Statewide personal income grows 3%

Last edited 8:56 a.m., Oct. 1, 2014

Missouri's first-quarter personal income grew to roughly $245 billion, a 3 percent increase from $237.8 billion in the same quarter of 2013.

The Show-Me State was among 46 states to experience personal income increases during the three months ended March 31. On average, state personal income grew by 0.8 percent, and the fastest growth, 1.4 percent, was recorded in Washington, Vermont and West Virginia, according to a news release from the U.S. Bureau of Economic Analysis.

Missouri ranked 22nd in the nation during the first quarter in terms of total personal income. Nationwide personal income was $14.4 trillion, according to BEA data.

The BEA defines personal income as the sum of net earnings by place of residence, property income and personal current transfer receipts.