State leads in income growth
North Dakota leads the nation in personal income growth according to statistics released by the U.S. Bureau of EconomicAnalysis (BEA). The report shows North Dakota personal income growth increased by 1.4 percent during the third quarter of 2012.
The report shows growth in North Dakota was tied to farm income, wholesale trade, mining and additional business activities.
“We are very pleased and proud that North Dakota continues to lead the nation in personal income growth,” Commerce Commissioner Alan Anderson said. “That’s the proof our policies for economic growth are working.”
Nationally, state personal income growth slowed to 0.5 percent during that same time frame. Growth slowed in 34 states, accelerated in 11, and was unchanged in 5.
As defined by the BEA, personal income is the income received by all persons from all sources. Personal income is the sum of net earnings by place of residence, property income and personal current transfer receipts.The complete Bureau of EconomicAnalysis report is available at www.bea. gov/newsreleases/regional/ spi/sqpi_ newsrelease.
The North Dakota Department of Commerce works to improve the quality of life for North Dakota citizens by leading efforts to attract, retain and expand wealth. Commerce serves businesses and communities statewide through committed people and partners who offer valuable programs and dynamic services.