.12 percentage point difference from the 1.97 percent national loss.

Rhode Island’s utilities industry also fared better than the national average, with a loss of 0.62 percent versus the 1.14 percent loss across the U.S.