Thursday, March 24, 2011

NM 2010 National Leader in % Income Growth; Rate Dropped

With 4.2% growth in personal income during 2010, New Mexico led the nation in percentage income growth, according to figures released yesterday by the Bureau of Economic Analysis.
For per capita income, which is calculated by dividing population into personal income, New Mexico ranked 43rd nationally in 2010. Per capita income in New Mexico was $33,837 during 2010 and was 83.4% of the national per capita income of $40,584.
New Mexico lost 10,800 wage jobs during 2010. The average job total was 801,600 in 2010 and 812,400, for a 1.3% decline.
The income growth came in the first half of 2010. From the first quarter to the second quarter, the increase was 1.7%. The quarterly growth rate dropped to 0.8% for the next two quarters, a pace that ranked 28th nationally for the fourth quarter.
New Mexico was one of ten states where earnings topped the pre-recession peak.
Transfer receipts are the biggest piece of New Mexico’s personal income at $1,464 million and increased 10.4% during 2010. Transfer receipts provided 52% of personal income in New Mexico during 2010.
Net earnings and dividends interest and rent are the other two components of personal income.
Earnings in finance, information, construction and utilities declined in New Mexico during 2010.

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