Personal Income Growing Across Southwest Minnesota
SLAYTON—Total Personal Income in Southwest Minnesota grew by 10% in 2008, according to new statistics released April 22nd by the US Bureau of Economic Analysis (BEA).
Murray County posted the largest gain in the region (13.8% over 2007), on the strength of a 60% gain in farm income. All counties in the region outpaced the State of Minnesota’s 3.8% income growth rate. Jackson, Pipestone, Redwood and Rock counties all grew at a better than 10% rate.
The BEA notes that “a surge in farm income” led income growth in the fastest growing counties across the United States in 2008. However, preliminary statistics from the University of Minnesota Extension indicate a similar drop in net farm income in 2009.
Local Per Capita Income (PCI), adjusted for estimated population, remained strong across the region. Murray County surpassed both Minnesota and US Per Capita Income levels in 2008. Wages and salaries were up 5% in the county. In the Marshall (Lyon County) Micropolitan Area, wages were up 6%, let by income gains in membership associations ad metal fabrication with 30% gains. In the Worthington (Nobles County) Micropolitan Area, wages were also up 5%, with residential care facilities leading income growth with a 30% gain.
The BEA explained the process to estimate Total Personal Income in their Press Release today:
The county estimates released today complete the successively more detailed series of data releases depicting the geographic distribution of the nation’s personal income for 2008. National estimates typically are released one month after the end of the year, state estimates are released two months later, and metropolitan area estimates for 2008 were released in August 2009.
In this release, 3 digit NAICS subsector level detail was restored to 2008 statistics of county compensation. The subsector detail was restored as part of a FY 2010 Budget initiative that provided funding for a comprehensive program to improve the reliability and accuracy of all local area economic statistics.
Personal income and its components are available for 3,112 counties from 1969 to 2008. In addition, detailed annual estimates of earnings and employment, inflows and outflows of commuters’ earnings, personal current transfer receipts, and farm gross income and expenses by major category for each county are available. A partial sample of the data available is presented in the attached table for New York County, New York. These estimates are the only comprehensive annual measure of economic activity available for counties. Go to http://www.bea.gov/regional/reis/ to access these estimates.
A narrative describing county, metropolitan area, and state personal income using current estimates, growth rates, and a breakdown of the sources of personal income is available at http://www.bea.gov/regional/bearfacts/.