R.I. personal income totals $51.5B in second quarter

PERSONAL INCOME in Rhode Island grew 1.4 percent in the second quarter, according to data from the U.S. Bureau of Economic Analysis. / COURTESY BUREAU OF ECONOMIC ANALYSIS
PERSONAL INCOME in Rhode Island grew 1.4 percent in the second quarter, according to data from the U.S. Bureau of Economic Analysis. / COURTESY BUREAU OF ECONOMIC ANALYSIS

PROVIDENCE – Quarter-over-quarter personal income growth in Rhode Island grew 1.4 percent in the second quarter, compared with 1.9 percent in the first quarter, according to data released by the U.S. Bureau of Economic Analysis on Tuesday.

Personal income in the Ocean State totaled $51.5 billion in the April through June period on an annualized basis, a 1.4 percent gain over the first-quarter total of $50.8 billion.

In the second quarter of 2013, Rhode Island reported annualized total personal income of $49.2 billion.

In Massachusetts, second-quarter personal income totaled $398.9 billion on an annualized basis, compared with $393.5 billion in the first quarter, an increase of 1.4 percent, again not as high as first quarter personal growth, which was 1.5 percent. Second-quarter personal income in 2013 totaled an annualized $381.6 billion in the Bay State.

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Out of the New England states, Vermont and Maine had the largest personal income growth in the second quarter. Vermont increased 1.7 percent in the second quarter of 2014 from 1.1 percent in the first quarter, and Maine increased nine-tenths of a percentage point to 1.5 percent.

Nationwide, state personal income growth accelerated to 1.5 percent in the second quarter of 2014 from 1.2 percent in the first quarter. Personal income growth ranged from 2.7 percent in North Dakota and Nebraska to 1.1 percent in New York and Alaska, with growth increasing in 36 states.

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