BEA: Personal Income Up in 47 States in 4Q2025

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 In its new combined format, the US Bureau of Economic Analysis reported 4Q2025 GDP and personal income statistics for the US together with those of the states earlier today. This blog reported on the state GDP statistics in a previous post. According to the BEA, personal income increased at a 3.4% annualized rate in the quarter in the US, increasing in 47 states and declining in three. Hawaii posted an outsized growth rate of 41.5%, but the BEA reports that this was principally due to payment of a claims settlement related to the 2023 Maui wildfire. Apart from Hawaii, North Carolina and Louisiana both posted personal income growth of over 5%, but in each case, the growth was broad based and wasn’t driven by any individual personal income component. Iowa, South Dakota and North Dakota saw personal income declines of 1.5%, 2.0% and 4.0%, respectively, with all three negatively impacted by declines in farm income. The below exhibit is from this morning’s BEA press release.

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