Special Report
States Where Incomes Are Booming (or Not)
May 21, 2015 12:44 pm
Last Updated: December 4, 2019 8:13 am
11. New Hampshire
11. New Hampshire
> Personal income growth (2008-2014):11.3%
> Per capita personal income 2014: $46,077 (9th highest)
> Unemployment rate: 4.3% (8th lowest)
> Pct. Change in labor force (2008-2014): -0.2% (19th lowest)
New Hampshire’s 2014 personal income per capita of $46,077 was the ninth highest in the country. Personal income grew 11.3% from 2008, also one of the largest figures nationwide. High income in the state helped New Hampshire residents stay out of poverty. The state had the lowest poverty rate in the country in 2013, at just 8.7%. Despite these healthy economic factors, New Hampshire’s working-age population shrank nearly 7% from 2008 through 2013, nearly the largest decline in the country.
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12. Utah
> Personal income growth (2008-2014):11.3%
> Per capita personal income 2014: $35,920 (2nd lowest)
> Unemployment rate: 3.8% (4th lowest)
> Pct. Change in labor force (2008-2014): 4.4% (6th highest)
Personal income in Utah grew 11.3% from 2008 through 2014, considerably faster than income growth across the country. While most states with large personal income growth rates also had relatively large per capita income growths, this was not the case in Utah. Per capita income in the state was still nearly the lowest in the nation last year, at $35,920. The state’s working-age population grew 3.3% from 2008 through 2013, the fifth largest such growth rate in the country.
13. Massachusetts
> Personal income growth (2008-2014):10.9%
> Per capita personal income 2014: $50,829 (4th highest)
> Unemployment rate: 5.8% (24th lowest)
> Pct. Change in labor force (2008-2014): 3.0% (14th highest)
Massachusetts residents had some of the highest incomes in each year from 2008 through 2014, and incomes grew much faster than they did in most states over that period. Massachusetts had a per capita personal income of $50,829, the fourth highest income in the country in 2014. More than 38% of state adults had at least a bachelor’s degree in 2008, the highest nationwide at that time. Last year, more than 40% had at least a bachelor’s degree, remaining in the top spot compared to other states.
14. Colorado
> Personal income growth (2008-2014):10.8%
> Per capita personal income 2014: $44,159 (21st highest)
> Unemployment rate: 5.0% (15th lowest)
> Pct. Change in labor force (2008-2014): 3.7% (7th highest)
Personal income in Colorado increased 10.8% from 2008 through 2014, the 14th-fastest growth rate in the country. By contrast, income grew 8.9% nationwide over that period. As in most states where personal income is growing fast, Colorado’s relatively strong natural resource industry partly explains the increase. Energy extraction accounted for 6.5% of the state’s GDP in 2013, up 1.7 percentage points from 2008. The increase was the seventh largest in the country. The state’s industry also added 5,605 jobs over that period, an increase of 46.4%.
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15. South Carolina
> Personal income growth (2008-2014):10.5%
> Per capita personal income 2014: $37,492 (7th lowest)
> Unemployment rate: 6.4% (18th highest)
> Pct. Change in labor force (2008-2014): 2.6% (16th highest)
Like many other states with especially fast-growing incomes, South Carolina’s personal income growth of 10.5% from 2008 through 2014 accompanied above-average population growth. The state’s total population grew 6.6% from 2008 through 2013, versus the national increase of 4.0%. Also, while the national working-age population shrank slightly, South Carolina’s population aged 25 to 54 grew 1.6%.
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