Even while the economy struggled to recover from the steepest economic decline since the great depression, personal income in Maryland was on the rise, accordng to recently released report from the U.S. Commerce Department's Bureau of Economic Analysis (BEA). Maryland was one of only six states -- including Hawaii, Kentucky, Maine, West Virginia and Virginia -- to witness a personal income gain last year.
For Marylanders, 2009 saw personal income increase by $2.7 billion, increasing from $272.5 billion in 2008 to $275.2 billion in 2009. The increase was the largest dollar increase in the country. The State's personal income rose by 1%, the second highest growth rate. This comes during a year when personal income and net earnings declined in most states across the nation by an average of 1.7%.
According to the BEA, the gains in Maryland and Virginia were most likely attributable to "earnings inflows associated with commuters who work in the District of Columbia; wages and salaries paid by employers located in Maryland and Virginia fell 0.1 percent and 0.5 percent respectively."
At $48,285, Maryland's per capita income is 123% of the national average. Per capita income increased $121 from 2008, propelling Maryland from 6th to 4th among states in per capita personal income. Maryland's per capita income moved in front of New York and Wyoming in the national rankings, just below Connecticut, New Jersey and Massachusetts. Across the U.S., per capita income decreased by an average of $1,028
Source: Bureau of Economic Analysis
Writer: Walaika Haskins