R.I. quarterly personal income growth ranks No. 32 in nation in Q3

RHODE ISLAND'S personal income increased 3.4 percent from the second quarter to the third quarter. Year over year, personal income increased 3 percent. / BUREAU OF ECONOMIC ANALYSIS
RHODE ISLAND'S annualized personal income increased 3.4 percent from the second quarter to the third quarter. Year over year, annualized personal income increased 3 percent in the Ocean State. / BUREAU OF ECONOMIC ANALYSIS

PROVIDENCE – Rhode Island’s seasonally adjusted, annualized total personal income increased 3.4 percent from the second quarter to the third quarter, ranking No. 34 for the highest in the nation, according to Bureau of Economic Analysis data released Thursday.

Rhode Island annualized total personal income totaled $58.1 billion in the third quarter, an increase from $57.6 billion the quarter prior.

Net earnings were reported to have increased 4.5 percent on Rhode Island from quarter to quarter, while dividends, interest and rent increased 2.9 percent quarter to quarter. Transfer receipts increased 0.6 percent over the quarter.

The Ocean State’s quarter-to-quarter personal income growth rate ranked No. 5 in New England, only ahead of Maine’s 3.3 percent growth rate. As a region, personal income increased 4.2 percent quarter to quarter, while national personal income increased 4 percent.

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New England quarter-to-quarter personal income ranks for the third quarter:

  • New Hampshire: No. 5 nationally – 5.1 percent
  • Massachusetts: No. 14 – 4.4 percent
  • Connecticut: No. 20 – 4.1 percent
  • Vermont: No. 23 – 4 percent
  • Rhode Island: No. 32 – 3.4 percent
  • Maine: No. 36 – 3.3 percent

Nevada had the highest quarter-to-quarter growth rate in personal income for the quarter at 6.2 percent, while Missouri ranked No. 50, with quarter-to-quarter personal income growth of 2.1 percent.

Rhode Island’s seasonally-adjusted personal income increased 3 percent from the third quarter of 2017 to the third quarter of 2018 to the annualized total of $58.1 billion.

New England year-over-year personal income growth rates:

  • Massachusetts: 4.1 percent
  • Maine: 3.6 percent
  • New Hampshire: 3.3 percent
  • Vermont: 3.3 percent
  • Rhode Island 3 percent
  • Connecticut: 2.7 percent

Personal income in the United States increased 4.4 percent year over year to an annualized total of $17.6 trillion in the third quarter. In New England, annualized personal income increased at a 3.5 percent rate year over year in the third quarter.

Chris Bergenheim is the PBN web editor. He can be reached at Bergenheim@PBN.com.

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