In 2018, Missouri’s personal income was $285.7 billion, a 3.9 percent increase from the 2017 personal income, according to data from the U.S. Bureau of Economic Analysis (BEA). The nation’s personal income rose 4.5 percent annually to over $17.5 trillion.
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. Income figures represent nominal dollars for this analysis, not adjusted for inflation. The reason that nominal dollars are used, and not inflation adjusted dollars, is due to the two-year lag in the release of inflation-adjusted income data from the BEA.
California led the nation in total personal income with more than $2.4 trillion. Texas, New York, Florida, and Illinois round out the top five; Missouri ranked 22nd in total state personal income.
|2018 Personal Income
(in thousands of dollars)
|Rank||Area||Personal Income||Rank||Area||Personal Income|
Wages & Salaries accounted for 61 percent of Missouri personal income in 2018. Transfer Payment accounted for 19 percent and Dividends, Interest & Rent accounted for 20 percent. The percentage breakdown of personal income has been consistent since the end of the last recession in 2009. The U.S. had 63 percent of personal income accounted for by Wages & Salaries, 20 percent by Transfer Payments and 17 percent by Dividends, Interest & Rent.
Per Capita Personal Income
Per capita income is defined as total personal income divided by total population. Per capita income in Missouri was $46,635 in 2018, up from $45,014 in 2017.
The District of Columbia led the nation in per capita income at $81,882, followed by Connecticut, Massachusetts, New York, and New Jersey; Missouri ranked 37th in the U.S for per capita income.
|Per Capita Income 2018|
|District of Columbia||$81,882||Florida||$49,417|
|North Dakota||$54,306||South Carolina||$42,736|
Missouri’s per capita income annual growth rate of 3.6 percent was only .2 percentage points lower than the national average of 3.8 percent from 2017 to 2018. West Virginia had the highest per capita income annual growth at 5.5 percent. States that also had relatively high levels of per capita income growth in 2018 included Washington (5.3 percent), New York (5.0 percent), Illinois (4.9 percent), and Wyoming (4.7 percent). Per capita income is presented in nominal dollars for this analysis, which means it has not been adjusted for inflation.
Missouri’s per capita income growth generally tracks with that of the nation. Missouri continues to show an annual growth rate increase, 2018 marks the second year of growth. Since 2016, Missouri’s per capita income has climbed nearly 2 percentage points overall.
Source: Bureau of Economic Analysis
Note-- All dollar estimates are in current dollars (not adjusted for inflation).