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La.’s personal income growth ahead of national average

Although recent reports have indicated a struggling economy in Louisiana over the past several years, personal income rose 1.7 percent during the second quarter, equivalent to about $1.9 billion, according to a report released by the Bureau of Economic Analysis Tuesday.

The national growth rate for personal income was 1.5 percent, putting Louisiana ahead of the game for the second quarter of 2014. The lowest growth was 1.1 percent in New York and Alaska, while North Dakota and Nebraska led the trend with 2.7 percent.

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The personal income increase of 1.7 percent is impressive for the recovering Louisiana economy. Only a year ago, that number was just 0.6 percent, and for the fourth quarter of 2013 it dropped to just 0.2 percent. Changes in personal income have closely followed the national averages for 2014.

The agricultural industry contributed the most to the income change for the quarter at 14 percent ($272 million), with professional, scientific, and technical services contributing another 10 percent ($194 million). Retail growth followed with 9 percent ($176 million) contribution.

To read the full analysis, click here.

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