All Posts Tagged: Utah
While broad-based personal income growth was seen across the nation in 2015, the middle of the country lagged significantly, and California surged ahead 6.3%. Average personal income growth nationally was up 4.4% in 2015, the same pace as 2014, with the Western and Southeastern states showing the strongest percentage gains in personal income.
For more details, see highlights of my report below, followed by a link to the full U.S. Outlook, delivered on April 1.Key observations:
- Earnings in the professional and business services sector rose 6.6% nationally, with even stronger gains in California and Colorado.
- Earnings in the construction sector rose at a healthy 8.5% and were the main contributors to personal income growth in fast-growing Utah and Nevada.
- In the agricultural-heavy and oil production-dependent middle of the country, the personal income picture is weak.
- Personal income in California topped $2 trillion and contributed a whopping 19% to national personal income growth.
- Stronger wage growth led personal income gains in the state as many California metros are adopting higher minimum wages and labor markets are tight.
- The dissonance in personal income performance is clearly contributing to the chaotic rhetoric we are hearing on the Presidential campaign trail.
You could say Cory Robison has the right business at the right time.Read More ›