Top 10 States Where Personal Income Is Booming

A businesswoman rides in the lap of luxury on a private jet. (AP)
By Zoe Papadakis | Tuesday, 04 June 2019 11:42 AM

A snapshot of America's economic profile shows massive growth, with a nearly 19% increase in gross domestic product since the devastating 2009 recession, 24/7 Wall St. reported.

On the working front, things are looking equally positive, with the economy adding jobs for 101 consecutive months. These developments have a meaningful impact on the income of the everyday American but this income growth is not spread out evenly across our states, with personal income and national growth not always matching up.

Based on the change in real personal income per state over a 10-year period, 24/7 Wall St. set out to establish the states where personal income was booming.

These are the top 10 states:

10. Michigan.
The state saw real personal income per capita rise by 16.3% between 2008 and 2018, which far exceeds the national increase of 14.3%. There was a notable decrease in the number of households earning less than $10,000 a year, from 8.7% to 6.8%, and the poverty rate in Michigan also dropped from 17.4% to 14.2%.

9. North Dakota.
In the past decade real personal income per capita in North Dakota also rose above the average national increase. The 16.3% increase is linked to the state's recent oil boom fueled by hydrofracking. There was also a notable uptick in employment rates, which rose above 200% within the mining and logging industry.

8. Colorado. In the past 10 years, Colorado's GDP increased by a whopping 20.8%, far exceeding the national GDP growth of 15.7%. Furthermore, the state's real personal income per capital climbed by 16.4% over roughly the same period.

7. New Hampshire.
In the past decade New Hampshire has seen a 16.4% rise in real personal income per capita, which has elevated many households into a higher-income bracket. In recent years the number of families earning $200,000 or more a year rose from 5.1% to 8.3%.

6. Tennessee.
The real personal income per capita in Tennessee rose by more than 17% in the past decade – an increase linked to an employment boom in the state's professional and business sectors. There was a 28.3% climb in the number of people working in the industry since 2008.

5. Oregon. Since 2008, the personal income per capita in Oregon climbed by 17.3%, leading to a dramatic reduction in poverty, which fell from 17.2% to 13.2%.

4. Massachusetts.
The real personal income per capita in Massachusetts rose by 17.6% since 2008. This is linked to the dramatic growth among the state's college-educated population. Roughly 43.4% of adults in Massachusetts carry a bachelor's degree or higher.

3. Washington.
In the past decade, Washington's personal income per capita climbed by 18.7% while the state's GDP rose by 25.8%. The local economy is driven by major companies that include tech giants Microsoft and Amazon.

2. New York. As the center of American finance, New York City's personal income per capita in the past 10 years soared by 23.8%. This could be due to national capital gains. The U.S. marked an historically long bull market last year.

1. California.
The state's diverse economy is the largest in the U.S. and fifth largest in the world, which explains the dramatic 24.1% increase in real income per capita for the past decade. The state's GDP also spiked by 22.0%, pushing households earning $200,000 or more up from 6.8% in 2012 to 11.1% in 2017.

Top 10 States Where Personal Income Is Booming |