For the 12th consecutive quarter in a row, the Bureau of Economic Analysis (BEA) states that the State of Louisiana personal income has grown since 2016. Increasing by 4% for its residents, which is above the average rate of 3.4%. Louisiana ranks 17th in the nation for personal income growth.
What does that mean for you?
First, this is great news for Louisiana. It shows that the state’s economic condtion is improving overall. Coupled with lower unemployment rates and growth in personal income, it allows residents to have more disposable income to do more with their money. Note, that personal income includes wages, investments, and other sources for a certain period.
What industries saw the largest growth?
For the state of Louisiana, three industries contributed to its largest growth. These industries include health care, retail, accomodations and food services. Healthcare was the leading industry and earned $292 million. Whereas, retail was second with earnings of $159 million. Finally, accomodations and food services was the third and raise earnings of $101 million dollars.
How does this compare with other states?
States such as Florida, West Virginia, and Maine saw a growth of more than 5%, whereas states such as South Dakota actually saw a decline. In addition, there was also a study conducted by US Today, that found Louisiana was one of the lowest states when it comes to state and local tax per income. Louisiana have rates of only 7.6% per income, only four other states are lower, which includes Alaska, South Dakota, Wyoming and Tennessee.