R.I. personal income growth fifth-slowest in the nation in Q1

PROVIDENCE – Personal income in Rhode Island increased at a seasonally adjusted, annualized rate of 1.7% in the first quarter of 2019 over the fourth quarter of 2018. It was the fifth-slowest growth in the nation, according to the U.S. Bureau of Economic Analysis on June 25.

Nationally, personal income increased at a 3.4% annualized rate, while New England personal income increased at a 2.6% annualized rate.

New England personal income growth in the first quarter (annualized):

Maine: 5.4%, No. 3 in the nation; Vermont: 4.5%, No. 11; New Hampshire: 3.8%, No. 22; Massachusetts: 2.7%, No. 39; Rhode Island: 1.7%, No. 46; and Connecticut: 1.5%, No. 48.

- Advertisement -

West Virginia had the highest personal income growth rate in the quarter at 5.6%.

Rhode Island’s quarter-to-quarter growth from an annualized $58.4 billion in the fourth quarter was dragged down in part by a $334 million decline in earnings in the management of companies and enterprises sector, the report said.