What are the forces moving the Minnesota economy? Adam Belz tries to identify the trends and show the connections between Minnesota and the larger U.S. and global economies. You can connect with him on Twitter: @adambelz
Personal income in Minnesota grew slightly faster than the national average in 2013, and the state remains ranked 11th for per capita personal income, according to figures released Tuesday by the U.S. Department of Commerce.
Personal income -- the sum of net job earnings, property income, and personal current transfer receipts – rose 2.8 percent in Minnesota in 2013, compared to 2.6 percent growth nationally.
Per capita personal income in Minnesota – total personal income divided by the population -- is now $47,856 per year. In the Upper Midwest, only North Dakota’s number is higher than Minnesota's – at $57,084.
Illinois, Nebraska, South Dakota and Iowa all have per capital personal income above the national average of $44,543.
As you can see, the trend lines haven’t changed in the Midwest much over the past 10 years, except for North Dakota’s rapid rise, South Dakota’s leveling off in the past couple years, and Ohio surpassing Missouri.
In Minnesota, earnings in all categories of work rose, except for civilian federal employees and members of the military, the only two categories where earnings fell.