Personal income in Maine rose by 1.1 percent in the third quarter, matching the national increase in income.
According to figures released Tuesday morning by the U.S. Bureau of Economic Analysis, Maine’s personal income growth was 25th among the 50 states.
The growth in the state’s personal income was led by net earnings, which grew by 1.5 percent in the July-September quarter compared to the prior quarter. Net earnings includes wages, salaries, bonuses and business owners’ income.
Income from dividends, interest and rents grew by 0.5 percent and transfer receipts, which include income from Social Security, Medicare and Medicaid, veterans’ benefits and unemployment compensation, also grew by 0.5 percent during the quarter.
Personal income in Maine was $59.5 billion during the third quarter, compared with $58.9 billion during the second quarter.
By industry, personal income grew fastest in Maine in health care and social assistance, contributing 0.14 percentage points to the overall increase in personal income in the state. That was matched by the contribution to the increase in personal income from state and local government.
Construction was the biggest drag on personal income, with its decline decreasing the overall growth in the state by 0.4 percentage points.
Maine was tied for fourth in the New England region for personal income growth during the third quarter. Massachusetts and New Hampshire led the region, with income growth of 1.3 percent, followed by Connecticut, with 1.2 percent growth. Maine and Vermont tied at 1.1 percent growth and Rhode Island was last in the region, with growth of 0.7 percent.
Nationally, South Dakota posted the highest growth in personal income with an increase of 1.8 percent. Oklahoma was last, with growth of 0.4 percent.
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