Thursday, Apr 26, 2018
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Ohio, Michigan personal income up

Growth in 2010 was unevenly distributed, federal report says

Personal income in Ohio and Michigan grew last year after a sharp downfall in 2009, but the growth was only at a pace just below the national average and was unevenly distributed across different sectors of the economy, according to a report Wednesday by the federal Bureau of Economic Analysis.

Personal income -- everything from pay to rental income to government assistance -- in Michigan and Ohio each grew by 3.8 percent during 2010, good enough for the two states to rank 25th and 26th, respectively, and just behind the national average of 3.9 percent growth last year, the agency said.

Among the states, North Dakota, Texas, and Oklahoma had the largest increases in personal income during 2010, while Washington, New Jersey, and Nevada had the weakest growth during 2010.

On a regional basis, the nation's Southwest had the strongest income growth, rising more than 5 percent in 2010, while the West had the weakest growth at 3.2 percent.

The Great Lakes region recorded a regional growth rate of 3.8 percent, the bureau said.

Income growth in the two states and nationally was more than double the national 1.7 percent rate of inflation for 2010, the agency said. For 2009, personal income in Ohio and Michigan had fallen by 0.5 and 2.1 percent, respectively, while personal income declined by 0.9 percent nationally.

Both nationally and in Ohio and Michigan, farm income had the sharpest year-over-year increase of any sector of the economy in 2010, buoyed by strong commodity prices and good weather.

Ohio had a 29 percent increase in farm income and Michigan 28 percent, both besting the 23 percent increase nationally, the bureau said.

The Buckeye state also had incomes from the utilities sector rise by 13 percent last year, and Michigan's rose 7 percent.

Personal income from arts, entertainment, and recreation had the biggest drop of any sector in Michigan last year, falling 6 percent.

The finance and insurance sectors had the biggest drop of any in Ohio, down 2 percent, according to the agency.

-- Larry P. Vellequette

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