Arizona income growth outpaces national average
Phoenix Business Journal by Tim Gallen, Reporter
Date: Wednesday, December 19, 2012, 1:06pm MST
Residents’ personal income hit roughly $237 billion in the quarter, which was up 0.64 percent over the second quarter’s mark of $235.3 billion.
Arizona ranked 20th among the states for growth rate in personal income and topped the national average growth rate of one-half percent.
Income growth slowed in 34 states, sped up in 11 and was flat in five. Growth was down from 0.7 percent in the third quarter.
At the end of the third quarter, total personal income in the United States was roughly $13.4 trillion.
Arizona had income growth in most industry categories in the third quarter, with the largest gains coming in farms at 6.7 percent over the second quarter. Other gains included a 2.4 percent uptick in forestry, fishing and related activities; 2.4 percent increase in real estate and rental and leasing; 1.7 percent bump in retail trade; and a 1.7 percent hike in arts, entertainment and recreation.
However, Arizona saw declines in the following categories: mining, information, finance and insurance, accommodation and food services and military jobs.