PROVIDENCE – Personal income in Rhode Island increased by an annualized rate of 62.5% in the second quarter, the fifth-highest rate of increase in the country, according the Bureau of Economic Analysis said on Thursday.
The increase from the previous quarter was in part was due to augmented unemployment payments, as well as the disbursement of $1,200 federal payments related to the COVID-19 pandemic. Both the first and second quarters included varying economic restrictions due to the pandemic.
Rhode Island’s annualized growth rate ranked No. 2 in New England, behind Massachusetts. Regionally, annualized personal income increased 50.8% from the preceding quarter, while the national rate increased 34.2%.
Rhode Island personal income was an annualized $68.8 billion in the quarter, compared with $59.6 million one year prior.
Other New England annualized personal income in the second quarter:
- Massachusetts: $599.1 billion, an increase of 76.3% from the preceding quarter, ranking No. 1 in the U.S.
- Vermont: $39.3 billion, an increase of 57% from the preceding quarter, ranking No. 6 in the U.S.
- Maine: $75.9 billion, an increase of 41% from the preceding quarter, ranking No. 16 in the U.S.
- New Hampshire: $92.6 billion, an increase of 21.3% from the first quarter, ranking No. 47 in the U.S.
- Connecticut: $290.6 billion, an increase of 18.3% from the first quarter, ranking No. 49 in the U.S.
