BEA: R.I. personal income up 2.9% in Q1

QUARTER TO QUARTER, Rhode Island personal income increased at an annualized rate of 3.7 percent, ranking no. 42 in the nation in the first quarter 2018. Ocean State personal income increased 2.1 percent year over year. / COURTESY BEA
QUARTER TO QUARTER, Rhode Island personal income increased at an annualized rate of 3.7 percent, ranking No. 42 in the nation in the first quarter of 2018. Ocean State personal income increased 2.9 percent year over year. / COURTESY BUREAU OF ECONOMIC ANALYSIS

PROVIDENCE – Personal income in Rhode Island increased 2.9 percent year over year in the first quarter, according to the Bureau of Economic Analysis Thursday.

United States personal income, in that time, increased 3.6 percent. In New England, personal income increased by 3 percent. In Massachusetts, personal income increased 3.1 percent from the first quarter of 2017 to the first quarter of 2018.

Quarter to quarter, Rhode Island personal income increased at an annualized, seasonally adjusted rate of 3.7 percent, ranking No. 42 in the U.S. and last in New England, according to the BEA. Massachusetts experienced the second-highest New England annualized, seasonally adjusted percent change in personal income from the 2017 fourth quarter to the 2018 first quarter at 5 percent, behind Vermont at 5.5 percent.

Washington state ranked No. 1 for quarter-to-quarter annualized, seasonally adjusted percent growth of personal income at 7.4 percent. The U.S. average was 4.3 percent.

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Chris Bergenheim is the PBN web editor.

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