Regional News and Government & Economic Development and Economic Development

Indiana leads region in income growth

June 30, 2012

Hoosiers’ personal incomes grew an average 1 percent in the first quarter, making Indiana the fastest-growing state in the Great Lakes region, according to the U.S. Bureau of Economic Analysis.

Across the country, personal incomes were up 0.8 percent after growing half a percent in the fourth quarter of 2011, the BEA said. The growth drivers were in accommodations (hospitality) and construction, while the largest dollar contributors to personal income were the health care industry and professional services.

In Indiana, which had the ninth-fastest growth in the country, durable-goods manufacturing made the largest contribution, followed by construction and farming.

Growth in the most recent quarter wasn’t as strong as the 2.2 percent posted a year ago, but it was much better than the fourth quarter’s 0.2 percent. Indiana personal incomes grew faster than those in Illinois, Michigan, Ohio and Wisconsin. The Great Lakes group averaged 0.8 percent.

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