Arkansas improves in per capita income ranking

Figures recently released by the U.S. Department of Commerce show that Arkansas moved up in a national ranking of states based on 2009 per capita income

However, Arkansas’ per capita income declined in 2009 compared to 2008, and the state’s increase in the rank was primarily credited with the big drops by other states.

The Bureau of Economic Analysis numbers show that Arkansas’ per capita income in 2009 was $31,946, which ranked 45th among the 50 U.S. states and was 82% of the national average. In 2008, the state’s per capita income was $32,257, which ranked 46th and was 80% of the U.S. average.

“Per capita personal income (personal income divided by population) fell 2.6 percent nationally in 2009 after rising 2.0 percent in 2008. Across states, per capita personal income fell as much as 5.9 percent in Wyoming and grew as much as 1.8 percent in West Virginia,” noted the BEA statement.

In Oklahoma, the per capita income in 2009 was $35,268, which ranked 34th among the 50 U.S. states and was 90% of the national average. In 2008, the Oklahoma per capita income was $35,969, which ranked 33rd and was 90% of the U.S. average.

Metro area per capita income numbers for 2009 won’t be released for several months. The Fort Smith metro area per capita income in 2008 was $30,137, which ranked 293rd among the nation’s 366 metro areas. The metro area income was $29,197 in 2008 and $28,030 in 2007.

The national average per capita income in 2009 was $39,138, down from the $40,166 in 2008. Connecticut posted the highest per capita income in 2009 with $54,397, but that was down from $56,245 in 2008. Mississippi was last in 2009 and 2008, with per capita incomes of $30,103 and $30,383, respectively.

Only Maine, Maryland, Missouri and West Virginia saw per capita income gains in 2009.

Other information from the BEA report included:
• State personal income declined an average 1.7% in 2009;
• Inflation, measured by the national price index for personal consumption expenditures, fell to 0.2% in 2009 down from 3.3% in 2008.
• State personal income growth averaged 0.9% in the fourth quarter of 2009 and ranged from 0.3% in Wyoming to 2.2% in South Dakota. This is the largest average increase since the 1.2% rise in the second quarter of 2008 and contrasts with a 0.4% decline in the third quarter; and
• Personal consumption prices rose 0.6% in the fourth quarter of 2009, the same increase as in the third quarter.