Personal income increased 1.3 percent in Connecticut over the past year, and on average less than 1 percent since 2007, according to analysis by Pew Charitable Trusts.
That annual economic indicator’s growth rate ranks Connecticut 32nd in the nation, according to the data. Connecticut’s rate is also less than the national average annual rate of 2 percent.
The analysis, “Fiscal 50,” is web database that tracks personal income and tax revenue data.
State growth rates for personal income have varied widely, and this year was no different, analysts said. North Dakota fared the worst at -3.6 percent, while Utah recorded the highest rate at 4 percent. Yet North Dakota enjoyed the fastest annualized growth (4.7 percent) since the start of the recession, researchers said.
Data in the report is inflation adjusted.
Personal income includes a wide variety of sources, from individual paychecks and Social Security benefits to income from rent or property as well as benefits. Federal officials use personal income trends to determine how much money to states for programs like Medicaid, Pew said, while states use it to project tax revenue and plan budgets.
