BATON ROUGE – Data released Tuesday by the Bureau of Economic Analysis (BEA) shows that Louisiana personal income grew at a seasonally adjusted annual rate of $2.09 billion to $216.3 billion between 2018 Q4 and 2019 Q1. Louisiana personal income has grown for 12 consecutive quarters since 2016 Q1.
From Q4 of 2018 to Q1 of 2019, personal income for Louisiana residents has increased by 4 percent, outpacing the national average of 3.4 percent. Louisiana personal income growth ranked 17th among US states; ahead of Texas (20th), Mississippi (26th), and Arkansas (45th).
“The income growth shown in the BEA figures is a sign that Louisiana’s economy is working for its residents,” said Louisiana Workforce Commission Secretary Ava Dejoie. “Coupled with the recent news of a decade-low seasonally adjusted unemployment rate, this positive news reinforces that the state is headed on the right path to prosperity.”
Personal income refers to an individual’s total earnings from wages, investment enterprises and other ventures, or the sum of all incomes received during a given time period. Net earnings refer to an entity’s income minus cost of goods sold, expenses and taxes for a specific time.
The top three private industries contributing earnings to Louisiana’s personal income growth were:
1. Health care and social assistance industry was the leading contributor to personal earnings growth, raising earnings by $292 million.
2. Retail trade industry was the second leading contributor to personal earnings growth, raising earnings by $159 million.
3. Accommodation and food services industry was the third leading contributor to personal earnings growth, raising earnings by $101 million.