During the first quarter of this year, personal income of New Mexicans grew 0.78% over the fourth quarter of 2007. The growth rate was the lowest in a year. Personal income grew 2.3% in the first quarter of 2007. The performance ranked 37th nationally and was the lowest in our four state region that also includes Arizona, Oklahoma and Texas. In Arizona, economically trashed by the real estate crash, income grew 1.1%. Personal income grew 1.2% in Colorado and Utah during the quarter.
Even worse for New Mexico, the growth of transfer payments such as social security and welfare led earnings and dividends by a big margin.
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