Mass. Income Growth Slows
Personal income growth in Massachusetts slowed in the second quarter of this year, mirroring a nationwide trend, the federal government said.
Incomes grew 1.16 percent from April through June in the Bay State, down from a growth of 2.03 percent in the first quarter of this year. Nationally, personal income growth by state slowed to 1 percent in the second quarter, compared to 1.7 percent in the previous quarter.
The U.S. Bureau of Economic Analysis (BEA) said income growth slowed in 39 states and the District of Columbia, accelerated in 10 states and was unchanged in only one: Nevada.
Nationally, earnings increased in 21 of the 24 industries for which BEA prepares quarterly estimates, with the largest percentage increases in forestry, fishing and related industries (4.6 percent, up from 4 percent in the previous quarter) and real estate (2.4 percent, after declining 4.7 percent). The largest contributions to earnings growth were in professional services (which increased $15.1 billion, down from $27.5 billion) and health care (which increased $9.4 billion, down from $17.9 billion).
In Massachusetts, the industries with the highest personal income growth during the quarter were: forestry and fishing (4.55 percent); transportation and warehousing (2.68 percent); utilities (2.39 percent); and professional, scientific and technical services (2.22 percent).
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