Louisiana’s personal income growth short of national rate since recession
Louisiana’s personal income growth has slightly underperformed national growth since the recession, according to a new report from Pew Charitable Trusts.
In the U.S., personal income has grown at a rate of 1.6% per year from the fourth quarter of 2007 through the second quarter of this year, which is a lower rate than the historical pace.
Louisiana’s incomes grew at an even slower pace, at 1% over the same time period. Incomes dropped in the Bayou State in 2016, the report says, as the energy, farm and manufacturing sectors took a hit.
“One of the longest U.S. economic expansions has lifted personal income in all states above pre-recession levels,” reads the report. “But growth has varied, ranging from a constant annual rate of 0.6 percent in Connecticut to 4 percent in North Dakota.”
Other states with the highest growth in personal income since the recession include Texas, Utah, Colorado and Washington.