Income Growth Slows In Mass., Nationwide
Personal income growth slowed to 3.9 percent in 2008 from 6 percent in 2009, the slowest growth rate since 2003, according to the U.S. Bureau of Economic Analysis.
Personal incomes in Massachusetts grew by 4 percent during the year.
Every state except Alaska, which saw personal incomes increase by nearly 10 percent, contributed to the slowdown.
Inflation rose by 3.3 percent during the year compared to 2.6 percent the previous year.
The bureau said the range of growth rates varied greatly between states. Oil producing states such as Texas, Alaska and Wyoming benefitted from the spike in oil prices at the beginning of the year. States at the other end of the range include Florida, Arizona and Michigan, which had large increases in unemployment and income growth of less than 3.3 percent during the year.
Disposable income increased by 3.8 percent due to federal income tax rebates and the Federal Stimulus Act of 2008.
The largest industry contributors to the decline in personal income were the manufacturing and construction sectors.
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