North Carolina income growth lagging

previously mentioned how North Carolina employment levels are in a more troubled state that the rest of the country, and struggling to recover. This income information is no doubt a consequence of that.

Nationwide, the average personal income grew 4.3 percent, to $41,663. Per capita income in the Tar Heel State grew to $36,164, the fifth-largest among 12 southeastern states. But North Carolina’s 3.3 percent growth rate was the weakest of the 12 and third lowest in the country. North Dakota led the nation with 6.7 percent growth, with Iowa and Oklahoma close behind. Alaskans’ personal income grew just 2.9 percent, and Maine’s lagged by a fraction of a percentage point behind North Carolina’s. In Arizona, Florida, Michigan, Nevada and Oklahoma, earnings are still below pre-recession peaks and Nevada’s 3.0 percent earnings growth in 2011 follows three consecutive years of decline. Earnings increased in every private industry in 2011, according to the report, and earnings growth accelerated in all private industries except administrative services and accommodations. In contrast, 2011 earnings fell 0.3 percent for state and local government employees and earnings growth slowed for civilian federal employees to 0.6 percent from 7.2 percent in 2010 and for the military to 1.3 percent from 4.0 percent in 2010. To calculate average personal income, the Commerce Department’s Bureau of Economic Analysis simply divides total personal income by the total population of each state, including workers and those not in the labor force. The measure captures salaries, wages, dividends, capital gains, pensions, government transfers such as social security and other types of income.  ]]>