Growth in Total Personal Income and its Components
|Source: U.S. Bureau of Economic Analysis/Haver Analytics|
Personal income is the sum of all income received by, or on behalf of, the residents of a region. The dominant component of personal income is net earnings. Transfer payments, mainly in the form of Social Security, Medicare, disability insurance, and food stamps, represent a “transfer” of financial resources from the government to individual residents.
During this period, New England’s total personal income grew by 17.6 percent, but was outpaced by the growth rate of national income. New England’s personal income growth primarily reflects the 45 percent growth in transfer payments. The dividend, interest & rent category saw growth of 27.9 percent, outpacing the growth rate of national dividend, interest & rent. New England’s net earnings growth was similar to the nation's, growing about 9.9 percent.
Detailed data for the United States and New England are available in our Indicators database.