THE Bureau of Economic Analysis released State Quarterly Personal Income figures for the second quarter of this year. Maine’s personal income grew from the first quarter to the second of this year by 1.5%, with net earnings* (0.8 percentage points), dividends, interest, and rents (0.3 pp), and transfer receipts** (0.4 pp) making up that increase.
Personal income grew at relatively the same rate elsewhere in New England:
- New Hampshire–1.5%
- Rhode Island–1.4%
Meanwhile, personal income in the U.S. grew by 1.5%.
The report also showed that the BEA revised downward personal income figures for Maine for 2011, 2012, and 2013.
The following chart shows the change in growth for personal income, wages and salaries, and transfer receipts in Maine since 2000:
(click image to enlarge)
*Defined by the BEA as:
Net earnings is earnings by place of work–the sum of wages and salaries, supplements to wages and salaries, and proprietors’ income–less contributions for government social insurance plus an adjustment to convert earnings by place of work to a place-of-residence basis.
**Defined by the BEA as:
Personal current transfer receipts are benefits received by persons for which no current services are performed.