For 2018, the rate of personal income growth in Kansas was near the bottom of the states, although the fourth quarter was much better.
Today the Bureau of Economic Analysis, an agency of the United States Department of Commerce, released state personal income data for the fourth quarter of 2018, as well as preliminary state personal income for 2018.
For Kansas, personal income in 2018 was $146,028 million, an increase of 3.2 percent from 2017. For the nation, the increase was 4.5 percent. For Plains states, the increase was 3.9 percent. (For this data, Plains States are Iowa, Kansas, Minnesota, Missouri, Nebraska, North Dakota, and South Dakota.)
The increase in Kansas was forty-sixth best among the states.
Per capita personal income in Kansas was $50,155 in 2018, compared to $50,905 for Plains states and $53,712 for the nation.
Earnings in Kansas grew by $3,159 million in 2018, although farm earnings fell by $659 million.
For the fourth quarter of 2018, Kansas personal income grew at the annual rate of 5.7 percent, which was sixteenth-best among the states.
According to BEA, “Personal income is the income received by, or on behalf of, all persons from all sources: from participation as laborers in production, from owning a home or business, from the ownership of financial assets, and from government and business in the form of transfers. It includes income from domestic sources as well as the rest of world. It does not include realized or unrealized capital gains or losses.”
Also from BEA: “Earnings by place of work is the sum of wages and salaries, supplements to wages and salaries, and proprietors’ income. BEA’s industry estimates are presented on an earnings by place of work basis.”