> Personal income per capita growth (2008-2018): +18.7%
> Personal income per capita: $56,158 (8th highest)
> Employment growth (2008-2018): 10.1% (13th largest increase)
> GDP growth (2008-2017): 25.8% (3rd largest increase)
Washington’s near-nation-leading 18.7% increase in personal income per capita in the last 10 years was supported by equally sharp economic growth. The state’s GDP climbed by 25.8% between 2008 and 2017, the third largest growth after only Texas and North Dakota.
Washington’s economy is largely supported by the presence of a handful of major companies, including tech giants Amazon and Microsoft and food services company Costco — each of which ranks among the top 30 Fortune 500 companies.
2. New York
> Personal income per capita growth (2008-2018): +23.8%
> Personal income per capita: $63,445 (3rd highest)
> Employment growth (2008-2018): 0.5% (4th smallest increase)
> GDP growth (2008-2017): 20.3% (7th largest increase)
Personal income per capita in New York climbed by a staggering 23.8% between 2008 and 2018 — the second largest increase of any state, far outpacing the 14.3% national increase over the same time.
New York City is the center of American finance, and the climbing incomes across the state are likely partially attributable to capital gains as the United States marked its longest bull market in history in August 2018. Income from investments in stocks and bonds disproportionately benefit wealthy Americans, and in the last 10 years, the share of New York households earning at least $200,000 a year climbed from 6.6% to 9.8%.
> Personal income per capita growth (2008-2018): +24.1%
> Personal income per capita: $57,826 (6th highest)
> Employment growth (2008-2018): 10.3% (12th largest increase)
> GDP growth (2008-2017): 22.0% (4th largest increase)
Real income per capita climbed by 24.1% in California in the last decade, the largest increase of any state and nearly 10 percentage points above personal income growth nationwide over that time. Over roughly the same period, the state’s GDP spiked by 22.0%, more than all but three other states. Income growth in California pushed many in the state into higher income brackets. The share of households earning $200,000 or more climbed from 6.8% just in 2012 to 11.1% in 2017.
California’s diverse economy is the largest in the United States and the fifth largest in the world. The state is home to the headquarters of some of the largest U.S. companies, including Apple, Alphabet — Google’s parent company — and Wells Fargo, each of which ranks among the top 30 Fortune 500 firms.