Nevada Tied For 3rd In Q3 State Personal Income Growth

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State personal income increased 0.7 percent on average in the third quarter of 2017, according to estimates released by the Bureau of Economic Analysis. Increases in earnings and personal current transfer receipts were the leading contributors to the acceleration in personal income in the third quarter.

Personal income increased 1.0 percent in Washington, faster than in any other state. Texas had the next largest increase at 0.9 percent, and Nevada was tied for third at 0.8 percent.

For the nation, earnings increased 0.8 percent in the third quarter of 2017. Earnings increased in 22 of the 24 industries for which BEA prepares quarterly estimates. Earnings increases in three industries–health care and social assistance; finance and insurance; and construction–were the leading contributors to the overall increase in personal income.

Construction earnings, which increased 1.5 percent for the nation, was the leading contributor to the increases in total earnings in Nevada, Alaska, and Utah.

Transfer receipts increased 0.7 percent for the nation in the third quarter of 2017, up from 0.2 percent in the second quarter. Property income increased 0.2 percent in the third quarter of 2017, down from 0.8 percent in the second quarter.