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Louisiana trails national growth rate in personal income

1 year 5 months 1 week ago June 22, 2015 Jun 22, 2015 Monday, June 22 2015 June 22, 2015 11:39 AM in News
Source: Associated Press

NEW ORLEANS - Personal income in Louisiana grew at a 0.8 percent annual rate in 2015's first quarter.

Figures released Monday by the U.S. Commerce Department showed growth rebounded from 0.5 percent in the last quarter of 2014. Louisiana trailed the national growth rate of 0.9 percent, ranking 35th among states.

Personal income is all income received from every source, including wages, business owner profits, interest, dividends, rent and government transfers.

Half of Louisiana's growth came from transfer payments from government sources, followed by workplace earnings.

Negative performance in oil and gas extraction weighed down Louisiana's performance. Top growth sectors were professional, scientific, and technical services; health care and social assistance and agriculture.

Florida led states with growth at a 1.3 percent annual rate, while Iowa was last with a 1.2 percent decline.

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