2007 Third Quarter Personal Income
Last Wednesday, the Bureau of Economic Analysis released their third quarter personal income estimates by state. Maine’s personal income growth ranked in the lowest quintile among all the states. More specifically, personal income grew at 1.2 percent (versus 1.4 percent nationally) and ranked as the 43rd highest.
The BEA concludes that: “. . . the health care and professional services industries contributed most to the third quarter personal income growth and have been among the largest contributors t personal income growth for the last year and a half. In addition, the state and local government sector was a major contributor in the third quarter. Together these 3 industries (representing 24 percent of personal income) contributed almost 40 percent of personal income growth. In addition, these 3 industries were the major contributors to growth in most states.” Maine was no exception.
Two other key points:
1) For the first time, Maine’s personal current transfer receipts (social security, medicare, medicaid, etc.) topped $9 billion continuing the recent run-up in this type of income in Maine.
2) Maine’s private sector share of personal income is stuck at its all-time low hovering just above the 66 percent mark. However, the gap between Maine and the rest of the country continues to widen. To see graph click “Continue Reading.”