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Personal income dropped 3 percent last year

Personal income dropped 3 percent last year

Idaho Freedom Foundation staff
August 10, 2010

Idahoans’ personal incomes dropped 3 percent in 2009, which is the first time since 1953 that people earned less in one year than the year before.  People in rural areas saw a bigger drop in earnings than those in urban areas.

New estimates from the U.S. Bureau of Economic Analysis show that Idahoans earned more than $1.5 billion less last year, with total earnings of $48.9 billion.

Rural Idaho’s income dropped 3.9 percent, while income in Idaho’s 11 urban counties dropped 2.5 percent.

Idaho’s per capita income, which is the total income divided by the number of people in the state, dropped at a greater rate, due to Idaho’s continued population growth.  Per capita income was $31,682, down 4.1 percent across the state.

Idaho’s losses were greater than in the rest of the country, according to the new estimates.  Nationally, personal income dropped 1.7 percent from 2008 to 2009, while per capita income dropped 2.6 percent.  The national per capita income was $39,138

Read more about the new numbers at the Idaho Department of Labor website.

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