Idaho had the fastest personal income growth rate in the nation from the 4th quarter 2016 to the first quarter 2017.
The Idaho Department of Labor says Idaho’s personal income grew 1.6 percent to $67.6 billion in this year’s first quarter. Four other states – Louisiana, Michigan, Florida, and Texas – had the next fastest growth in personal income at 1.3 percent. Nationwide, personal income increased by 1 percent.
All three components of Idaho’s personal income posted gains in the first quarter of 2017. Net earnings increased by $619 million, while property income climbed by $122 million.
Transfer receipts, which include Social Security, medical benefits, unemployment insurance, veterans’ benefits, and federal education and training assistance, grew over the quarter by 2.8 percent or $342 million.
Total earnings growth in Idaho was dominated by farm earnings, which grew by $239 million or 17 percent. Military government, and real estate and rental leasing also saw growth.
Only five of the 24 industries monitored by the Bureau of Economic Analysis saw a decline in earnings, led by a drop in forestry, fishing and related activities.
Year over year, Idaho’s first quarter 2017 personal income was up nearly 5 percent over the first quarter of 2016 by almost $3.2 billion. (Idaho Department of Labor)