Mo. personal income grows in Q1

Missouri’s first-quarter personal income grew by 1.1 percent to $267.3 billion, outpacing the national average, according to a report released today by the U.S. Bureau of Economic Analysis.

The U.S. seasonally adjusted average increase was 1 percent. Personal income is determined by adding together net earnings, dividends, interest and rent, and transfer payments, according to a news release.

In terms of personal income percentage growth, Missouri ranked 20th. The Show-Me State’s rate climbed the most among the seven states the bureau categorizes in the plains area. Across the United States, personal income ranged from a drop of 1.3 percent in North Dakota to a bump of 1.5 percent in Washington.

A 1.1 percent growth in earnings across the nation was the primary reason personal income moved forward, according to the BEA.

Earnings grew in 22 of the 24 industries the bureau tracks, led by health care, construction and professional services. Offsetting industries were farming and mining, according to the release.