Louisiana’s quarterly personal income grew 4.9% in the second quarter of the year, rising to $224.43 billion, the highest on record, according to data from the federal Bureau of Economic Analysis.
The state’s personal income, or the total amount that Louisiana workers took home before taxes, has grown $9.42 billion since this time last year. Personal income in Louisiana has grown for 13 consecutive quarters, every quarter since the start of 2016.
Across the U.S., state personal income increased 5.4% compared to the year prior, in the second quarter of 2019, a deceleration from the 6.2% increase in the first quarter. Professional, scientific, and technical services; finance and insurance; and state and local government were the leading contributors to overall growth in earnings.
Texas, Washington, Utah, Nevada, Arizona and Oregon had the fastest growth in personal income, while North Dakota, South Dakota, Iowa and Mississippi had the least amount of growth.
Gov. John Bel Edwards released a statement this morning declaring the data is further evidence that Louisiana’s economy is improving and has stabilized since the fiscal crisis.
