Personal income growth slows in Texas

March 24th, 2009 No Commented

Categorized Under: Economy

Growth in personal income slowed considerably nationwide in 2008. Except in Texas.  Texas beat the national average, according to U.S. Bureau of Economic Analysis released Tuesday. Personal income in Texas last year increased 6.1 % over 2007.  The Per capita personal income in the state in 2008 was nearly $38,600, up 4% the year before. Texas’ population had also increased by 2% during the year. This was one of the largest increases in the country, in percentage terms.

Nationwide, personal income in 2008 was up 3.9 % from the previous year, with per capita personal income up by 2.9%. That compares with growth in personal income of 6% and per capita personal income of 4.9% during 2007.

It is the Oil-producing states, including Texas, Wyoming and Oklahoma which seem to have had the highest increases in personal income.

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