San Antonio Business Journal
Growth in personal income slowed considerably nationwide in 2008 but Texas beat the national average according to information the U.S. Bureau of Economic Analysis released Tuesday.
Personal income in Texas last year increased 6.1 percent over 2007. Between 2006 and 2007 personal income increased 7.6 percent.
Per capita personal income in the state in 2008 was nearly $38600 up 4 percent from the year before. Texas population increased 2 percent during the year one of the largest percentage increases in the country.
Nationwide personal income in 2008 was up 3.9 percent from the previous year with per capita personal income up 2.9 percent. That compares with growth in personal income of 6 percent and per capita personal income of 4.9 percent during 2007.
The Bureau of Economic Analysis said the nations growth in personal income last year was the slowest since 2003. The growth in overall personal income barely beat out a 3.3 percent increase in inflation as measured by the national price index for personal consumption expenditures. Growth in personal income lagged inflation in 13 states including Nevada Arizona Florida Michigan and Ohio.
Oil-producing states including Texas Wyoming and Oklahoma had the highest increases in personal income the bureau said.
