Personal income refers to the total earnings from various sources, such as work, property ownership, financial assets, and transfers from businesses and the government. This income can be domestic or international. However, it doesn’t consider capital gains or losses. Before accounting for personal income taxes and other personal levies, it’s presented in current dollars without adjusting for inflation. In these charts, I adjusted for inflation.
The U.S. personal income estimation in the National Income and Product Accounts differs from state personal income due to discrepancies in data sources, methodologies, and data availability timing. In BEA’s state statistics, the U.S. personal income is the combined total of all states and the District of Columbia.
Per capita personal income is the average income of state residents, found by dividing the total personal income by the state’s population.