Further evidence of Washington’s strong economy: The Bureau of Economic Analysis, U.S. Department of Commerce, reports Washington had the third-fastest economic growth in the nation.
We think it’s even more impressive than that, considering that No. 1 and No. 2, respectively, were Nevada and Utah. The two states, fine places to be sure, have much smaller economies and populations, making it easier for them to post large percentage gains.
The BEA clarifies what’s included in personal income.
State personal income grew on average 3.6 percent in 2016, after increasing 4.5 percent in 2015, according to estimates released today by the Bureau of Economic Analysis. Growth of state personal income—the sum of net earnings by place of residence, property income, and personal current transfer receipts—ranged from –1.7 percent in Wyoming to 5.9 percent in Nevada (table 1).
Seattle Times business columnist Jon Talton also reports on the analysis, noting the strength of the information and retail sectors.
Washington turned in the third biggest growth in personal income earnings last year, at 6.3 percent, propelled by gains in information and retail. Oregon was No. 5 at 5.9 percent.