For the third quarter of 2019, the rate of personal income growth in Kansas was near the top of the states, but behind the nation in year-over-year growth.
Today the Bureau of Economic Analysis, an agency of the United States Department of Commerce, released state personal income data for the third quarter of 2019.
For Kansas, personal income in the third quarter of 2019 was $156,547 million, an increase of 6.1 percent from the second quarter. For the nation, the increase was 3.8 percent. (These values, while considering one quarter, are expressed as an annual rate, and are adjusted for seasonality.) For Plains states, the increase was 7.5 percent. (For this data, Plains States are Iowa, Kansas, Minnesota, Missouri, Nebraska, North Dakota, and South Dakota. The second quarter of the calendar year consists of the months of April, May, and June.)
The increase in Kansas was seventh-best among the states.
Earnings in Kansas grew by $2,156 million in 2019 Q3 from Q2, with farm earnings rising by $1,123 million.
Over the year, from the third quarter of 2018 to the third quarter of 2019, personal income in Kansas grew by 4.1 percent. For the Plains states the figure is 4.8 percent, and for the nation, 4.5 percent.
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.”