Idaho workers’ paychecks and business profits grew at nearly the same pace during the first three months of 2012, pushing total personal income in the state up 0.9 percent from the final quarter of 2011.
The U.S. Bureau of Economic Analysis estimated the state’s total personal income on an annualized basis at nearly $53.8 billion during the first quarter. Idaho’s increase ranked 20th among the states, slightly higher than the national average and just below the 1 percent increase for the Rocky Mountain Region.
Personal income is the value of all wages, business profits, investment earnings and transfer payments like Social Security, unemployment benefits and pensions.
Wage and salary earnings were up 0.9 per cent from the fourth quarter of 2011 to $24.2 billion, while business profits rose 1.1 percent to $6.4 billion.
Most private industry sectors increased their contribution to personal income including construction, up nearly 2 percent to $2.37 billion. Natural resources, utilities, real estate and other services posted declines in generating personal income from the last quarter of 2011. Government at all levels showed no change from the fourth quarter. (Idaho Department of Labor)