NYS personal income increases sharply
Total personal income grew faster in New York during the first quarter of 2008 than anywhere else in the Northeast, according to a new report from the U.S. Bureau of Economic Analysis.
New York’s total personal income (TPI) equaled $950.8 billion in the first quarter, which was up 2.5 percent from the fourth quarter figure of $927.4 billion.
No other Northeastern state experienced income growth of more than 1.4 percent. New York, in fact, outperformed all other states but North Dakota and South Dakota. The former led the nation with a TPI increase of 7.6 percent between the fourth quarter of 2007 and first quarter of 2008.
TPI is the measure of all money earned by all residents of a state during a given year. It covers wages, interest, dividends, rental receipts and Social Security payments, among other sources.
Wall Street was largely responsible for New York’s sharp rise in TPI pay day loan.
"Sizable performance bonuses for 2007 in the finance industry accounted for New York’s strong personal income growth, more than double national nonfarm growth," said the Bureau of Economic Analysis report. "Because many of the recipients of the bonuses live in Connecticut and New Jersey, personal income of those states was boosted slightly as well."
The large rises in the Dakotas were caused by strong upswings in prices for grain, especially corn.