Missouri 2007 Personal and Per Capita Income
According to revised data from the U.S. Bureau of Economic Analysis (BEA), Missouri’s personal income rose by 4.3 percent in 2007 to over $199 billion. The state’s growth rate was below the U.S. increase of 6.1 percent that brought the nation’s personal income to over $11.6 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 $1.5 trillion. New York, Texas, Florida, and Illinois round out the top five. South Dakota, Alaska, Wyoming, Vermont, and North Dakota reported the lowest personal income totals. Missouri ranked 21st in total personal income in 2007.
Missouri had the 3rd highest total personal income when compared to surrounding states. Only Illinois ($526 billion) and Tennessee ($205 billion) ranked higher.
Personal income increased in all states in 2007, with only eleven states reporting a growth rate of less than 5 percent. Wyoming had the fastest growth rate at 17.7 percent while Michigan had the lowest growth rate at 1.4 percent.
|2007 Personal Income|
|Top 25 States (Millions)|
|State||Personal Income ($)||Rank||Percent Change|
Per Capita Personal Income
Per capita personal income in Missouri increased 3.6 percent in 2007 to $33,984. Nationally, per capita income increased 5.0 percent to an average of $38,564. Per capita income is defined as total personal income divided by total population.
Connecticut led the nation in per capita income at $54,984 followed by New Jersey ($49,238), Massachusetts ($49,142), Wyoming ($47,038), and New York ($46,664). Mississippi had the lowest per capita income at $28,527. Missouri ranks 34th in per capita personal income.
Missouri ranked 6th in per capita income compared to the surrounding states of Illinois ($40,919), Kansas ($36,483), Nebraska ($36,189) Oklahoma ($34,910), and Iowa ($34,796) had higher per capita income.
|Per Capita Personal Income|
|State||2006($)||2007($)||Percent change 2006-2007||State||2006($)||2007($)||Percent change 2006-2007|
|District of Columbia||57,746||61,397||6.3%||Wyoming||40,655||47,038||15.7%|
The fastest per capita personal income growth was in Wyoming, increasing by 15.7 percent, followed by Louisiana (12.4%), South Dakota (11.3%), North Dakota (9.7%), Connecticut (8.3%), and Oklahoma (7.8%). Michigan had the lowest growth at 1.6 percent. Missouri reported a growth rate at 3.6 percent.
All per capita personal income estimates are in current dollars (not adjusted for inflation).
Source: U.S. Bureau of Economic Analysis