Wyoming’s 2013 Per Capita Personal Income Ranked 7th in the U.S.
Wyoming’s per capita personal income of $50,924 for 2013 earned the state a national ranking of 7th based on estimates released by the U.S. Bureau of Economic Analysis (BEA) on March 25, 2014. Personal income for the U.S. in 2013 was $44,543 per person. Compared to 2012, total personal income for the state grew by 1.8 percent. Most of the growth in 2013 was attributable to the farm, construction, mining, transportation & warehousing, and accommodation & food services industries.
The BEA also released estimates of personal income for the fourth quarter of 2013. Wyoming’s personal income grew at a rate of 0.8 percent (compared to Q3 of 2013) for the final quarter of 2013, earning the state a national ranking of 11th place out of the 50 states. Personal income for the Rocky Mountain region, which includes Wyoming along with Colorado, Idaho, Montana, and Utah, grew at a slower pace of 0.5 percent while the U.S. recorded growth of 0.6 percent. Wyoming’s fourth quarter growth led the region followed by Utah, Colorado, Montana, and Idaho. The BEA noted Texas led all states in growth with a rate of 1.2 percent and Iowa had the lowest at -0.6 percent. Personal income is defined as income received by all persons from all sources including wages, interest and dividends, rental income, and government transfer payments.
Jim Robinson, principal economist for the state’s Economic Analysis Division, commented, “The state saw growth in 15 of the 24 BEA-defined industries in the fourth quarter of 2013 with mining by far having the largest impact on earnings growth.” For the 6 industries that declined, the decreases were minimal. “The takeaway from this report is that a number of key industries in the state contributed to personal income growth in 2013,” added Robinson.