1836 Blog

Texas leads nation in total income growth-courtesy of Austin Business Journal

Texas is in a league of its own when it comes to economic expansion.
The total personal income (TPI) in Texas reached $1.07 trillion dollars in the second quarter of this year, according to the U.S. Bureau of Economic Analysis. That’s an increase of 71 percent from the state’s corresponding total 10 years earlier, $626.7 billion.
Here’s another way of looking at it: Texas accounted for 8.02 percent of the nation’s TPI this year, up 1.10 percentage points from 6.92 percent in 2002.
That’s nearly five times larger than the runner-up, Florida, which increased its share of national TPI by 0.23 points in a decade. Just four other states registered gains better than a tenth of a point.
TPI is defined as the income received by all people from all sources in a given year. It covers everything from employment wages to Social Security and welfare payments.
The following database contains 2002-2012 TPI comparisons for all 50 states and the District of Columbia. You can re-sort the list by clicking any column header. A second click reverses the sort.
Click here for a report issued last year on TPI in metropolitan areas.
Two factors — population and per capita income — affect the course of total personal income. Texas has experienced sizable increases in both, pushing its TPI upward at a faster pace than any other state. The boom in oil production, the rising federal commitment to defense spending (a substantial component of the Texas economy) and the stability of its housing market have been key reasons for the state’s sustained prosperity.
Florida’s increase in TPI has been largely driven by its steady rise in population, Florida has added more than 3 million residents since 2000.

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