The improvement in state economies has started to regain momentum after falling off in the June 2012 update. Personal income data from the second calendar quarter of 2012 show faster growth than the first quarter, but slower growth compared to the final quarter of 2011. Employment growth remained fairly stable, though many states continue to deal with manufacturing and government job losses. Western states continue to dominate the index.
Making Sense of Federal Funds
For those interested in subscribing to State Policy Reports, a recent issue is available for review:
Real Personal Income Estimates Shake Things Up
May 2014, Volume 32, Issue 10
The Bureau of Economic Analysis (BEA) has been doing work that compares the cost of living among states. In late April, BEA released a report that puts its “regional price parity” data to use. Specifically, it adjusts each state’s per capita personal income to account for differences in price levels among the states. The results are interesting, and the impact of applying them to an existing grant program is stunning.
Annual indices are also available: