BEA: R.I. Q2 personal income grew 4% Y/Y

PERSONAL INCOME in Rhode Island increased 2 percent quarter to quarter and 4 percent year over year in the second quarter. / COURTESY BUREAU OF ECONOMIC ANALYSIS
PERSONAL INCOME in Rhode Island increased 2 percent quarter to quarter and 4 percent year over year in the second quarter. / COURTESY BUREAU OF ECONOMIC ANALYSIS

PROVIDENCE – Personal income in Rhode Island increased 4 percent year over year to a seasonal annualized total of $57.8 billion, according to the Bureau of Economic Analysis Friday.

Quarter to quarter, the state recorded a 2 percent annualized personal income growth, which the BEA ranked as No. 49 in the nation for growth rate. The quarter-to-quarter growth rate was the lowest in New England. The highest rank in the region was Connecticut at No. 22.

New England quarter-to-quarter income growth rate rankings:

  • Connecticut: No. 22 with 4.2 percent.
  • Maine: No. 25 with 4.2 percent.
  • Vermont: No. 33 with 3.8 percent.
  • New Hampshire: No. 47 with 2.7 percent.
  • Massachusetts: No. 48 with 2.2 percent.
  • Rhode Island: No. 49 with 2 percent.

Texas had the highest quarter-to-quarter personal income growth at 6 percent. Washington ranked last in the country with a 1.6 percent growth quarter to quarter.

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Rhode Island Q2 breakdown:

  • Personal income grew 2 percent quarter to quarter, a $292 million increase.
  • Net earnings increased 1.5 percent quarter to quarter, a $128 million increase.
  • Dividends, interest and rent increased 3.2 percent quarter to quarter, an $86 million increase.
  • Transfer receipts increased 2.7 percent quarter to quarter, a $78 million increase.

Chris Bergenheim is the PBN web editor. Email him at Bergenheim@PBN.com.