WASHINGTON – Minnesota’s personal income growth is a sixth lower than that of the United States as a whole according to a new report by the Bureau of Economic Analysis.
Minnesota’s personal income grew by three percent in 2016, while the United States as a whole saw a 3.6 percent growth rate. Minnesota’s per capita personal income of $52,117 still ranks 13th among all states.
The personal growth rate for Minnesota ranks 32nd among all states in the past year. Among its neighbors, only Wisconsin had a higher growth rate, at 3.1 percent, still below the national average. North Dakota’s -1.5 percent change was the worst, and one of only three states with a decrease in personal income.
The personal income of people working in Minnesota’s farming industry was hit very hard as the industry lost $909 million compared to last year, a 25.3 percent decrease. The real estate and leasing industry was also hit hard, losing $515 million.
Meanwhile the state’s healthcare and social assistance industry saw an increase of $1.76 billion and personal income from state and local government jobs increased by $1.08 billion in just one year. However, the state’s primary growth industry in the last year was the professional, scientific, and technical services industry at $2.68 billion.
Just seven states had larger growth in personal income from state and local government jobs. These are New York, California, Ohio, Florida, Texas, Washington, and Colorado. Of these only Colorado is close in population to Minnesota.
Minnesota’s growth in personal income from these government jobs amounts to $677 million more than the entire New England region. Those six states have a total population of 13.4 million compared to Minnesota’s 5.5 million, according to the United States Census Bureau.
