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Personal income bumps up 5% last year in Minnesota
- Article by: DEE DEPASS , Star Tribune
- Updated: March 28, 2012 - 8:42 PM
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Minnesotans' personal income rose 5 percent in 2011, according to a report released Wednesday by the U.S. Bureau of Economic Analysis.
The report showed that income jumped from $227.29 billion in 2010 to $238.77 billion in 2011.
The Minnesota numbers are in line with the national figures, which show personal income rose an average 5.1 percent in 2011 after rising 3.7 percent in 2010, according to the bureau's estimates. Personal income includes wages, rental income, dividends and interest income.
A separate report issued Wednesday by the Department of Labor's Bureau of Labor Statistics showed that Dakota and Ramsey counties had the highest wage gains among Minnesota counties during the third quarter of 2011, the latest date for which county data is available. The bureau reported a respective 8 and 6 percent bump in pay for Dakota and Ramsey, compared with only 3 percent for Hennepin County.
Economists from IHS Global Insight are awaiting Friday's release of personal income data for February 2012 and expect a 0.7 percent rise for the month.
Dee DePass • 612-673-7725
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