California, Illinois and New York each saw personal income declines last year, according to revised government data that previously showed income gains in the large, voter-rich states.
The personal income declines in all three states were the first since 2009, and New York’s drop was the worst in the US. Income also flipped from positive to negative in Rhode Island, Louisiana and Mississippi in 2022, according to revised Bureau of Economic Analysis data released Friday.
The data show the total value of all goods and services produced in the economy was also lower than previously thought, and US growth last year was revised to 1.9% from 2.1%.
The revised growth rate estimates didn’t treat states equally.
Florida did better than previously thought, leapfrogging over Idaho to be the fastest growing state last year with 4.6% seasonally adjusted growth. And at the bottom, seven states now show zero growth or worse, up from five before the revisions.
Alex Tanzi, Bloomberg
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