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diggArizonans’ personal income shows fast increase in West
Think your paycheck is small? It may not be sooo tiny, according to a recent issue of the Western Blue Chip Economic Outlook
Think your paycheck is small? It may not be sooo tiny, according to a recent issue of the Western Blue Chip Economic Outlook, a monthly publication that publishes the consensus forecasts of panels of economists in 10 Western states.
The West accounted for four of the top five states showing the fastest rise in personal income in 2005. Nevada and Arizona were in slots one and two, respectively, with personal income exceeding 9 percent; Florida, Wyoming and Utah rounded out the top five.
Personal income covers earnings, dividends, interest, rental income and such receipts as Social Security and pensions. Higher levels of wages, an increase in employment, longer hours of work, or population gains all can contribute to increases in personal income for a state.
Per capita personal income is calculated by dividing total personal income in a state by its population. As a measure of economic growth, per capita personal income moderates the effects of population changes by adjusting income to per-person basis.
The publication’s panelists are drawn from leading business firms, universities and state agencies. The Outlook also features historical data for each state.
It is published 10 times a year by the Bank One Economic Outlook Center at Arizona State University’s W.P. Carey School of Business. The cost is $99 for an e-mail subscription. For information, call (480) 965-5543.
