Per capita income in Missouri was $51,177 in 2020, a 5.2 percent increase from 2019. The District of Columbia again led the nation in per capita income at $87,064, followed by Connecticut, Massachusetts, New York, and New Jersey. The per capita income for the U.S. was $59,729.
Missouri’s per capita income growth generally tracks with the national average. The 2020 annual growth rate of 5.2 percent is 0.6 percentage points lower than that of the national average. Rhode Island had the highest per capita income annual growth at 7.8 percent. States that also had relatively high levels of per capita income growth in 2020 included Michigan (7.6%), Massachusetts (7.5%), Mississippi (7.3%), and Montana (7.3%). In this analysis, per capita income is presented in nominal dollars which means it has not been adjusted for inflation.
In 2020, Missouri’s total personal income was $314.8 billion, a 5.4 percent increase over 2019. The nation’s personal income increased 6.1 percent to $19.7 trillion. California led the nation in total personal income with more than $2.8 trillion. Texas, New York, Florida, and Pennsylvania come in the top five.
The increase in both U.S. and Missouri personal income in 2020 was due to an increase in transfer payments. Transfer payments reflected new government relief payments provided by the Coronavirus Aid, Relief, and Economic Security (CARES) Act of 2020, including increases in state unemployment insurance compensation and economic recovery payments to individuals. As a result, transfer payments increased by 26 percent in Missouri and by 37 percent nationally.
Net earnings accounted for 58 percent of Missouri personal income in 2020. Transfer payments accounted for 24 percent and dividends, interest and rent accounted for 18 percent. In the U.S., 59 percent of personal income was accounted for by net earnings, 22 percent by transfer payments and 19 percent by dividends, interest and rent.
About Personal Income
Personal income is defined as the income received by all persons from net earnings, property interest income, and transfer payments. Personal income is measured before the deduction of taxes and is reported in nominal (current) dollars. The three components of personal income are: 1) Net earnings - defined as the sum of wage and salary disbursements, supplements to wages and salaries, and proprietors' income; 2) Dividends, interest and rent; and 3) Transfer payments - defined as payments to individuals and to nonprofit institutions by federal, state, and local governments and by businesses. Per capita income is defined as total personal income divided by total population.
The dashboard below can be used to see income data and trends for 2020, 2019, and 2018 using interactive filters by selecting a desired year. A data table for further analysis can be downloaded as an Excel file by clicking here.
Source: U.S. Bureau of Economic Analysis
Note-- All dollar estimates are in current dollars (not adjusted for inflation).