In 2017, Missouri’s personal income was $266.9 billion, a 2.1 percent increase from the 2016 personal income, according to data from the U.S. Bureau of Economic Analysis (BEA). The nation’s personal income rose 3.1 percent annually to over $16.4 trillion.
Personal income is defined as the income received by all persons from net earnings, property interest income, and transfer payments. Personal income is measured before the deduction of taxes. Income figures are presented in nominal dollars for this analysis and are not adjusted for inflation. The reason that nominal dollars are provided, and not inflation adjusted dollars, is due to the two-year lag in the release of inflation adjusted income data from the BEA.
California led the nation in total personal income with more than $2.3 trillion. Texas, New York, Florida, and Illinois round out the top five; Missouri ranked 22nd in total state personal income.
|2017 Personal Income|
|(in thousands of dollars)|
Wages & Salaries accounted for 61 percent of Missouri personal income in 2017. Transfer Payments accounted for 20 percent and Dividends, Interest & Rent accounted for 18 percent. The percentage breakdown of personal income has been consistent since the end of the last recession in 2009. The U.S. had 63 percent of personal income accounted for by Wages & Salaries, 17 percent by Transfer Payments and 19 percent by Dividends, Interest & Rent.
Per capita income is defined as total personal income divided by total population. Per capita income in Missouri was $43,661 in 2017, up from $42,939 in 2016.
The District of Columbia led the nation in per capita income at $75,756, followed by Connecticut, Massachusetts, New Jersey, and New York; Missouri ranked 37th in the U.S.
|Per Capita Income 2017|
|District of Columbia||$76,986||Florida||$46,858|
|South Dakota||$48,281||New Mexico||$39,023|
Missouri’s per capita income annual growth rate of 1.7 percent was lower than the national average of 2.4 percent from 2016 to 2017. California had the highest per capita income annual growth at 3.5 percent. States, which also had relatively high levels of per capita income growth in 2017, included West Virginia (3.4 percent), Hawaii (3.1 percent), and Washington State (3.0 percent). Per capita income is presented in nominal dollars for this analysis, which means it has not been adjusted for inflation.
Missouri’s per capita income growth generally tracks with that of the U.S. Missouri had two years of per capita income annual growth rates of less than 2.0 percent in 2016 and 2017 which followed two years of over 3.0 percent per capita income growth in 2014 and 2015.
Source: Bureau of Economic Analysis
Note-- All dollar estimates are in current dollars (not adjusted for inflation).