Friday, December 17, 2010

DJB... Ohio personal income growth outpaces average

From Dayton Business Journal…
Ohio personal income growth outpaces U.S. average
Friday, December 17, 2010

Personal income for Ohioans grew faster than the national average in the third quarter, but deterioration in some industries and sinking housing values tamped down the pace of growth from the prior quarter, the federal government reported Friday.
The amount of money Ohio residents generated from sources such as wages, rental income, dividends, interest and Social Security edged up 0.8 percent from July through September, the Bureau of Economic Analysis said in a quarterly report. Personal income rose an average of 0.7 percent nationwide for the period.
Ohio’s above-average performance put it at 18th nationally in the rate of personal income growth, but the state’s pace of change was on par for the five-state Great Lakes region. Leading the nation were South Dakota, up 1.8 percent, Nebraska (1.5 percent), Iowa (1.4 percent), and North Dakota and Kansas (both 1.2 percent). At the bottom of the list were Connecticut and New York state, where no growth was recorded.
The slowdown in the income growth rate reflected declines in the construction, real estate and government sectors, as well the elimination of temporary workers the government hired to handle 2010 census work, the report said. The top levels of growth were tied to a robust climb in farm earnings, which was behind Great Plains states leading the nation in personal income gains.
But the rate of personal income growth in the second quarter was 1.4 percent nationally, preceded by a 0.9 percent rise in the first quarter. In Ohio, total personal income rose 1.2 percent in the second quarter to $420.87 billion, the bureau reported. Personal income in the state reached an estimated $424.31 billion in the third quarter.

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