Home Economy Connecticut personal income grew 3 percent in 2016

Connecticut personal income grew 3 percent in 2016

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Personal income in Connecticut grew 3 percent on average during 2016, lower than the national average and the other New England states, according to data released by the federal Bureau of Economic Analysis. However, the state also recorded the highest per capita personal income last year.
The national personal income level – defined by this study as “the sum of net earnings by place of residence, property income, and personal current transfer receipts” – grew by 3.6 percent last year. Although Connecticut lagged behind its regional neighbors – New Hampshire and Massachusetts saw the greatest personal income growth at 4.7 percent and 4.3 percent, respectively – it was slightly above the 2.9 percent growth experienced across the border in New York. Nevada experienced the nation’s highest personal income growth last year with a 5.9 percent spurt, while Wyoming ranked last among the states with a -1.7 percent performance.

In terms of per capita personal income, Connecticut’s $71,033 level was considerably above the $65,137 level from second place-ranked Massachusetts and the national average of $49,571.

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