Per Capita Personal Income Rises 3.7 Percent in 2011
by March 30, 2012 4:13 pm 84 views
Arkansas’ per capita personal income rose 3.7 percent in 2011 to $34,014 compared with $32,805 in 2010, the U.S. Bureau of Economic Analysis said in estimates released March 28.
The state’s per capita income ranked No. 44 in the United States in 2011, a ranking unchanged over 2010.
Nationwide, per capita personal income was $41,663 in 2011 compared with $39,937 in 2010, a 4.3 percent increase. U.S. per capita personal income had risen 2.8 percent in 2010.
Increases in per capita personal income ranged from 2.9 percent in Alaska to 6.7 percent in North Dakota, said the bureau, an agency of the U.S. Commerce Department.
Personal income for the entire state of Arkansas grew by 4.3 percent last year compared with a 5.1 percent increase for all of the United States combined. Personal income in Arkansas reached $99.9 billion in 2011 compared with $95.8 billion in 2010.
Personal income is defined as the income received by all people from all sources. Per capita personal income is the total personal income of residents of a state divided by the population of that state.
The bureau noted that earnings rose 4.4 percent in 2011, reaching their pre-recession levels. They achieved new heights in 45 states, the bureau said. However, “Earnings in Arizona, Florida, Michigan, Nevada, and Oklahoma are still below peaks reached in 2007 or 2008. The 3.0 percent earnings growth in Nevada in 2011 follows three consecutive years of decline.”
Earnings grew in every private industry last year, the report said.
Inflation rose to 2.5 percent last year compared with 1.8 percent in 2010.