Louisiana personal income grew at nation’s second fastest rate in 2Q
Personal income in Louisiana grew 5.9% in the second quarter, compared to the first quarter, the second strongest rate of all states and far better than the 4.2% national average.
At 6% growth, only Texas posted a slightly stronger month-over-month gain, according to the data released today by the Bureau of Economic Analysis.
“Last week, we announced that the state ended the last fiscal year with a surplus. Today, the Bureau of Economic Analysis confirmed our assumptions—Louisiana’s businesses are doing better and people are bringing home more in their paychecks,” Gov. John Bel Edwards says in a statement.
Nationally, earnings increased increased in 21 of the 24 industries for which BEA prepares quarterly estimates. Earnings was the leading contributor to personal income growth in most states, including the four states with the fastest personal income growth—Texas, Louisiana, Kentucky, and North Dakota.
Construction was the leading contributor to the earnings increase in Louisiana.