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10 States with the Highest Personal Income Growth

Good news: Personal income is growing nationwide. A recent report from the Pew Charitable Trusts indicates that income has grown by 1.7 percent across the board since the fourth quarter of 2007. The not-so-good news: The average income growth rate over the last 30 years was about 2.8 percent. These are the 10 states where income levels have grown the most since the fourth quarter of 2007.
Sarah Handzel, BSN, RN
PUBLISHED: Monday, March 6, 2017

The lush forests aren't the only thing that's green in in Oregon. The average income growth rate there has held steady at 2.1 percent since the fourth quarter of 2007.

Since the start of the Recession in late 2007, personal income levels have grown at a slower rate than usual – but the good news is, income levels have still been increasing. Nationwide, personal income is estimated to have grown by 1.7 percent annually since the fourth quarter of 2007. This compares to an average growth rate of 2.8 percent over the last 30 years.
 
Growth rates of personal income are used to track economic trends state by state. Information regarding the economic health of individual states is important not only to individuals and families, but to local and state governments who rely on tax revenue and consumer spending.

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State personal income is defined using three key components: earnings from working or owning a business, rent, interest, and dividends, and any transfers from a business or government. Contributions to pensions and insurance programs are included in personal income in addition to wages and salaries.
 
In a recent report, the PEW Charitable Trusts collected data about personal income growth for all 50 states. The report examined compound annual growth rates (CAGRs) for each state since the fourth quarter 2007, in addition to income growth rates over the past year.
 
Click the link to see which states had the highest average personal income growth rates since 2007, starting with number one:



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