American BEA details increase across all states ranging from 8.4% high to 2.4% low

Personal income in America rose on average by 6.1 per cent in 2020, based on the latest economic statistics released by the US Bureau of Economic Analysis (BEA).

This increase was much more than the 3.9 per cent jump in the previous year in 2019. The BEA says, “The per cent change in personal income across all states ranged from 8.4 per cent in Arizona and Montana to 2.4 per cent in Wyoming.” At the same time, state personal income fell 6.8 per cent at an annual rate in the fourth quarter of 2020 in comparison to an 11.3 per cent fall in the third quarter.

Earnings for the nation climbed on average by 0.3 per cent in 2020. However, earnings fell in 10 of the 24 industries for which BEA prepares estimates.

The leading industries, which exhibited a fall in earnings include accommodation, food services, arts, entertainment and recreation. However, the decline was partially tempered by earnings growth in 14 industries with the largest increases in professional, scientific, technical services as well as finance and insurance. 

Notably, the per cent change in earnings across all states ranged from 5.2 per cent in Utah to 6.6 per cent in Hawaii.

Property income

In 2020, property income fell by 1.1 per cent for the nation compared to a 1.3 per cent increase in 2019. Moreover, the percent change in property income ranged from 0.4 per cent in Hawaii, New Mexico and West Virginia to 1.9 per cent in South Dakota. Transfer receipts advanced mainly due to increases in state unemployment insurance compensation and in all other transfer receipts.

Furthermore, transfer receipts advanced in all states and the District of Columbia, ranging from 64.2 per cent in Hawaii to 23.9 per cent in Arkansas.