For the third quarter of 2022, Kansas personal income grew at the annual rate of 4.1 percent, ranking thirty-ninth among the states.
Recently the Bureau of Economic Analysis, an agency of the United States Department of Commerce, released state personal income data for the third quarter of 2022.
For Kansas, personal income in the third quarter of 2022 was $175,586 million (expressed as an annual rate), an increase of 4.1 percent from the previous quarter, again expressed as an annual rate. For the nation, the increase was 5.3 percent. (These values, while considering one quarter, are expressed as an annual rate, and are adjusted for seasonality.) For Plains states, the increase was 5.0 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 July, August, and September.)
The results in Kansas for the fourth quarter ranked thirty-ninth among the states and District of Columbia.
From the interactive visualization, chart 1b shows personal income Kansas and some nearby states since January 2019. Oklahoma and Kansas are in last place. Chart 2b shows per capita personal income for the same states. Kansas is near the middle.
Click images for larger versions.
I’ve created two nationwide charts from this data. One shows personal income for each state, while the second shows per capita personal income. Both start with 2010. They show data as the difference between the state and the nation. States with a line near zero, like Illinois, are states with personal income growing (or shrinking) at the same rate as the nation. States with declining lines, like Kansas, are states that are falling behind the nation.
Because these charts show the difference between states and the nation, the large and swift changes during the pandemic and recovery do not appear. This is because the pandemic affected all states, although to varying degrees.
Charts 6a and 6b show personal income and per capita personal income for a single quarter, along with its change.
For the interactive visualization of this data, click here.
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.”
The release from BEA may be found in its news archive.