Fastest income growth in 2021
In the second year of the pandemic, personal income nationwide rose an average of 3.1% last year, after accounting for inflation. Earnings, which include wages from work plus extra compensation such as employer-sponsored health benefits, and business profits, drove much of the growth after a stagnant 2020.
The states with the fastest income growth were:
1. Idaho – 5.3%
2. South Dakota – 5.1%
3. Florida – 5%
4. Nebraska – 5%
5. New Hampshire – 4.7%
Source: Pew Charitable Trust. Personal income grew 4.5% in Tennessee, 3.4% in Georgia and 2.8% in Alabama in 2021.