Personal income growth slows in second quarter
- September 26, 2012
Virginia personal income rose 1 percent in the second quarter, down from the first three months of the year but on pace with the national average.
The commonwealth’s total personal income in April through June was $385 billion, up from $381 billion in the first quarter of year, according to the U.S. Bureau of Economic Analysis.
Virginia’s 1 percent increase in personal income matched the national average for the second quarter but was down from a state growth rate of 1.3 percent in the first quarter.
Personal income is defined as income received by all persons from all sources.
Virginia’s second-quarter growth rate ranked 19th among the 50 states and the District of Columbia.
The Old Dominion’s growth rate for the quarter also matched the average for the 12-state Southeast region.
Among neighboring states, North Carolina and Tennessee also had growth rates of roughly 1 percent. D.C.’s rate was 1.1 percent, while the rate in Kentucky, Maryland and West Virginia’s was 0.9 percent.