Washington ranks among the top states in personal income growth from 2007 to 2019, as shown in the map above. Pew reports,
State personal income—a measure used to assess economic trends—matters to state governments because tax revenue and spending demands may rise or fall along with residents’ incomes. It sums up all the money and benefits that residents receive from work, certain investments, and income from owning a business and property, as well as benefits provided by employers or the government, including the extra federal aid in response to the COVID-19 pandemic.
Taking the long view, the recovery since the Great Recession has been strong in Washington, which with a PI compound annual growth rate of 3.1% is well ahead of the U.S. average of 2.0%. Pew writes,
States entered the new recession from vastly different starting points in terms of personal income growth over the longest economic recovery in U.S. history. Inflation-adjusted personal income eventually bounced back in all states from the Great Recession, but at different paces. From the start of the 2007-09 downturn through the fourth quarter of 2019—the last quarter before the coronavirus pandemic started to derail the economy—Utah and North Dakota led all states with long-term compound annual growth rates equivalent to 3.4% and 3.3% a year, respectively, followed by a group of mostly Western states.
We wish they’d included just one more state in that last sentence, because our review of the data shows Washington coming in third, ahead of Idaha (2.8%), California and Oregon (the latter two at 2.7%).
Much more in the Pew report.