Commerce Department figures rank this state second
The trend continues for the Lone Star State. Personal income growth in Texas trails only oil shale boom state North Dakota, according to the U.S. Commerce Department.
“Personal income grew 4.8 percent from 2011 to 2012,” reports Bureau of Economic Analysis economist David Lenze. “That ranks second among the 50 states.”
North Dakota is first by a wide margin with a 12.4 percent growth in personal income.
Texans’ incomes have been growing faster than the national average. Lenze says this state’s personal income average has topped national figures for years.
“That’s been true,” he says, “since coming out of the recession in 2009.”
The construction industry has been leading the way with an 11.6 percent growth rate.