PROVIDENCE – Rhode Island seasonally adjusted personal income grew 0.7 percent on average in the second quarter of 2017, tying the national average growth and ranking No. 33 among the 50 states, according to a Bureau of Economic Analysis report Tuesday.
Total personal income seasonally adjusted in Rhode Island for the second quarter was $54.2 billion, which represented a 1.5 percent increase over the second quarter of 2016.
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In New England, Rhode Island’s personal income growth rate was matched by Massachusetts and Vermont. Connecticut and New Hampshire tied for fastest-growing personal income in New England for the quarter at 0.8 percent growth. Maine ranked last in New England with a 0.6 percent growth.
Nevada personal income grew faster than any state in the nation in the second quarter, 1.3 percent. Iowa experienced the slowest growth rate in the nation for the period, 0.1 percent.
Nevada also reported the highest earnings in the nation with a 1.6 percent growth in the quarter (earnings are defined as the sum of wages and salaries, supplements to wages and salaries, and proprietors’ income, less contributions for government social insurance plas an adjustment).
Rhode Island earnings rose 1 percent from the 2017 first quarter to the second quarter, driven by construction earnings, and finance and insurance earnings, above the national average of 0.8 percent growth. New England earnings on average also grew 0.8 percent in the quarter.
Chris Bergenheim is the PBN web editor.
