Missouri personal income grows slower than US

While Missouri’s personal income was up 3.9 percent in 2018, it was eclipsed by U.S. growth of 4.5 percent during the year.

The state’s personal income rose to $285.7 billion, and the U.S. figure increased to more than $17.5 trillion last year, according to a newsletter issued this morning by the state Department of Economic Development’s Missouri Economic Research and Information Center.

Leaning on data from the U.S. Bureau of Economic Analysis, MERIC reported Missouri ranked No. 22 in the nation in 2018 personal income. No. 1 was California, at $2.5 trillion, followed by Texas, at $1.4 trillion, and New York, at $1.3 trillion. Missouri was flanked by No. 21 Wisconsin, at $295 billion, and No. 23 Connecticut, at $266.4 billion.

Wages and salaries made up 61 percent of Missourians’ personal income levels in 2018, while dividends, interest and rent made up 20 percent and transfer payments accounted for 19 percent, according to the provided data.

Across the U.S., wages and salaries made up 63 percent of the personal income total, followed by 20 percent in transfer payments and 17 percent in dividends, interest and rent.

Per capita income — total personal income divided by population — was $46,635 in Missouri last year, up from $45,014 in 2017, according to MERIC. The state’s per capita growth rate was 3.6 percent, just below the 3.8 percent rate on the national level.