Source: www.bea.gov/bea/newsrel/SQPINewsRelease.htm
TThis is a map of the top 10 states that had the highest personal income growth in the United States from the year of 2005. Percentages of growth for each of the 10 states ranged from 9.9 percent to 7 percent. Overall, the Rocky Mountain area led the way in personal income growth.

Idaho personal income improves

Western states lead the nation; Idaho takes 8th

Ashley Killpack KIL05005@BYUI.EDU Scroll Staff

In a government study published earlier this year, the Rocky Mountain region was ranked second in personal income and third in per capita personal income after experiencing the most personal income growth in the nation during 2005.

In fact, according to the U.S. Bureau of Economic Analysis, many of the western states substantially improved their personal incomes. Out of the nation, Nevada ranked first, Arizona ranked second and Wyoming and Utah ranked fourth and fifth respectively.

Idaho played its own part in the ranking of the Rocky Mountain region, having increased its average personal income by 7.3 percent, 2 percent more than the national increase, and earning eighth place in the nation.

“Generally, this means the income of the average person in the state of Idaho increased,” said James Urrutia, a junior from Santa Rosa, Calif., and an economics major.

Idaho’s personal income exceeded $40.2 billion, nearly $3 billion more in total wages, investments, business profits and payments such as social security than in 2004.

Idaho’s net earnings also rose, ending at 9.4 percent, and it was ranked fifth in the nation.

So what has brought about this rise in personal income?

An increase in good, high- paying jobs in construction, retail trade, manufacturing and professional and technical services has been credited with the raise.

According to a press release from the Idaho Department of Commerce and Labor, the population boom that has blazed across Idaho has boosted construction values 31 percent to a record high of $4 billion.

And is the growth expected to continue?

The recent expansion of nationally recognized companies to Idaho is one sign that the economic increase is not about to end soon. Companies such as Helix Poly, Hess Pumice, Gossner Cheese and Jayco have taken up new residencies within the state.

Other companies, such as Marathon Cheese and Cabela’s, also plan to move branches of their businesses into Idaho.

However, making projections of the future economy is a tricky business.

“We base our expectations for the future on what has happened in the past,” said Chet Kendell, a professor in the Economics Department. “It’s a guess, and sometimes not even an educated guess.”

Not all states fared as well as Idaho in the area of personal income for 2005. The lowest ranked states were in the Great Lakes region and in states heavily affected by Hurricane Katrina. However, national personal income increased by 5.6 percent, meaning Americans have made nearly $10.3 trillion since 2005.