Useful Stats: Per Capita Income Across States Lends Insights

Recently released information on per capita income by state reveals the dramatic impact the dot-com boom and bust, plus the economic slowdown has had on income levels. Analyzing per capita income from 1998 to 2002 indicates that during that time every state but Nevada saw their per capita income increase. However, almost half of the states (23) peaked in 2000 and their per capita income has declined since.

SSTI has prepared two tables comparing per capita income from 1998 to 2002 across states in constant 2002 dollars. The first table <http://www.ssti.org/Digest/Tables/080803t.htm> shows the percentage increase in per capita income over the four years. The data show that for the country as a whole per capita income is up 3.96 percent since 1998, but it decreased during 2000-2002 close to 1 percent. Wyoming experienced the largest increase from 1998 to 2002 at 11.89 percent, and Washington D.C. and Vermont placed second and third, respectively. Nevada was the only state to experience a decrease in per capita income from 1998 to 2002 falling 2.54 percent.

The second table <http://www.ssti.org/Digest/Tables/080803t2.htm> ranks the states by per capita income in 1998 and 2002 and their relative change in rank over that time period. Wyoming shows the most dramatic gain, rising 13 places from 31st to 18th. Vermont also made significant strides, increasing from 34th to 25th.

Per capita income, as generated by the Bureau of Economic Analysis, is defined as total personal income divided by total midyear population.