Arizona Sees Gains in Real Personal Income, New Data Shows

Article originally posted on Phoenix Business Journal on May 19, 2020

Despite often being near the top in the U.S. for personal income growth, Arizona’s real income growth, which is adjusted for regional price parity and national consumption expenditures price index, landed the state near the middle for growth during 2018, according to Bureau of Economic Analysis data released Monday.

Regional price parities measure the differences in price levels across states and metropolitan statistical areas, compared with the national price level. The national price level is 100%, and Arizona’s regional price parity was 96.5%, meaning prices in Arizona are slightly lower than the national level.

Arizona’s real personal income grew 3.5% during 2018, placing it in the middle quintile for the U.S., but slightly outpacing national growth, which was 3.4%. No states had a decline in real personal income growth. Wyoming saw the fastest growth in real personal income, with a 6.7% increase.

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Arizona ranked near the middle for states for real personal income growth in 2018.