North Dakota income growth tops nationNorth Dakota led the nation in personal income growth during the second quarter due to a thriving agriculture industry, according to estimates in a federal report released Friday.
BISMARCK (AP) — North Dakota led the nation in personal income growth during the second quarter due to a thriving agriculture industry, according to estimates in a federal report released Friday.
U.S. Bureau of Economic Analysis estimated that personal income in North Dakota was up 1.5 percent for April, May and June — the best performance of any state during the quarter.
That compared with a 0.2 percent growth nationwide, which the bureau said was offset by inflation. It was the first growth in a year for the U.S. and for 15 states.
Overall, personal income increased in the second quarter in 36 states. The bureau said federal economic stimulus money and rising unemployment benefits were the main reasons for the increase in all of those states except North Dakota, where the farm sector was the main factor.
Net earnings and property income declined in every state except North Dakota, where net earnings grew 0.9 percent, and in Iowa, where they were unchanged.
Farm personal income in North Dakota grew 0.62 percent in the second quarter, while personal income in the mining sector, which includes oil and gas development, dropped 0.20 percent, the federal report said.
David Lenze, a Bureau of Economic Analysis economist, said the second quarter figures are estimates based on projections and are subject to “large revisions when the actual numbers come out.”
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U.S. Bureau of Economic Analysis: www.bea.gov