Interesting Fact of the Day: N.D. Income +13.3%
The BEA released data today on State Personal Income for the second quarter of 2011. Based on data in the report (but not reported by the BEA - it only reports quarterly growth rates), the annual growth in personal income from 2010:Q2 to 2011:Q2 for the booming oil-rich state of North Dakota was a phenomenal 13.31%, which was almost twice the growth rate for No. 2 Texas at 7.27% and No. 3 Iowa at 7.17%, and more than two times the national average of 5.47%.
Updated: The next four states for the highest annual increases in personal income were Nebraska (7.16%), South Dakota (7.03%), Oklahoma (7.03%) and Kansas (6.84%). What do the top seven states with the greatest annual percentage growth in personal income have in common? They are all "right-to-work" states.