Missouri 2007 Personal and Per Capita Income

According to revised data from the U.S. Bureau of Economic Analysis (BEA), Missouri’s personal income rose by 4.3 percent in 2007 to over $199 billion. The state’s growth rate was below the U.S. increase of 6.1 percent that brought the nation’s personal income to over $11.6 trillion last year.

Personal income is defined as the income received by all persons from participation in production, from government and business transfer payments, and from interest. Personal income is measured before the deduction of taxes and is reported in current dollars.

California led the nation in total personal income with more than $1.5 trillion. New York, Texas, Florida, and Illinois round out the top five. South Dakota, Alaska, Wyoming, Vermont, and North Dakota reported the lowest personal income totals. Missouri ranked 21st in total personal income in 2007.

Missouri had the 3rd highest total personal income when compared to surrounding states. Only Illinois ($526 billion) and Tennessee ($205 billion) ranked higher.

Personal income increased in all states in 2007, with only eleven states reporting a growth rate of less than 5 percent. Wyoming had the fastest growth rate at 17.7 percent while Michigan had the lowest growth rate at 1.4 percent.