The Bureau of Economic Analysis (BEA) recently released a report providing state personal income growth rates for the second quarter of 2013.
According to the report, “State personal incomes grew 1.0 percent on average in the second quarter of 2013 after falling 1.3 percent in the first quarter, according to estimates released today by the U.S. Bureau of Economic Analysis. Personal income growth ranged from 1.5 percent in Florida and Arizona to -0.7 percent in Nebraska.”
“The first-quarter declines in state personal income mainly reflected the effects of special factors, such as the expiration of the ‘payroll tax holiday’ and the acceleration of bonuses and personal dividends to the fourth quarter of 2012 in anticipation of changes in individual tax rates.”
Among personal income growth rates in the 50 states and the District of Columbia, Texas’ 1.2 percent rise ranked 9th compared with California’s 27th place of only 0.9 percent growth. Faster job and income growth rates in Texas compared with many states across this great nation reflect the splendid success of the Texas model.