Missouri's personal income rose 6.17% in 2000 from 1999, to more than $152 billion, ranking Missouri 18th in the nation. The nation's personal income rose by 6.8% to just under $7.77 trillion. Personal income is the income received by all persons from participation in production, from government and business transfer payments, and from government interest. Personal income is measured before the deduction of personal income taxes and other personal taxes and is reported in current dollars.
California led the nation in personal income with slightly more than $1 trillion. New York, Texas, Florida, and Illinois, respectively, had the highest totals. Alaska, North Dakota, Vermont, and Wyoming again reported the lowest totals for personal income.
In 2000, Massachusetts experienced the fastest growth in personal income with more than a 10% increase. Louisiana had the slowest growth in 2000, 3.66%. Nationally, Missouri ranked 27Th in personal income growth.
According to the Bureau of Economic
Analysis, four western states Nevada, Colorado, Arizona, and Utah and
Georgia led the nation in personal income growth between 1992 and 2000. Hawaii,
Alaska, West Virginia, Pennsylvania, and North Dakota had the slowest growth in
the same period. In most of the fast-growing states, high-tech manufacturing and
business services were the major contributors to the rapid growth. In Nevada,
strength in tourism also boosted overall growth. In most of the slow-growing
states, high-tech manufacturing and business services were not as prominent as
in the fast-growing states.
Missouri had the 2nd highest personal income when compared to our surrounding states. Only Illinois reported a higher income total, $396 billion. Additionally, Missouri experienced the 3rd highest personal income growth when compared to surrounding states. Kentucky and Iowa had the highest growth with 6.76% and 6.24% respectively.
