According to revised data from the U.S. Bureau of Economic Analysis (BEA), Missouri's personal income rose by 5.5 percent in 2006 to over $191 billion. The state's growth rate was below the U.S. increase of 7.3 percent that brought the nation's personal income to over $10.96 trillion last year.
Personal income is defined as the income received by all persons from participation in production, from government and business transfer payments, and from interest. Personal income is measured before the deduction of taxes and is reported in current dollars.
California led the nation in total personal income with more than $1.4 trillion. New York, Texas, Florida, and Illinois round out the top five. Alaska, South Dakota, Vermont, North Dakota, and Wyoming, reported the lowest personal income totals. Missouri ranked 21st in total personal income in 2006.
Missouri had the 3rd highest total personal income when compared to surrounding states. Only Illinois ($491 billion) and Tennessee ($195 billion) ranked higher.
Personal income increased in all but one state in 2006. Louisiana had the fastest growth rate after recording the only negative rate in 2005 following Hurricane Katrina. Louisiana personal income grew by 21.0 percent, followed by Nevada (12.7%). South Dakota was the only state showing no growth rate between 2005 and 2006.
|
2006
Personal Income |
|||
|
State |
Personal Income ($) |
Rank |
Percent Change |
|
United States |
10,966,808 |
N/A |
7.3% |
|
California |
1,434,910 |
1 |
7.7% |
|
New York |
848,744 |
2 |
10.0% |
|
Texas |
824,144 |
3 |
10.6% |
|
Florida |
663,261 |
4 |
9.3% |
|
Illinois |
491,422 |
5 |
6.2% |
|
Pennsylvania |
456,429 |
6 |
5.4% |
|
New Jersey |
404,192 |
7 |
5.8% |
|
Ohio |
381,260 |
8 |
4.4% |
|
Michigan |
341,075 |
9 |
2.9% |
|
Virginia |
302,382 |
10 |
6.4% |
|
Georgia |
299,885 |
11 |
6.0% |
|
Massachusetts |
297,755 |
12 |
6.5% |
|
North Carolina |
286,404 |
13 |
6.3% |
|
Maryland |
245,821 |
14 |
4.5% |
|
Washington |
243,471 |
15 |
9.9% |
|
Indiana |
203,457 |
16 |
4.1% |
|
Minnesota |
200,232 |
17 |
4.5% |
|
Tennessee |
195,085 |
18 |
5.7% |
|
Arizona |
197,009 |
19 |
10.0% |
|
Wisconsin |
191,567 |
20 |
4.1% |
|
Missouri |
191,602 |
21 |
5.5% |
|
Colorado |
188,173 |
22 |
7.7% |
|
Connecticut |
177,997 |
23 |
6.7% |
|
Alabama |
141,838 |
24 |
5.1% |
|
Louisiana |
134,505 |
25 |
21.0% |
Per Capita Personal Income
Per capita personal income in Missouri increased 4.5 percent
in 2006 to $32,793. Nationally, per capita income increased
5.6 percent to an average of $36,629. Per capita income is
defined as total personal income divided by total
population.
Connecticut led the nation in per capita income at $50,787
followed by New Jersey ($46,328), Massachusetts ($46,255),
New York ($43,962), and Maryland ($43,774). Mississippi had
the lowest per capita income at $26,908. Missouri ranks 31st
in per capita personal income.
Missouri ranked 5th in per capita income compared to the surrounding states of Illinois ($38,297), Nebraska ($34,383), Kansas ($34,744) and Iowa ($33,017) had higher per capita income.
The fastest per capita personal income growth was in Louisiana, increasing by 26.6 percent, followed by Wyoming (9.2%), Oklahoma (7.8%), New York (7.4%), New Jersey (6.9%), and Connecticut and Washington (6.5%). South Dakota had the lowest growth at 1.9 percent. Missouri’s 4.5 percent increase in 2006 was higher then the state’s growth rate of 3.8 percent in 2005.
| Per Capita Personal Income | |||||||
| State | 2005 | 2006 | Percent Change 2005-2006 | State | 2005 | 2006 | Percent Change 2005-2006 |
| ($) | ($) | ($) | ($) | ||||
| United States | 34,685 | 36,629 | 5.60% | Missouri | 31,380 | 32,793 | 4.50% |
| Alabama | 29,255 | 30,841 | 5.40% | Montana | 29,220 | 30,886 | 5.70% |
| Alaska | 36,636 | 38,622 | 5.40% | Nebraska | 32,833 | 34,383 | 4.70% |
| Arizona | 30,384 | 31,949 | 5.20% | Nevada | 37,420 | 39,015 | 4.30% |
| Arkansas | 26,961 | 28,444 | 5.50% | New Hampshire | 37,480 | 39,655 | 5.80% |
| California | 37,283 | 39,358 | 5.60% | New Jersey | 43,318 | 46,328 | 6.90% |
| Colorado | 37,702 | 39,587 | 5.00% | New Mexico | 28,042 | 29,725 | 6.00% |
| Connecticut | 47,701 | 50,787 | 6.50% | New York | 40,916 | 43,962 | 7.40% |
| Delaware | 37,080 | 38,984 | 5.10% | North Carolina | 30,785 | 32,338 | 5.00% |
| District of Columbia | 53,594 | 57,358 | 7.00% | North Dakota | 32,053 | 33,034 | 3.10% |
| Florida | 34,712 | 36,665 | 5.60% | Ohio | 31,849 | 33,217 | 4.30% |
| Georgia | 31,088 | 32,025 | 3.00% | Oklahoma | 30,054 | 32,398 | 7.80% |
| Hawaii | 34,818 | 36,826 | 5.80% | Oregon | 31,507 | 33,252 | 5.50% |
| Idaho | 28,274 | 29,948 | 5.90% | Pennsylvania | 34,810 | 36,689 | 5.40% |
| Illinois | 36,361 | 38,297 | 5.30% | Rhode Island | 35,757 | 37,261 | 4.20% |
| Indiana | 30,883 | 32,226 | 4.30% | South Carolina | 28,427 | 29,688 | 4.40% |
| Iowa | 31,473 | 33,017 | 4.90% | South Dakota | 31,811 | 32,405 | 1.90% |
| Kansas | 32,666 | 34,744 | 6.40% | ||||