State personal income grew 1.9 percent in first quarter

In Hawaii, personal income grew at a faster rate during the first quarter of 2011 than in the fourth quarter of 2010, according to seasonally adjusted data released on June 22 by the U.S. Bureau of Economic Analysis. Personal income for the state totaled $57.5 billion for the first quarter of 2011, up 1.9 percent from the $56.5 billion recorded in the fourth quarter of 2010.

That increase is a full percentage point more than the 0.9 percent increase in personal income between the third and fourth quarters of 2010, according to the report. Hawaii’s personal income for this year’s first quarter is also 4.4 percent higher than the $55.1 billion recorded during the same quarter in 2010, according to Pacific Business News.

All 50 states saw increases in the rates of personal income growth during the first quarter of 2011, with North Dakota recording the fastest rate of growth: Its personal income grew 6.9 percent this year, up from 3 percent between the third and fourth quarters of last year. The report noted that certain states, such as North Dakota, profited from surging global wheat demand that raised U.S. prices during the 2011 first quarter.

Overall, personal income for the U.S. as a whole grew to $12.9 trillion in the first quarter of 2011, up 1.8 percent from the $12.7 trillion recorded in the fourth quarter of 2010. Total U.S. personal income previously rose by 0.8 percent between the third and fourth quarters of 2010.