Personal Income

For the third quarter of 2007, New Mexico had the nation's second highest rate of personal income growth with a 1.9 percent increase over the second quarter of 2007. Nationally, personal income grew 1.4 percent during the quarter. The figures were released December 19 by the Bureau of Economic Analysis. The state of Washington had the nation's highest personal income growth, a situation explained by stock grants during the quarter from information industry companies such as Microsoft.

For the quarter in New Mexico, dividends, interest and rent were up 2.9 percent to lead the income components. Net earnings increased 1.6 percent. Retail trade, up 0.9 percent during the quarter, led the sector growth, followed by mining and transportation, both up 0.8 percent. Earnings in the slumping construction sector were up 0.1 percent.

The earnings growth came as New Mexico's job growth continued down, dropping to 0.9 percent for the year from October 2006 through October 2007.