PIERRE, S.D. (DRG News) – The U.S. Bureau of Economic Analysis estimates personal income increased 5.4% in the second quarter of 2019, down from the 6.2% increase in the first quarter.
The percent change in annual rate for overall personal income across the 50 states ranged from 7.5% in Texas to unchanged in North Dakota. South Dakota showed a 1.3% increase.
Farming was a leading contributor to an earnings decrease in South Dakota and North Dakota and to slow growth in Iowa, Mississippi, Nebraska and Kansas. The decreases in farm earnings reflect smaller Market Facilitation Payments in the second quarter of 2019 than in the first quarter.
For the United States as a whole, professional, scientific and technical services; finance and insurance; and state and local government were the leading contributors to overall growth in earnings.
Property income increased 8% for the nation in the second quarter of 2019, after decreasing 4.6% in the first quarter. Property income increased in every state, ranging from 10.5% in Utah and New York to 4.7% in Alaska.
Increases in SD and surrounding states:
- South Dakota= 1.3%
- Montana= 5.9%
- Wyoming= 6%
- Nebraska= 3.6%
- Iowa= 2.3%
- Minnesota= 5.2%
- North Dakota= 0%