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Idaho eighth in Nation in Second Quarter Personal Income Growth

The Aberdeen Times of Aberdeen, Idaho

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Idaho's seasonally adjusted personal income increased by 1.1 percent between the first and second quarters of 2015 to $61.8 billion.

It was the eighth fastest growth rate in the nation according to recently released figures by the Bureau of Economic Analysis. Nationwide, personal income increased by 0.9 percent.

All three components of Idaho's personal income growth posted gains from the first quarter of 2015, starting with a $332 million increase in earnings and followed by a $234 million increase in dividends, interest and rent. Transfer receipts, which include Sociar Security and medical benefits (Medicare and Medicaid), unemployment insurance, veterans' benefits and federal education and training assistance, increased by $116 million. Nationally, six of the 24 industries monitored by the BEA posted declines in earnings, led by a 3.6 percent drop in mining which includes oil and gas exploration.

In Idaho, 14 of the 24 industries posted gains in personal income earnings. Utilities grew by three percent followed by earning gains of 2.5 percent or higher for management of companies and enterprises, real estate and rental leasing, and federal government. Finance and insurance grew by two percent over the second quarter of 2014, followed by an increase in transportation and warehousing at 1.9 percent and a 1.7 percent gain construction.

Nationwide, the East and West coasts experienced the strongest second-quarter personal income growth, with every state except Oklahoma posting personal income increases.

Idaho's neighboring state of Washington had the highest growth rate in the nation at 1.5 percent. Nevada followed in second place with an increase of 1.4 percent, with fifth-ranking Oregon posting a 1.2 percent gain. Idaho's second quarter increase edged it ahead of Utah for eighth place, but it was still well above Montana's 0.9 percent increase and Wyoming's growth rate of 0.5 percent.

Year over year, Idaho's second quarter 2015 personal income is up 3.1 percent over the second quarter of 2014 by almost $1.8 billion.

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Original Publication Date: October 7, 2015

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