In 2016, Missouri’s personal income was $266.4 billion, a 3.5 percent increase from the 2015 personal income, according to data from the U.S. Bureau of Economic Analysis (BEA). The nation’s personal income rose 3.6 percent annually to over $16.0 trillion.
Personal income is defined as the income received by all persons from net earnings, property interest income, and transfer payments. 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 $2.2 trillion. Texas, New York, Florida, and Illinois round out the top five; Missouri ranked 22nd in total state personal income.
|2016 Top 25 States Personal Income|
|Rank||Area||2016||Percent Change 2015 to 2016|
Wages & Salaries accounted for 63 percent of Missouri personal income in 2016. Transfer Payment accounted for 20 percent and Dividends, Interest & Rent accounted for 17 percent. The percentage breakdown of personal income has been consistent since the end of the last recession in 2009. The US had 64 percent of personal income accounted for by Wages & Salaries, 17 percent by Transfer Payments and 19 percent by Dividends, Interest & Rent.
Per capita income is defined as total personal income divided by total population. Per capita personal income in Missouri was $43,723 in 2016, up from $42,352 in 2015.
The District of Columbia led the nation in per capita income at $75,596, followed by Connecticut, Massachusetts, New Jersey, and New York; Missouri ranked 34th in the US.
|Per Capita Income 2016|
|District of Columbia||$75,596||Iowa||$46,794|
|South Dakota||$48,049||West Virginia||$37,386|
Missouri’s per capita income annual growth rate of 3.2 percent was higher than the national average of 2.9 percent from 2015 to 2016. New Hampshire had the highest per capita income annual growth at 4.3 percent. Hawaii (4.2 percent), Nevada (3.9 percent), Massachusetts (3.9 percent) and California (3.8 percent) also saw relatively high levels of per capita income growth in 2016.
Missouri had per capita income annual growth rates over 3 percent in five of the last six years (2010-2016), with a compound annual growth rate of 2.9 percent in that time.
Source: Bureau of Economic Analysis
Note-- All dollar estimates are in current dollars (not adjusted for inflation).