Sunday, September 25, 2011

Which States Have The Best Growth Rates In Personal Income? (Hint: It's not the union dominated states!)

Interesting Fact of the Day: N.D. Income +13.3%  (Source: CARPE DIEM Professor Mark J. Perry's Blog for Economics and Finance)

The BEA released data today on State Personal Income for the second quarter of 2011. Based on data in the report (but not reported by the BEA - it only reports quarterly growth rates), the annual growth in personal income from 2010:Q2 to 2011:Q2 for the booming oil-rich state of North Dakota was a phenomenal 13.31%, which was almost twice the growth rate for No. 2 Texas at 7.27% and No. 3 Iowa at 7.17%, and more than two times the national average of 5.47%.

Updated: The next four states for the highest annual increases in personal income were Nebraska (7.16%), South Dakota (7.03%), Oklahoma (7.03%) and Kansas (6.84%). What do the top seven states with the greatest annual percentage growth in personal income have in common? They are all "right-to-work" states
Related: "The Economic Miracle of North Dakota, America’s Most Successful State" on the Enterprise Blog.

A Right to Work law secures the right of employees to decide for themselves whether or not to join or financially support a union. However, employees who work in the railway or airline industries are not protected by a Right to Work law, and employees who work on a federal enclave may not be.

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