Have you ever wondered how your salary stacks up to others in your state? If so, now you can check. The U.S. Bureau of Economic Analysis (BEA) released a new report providing details about the average national per capita income (PCI) as well as a rank of each state’s average income.
According to the BEA, “state personal income rose an average 3.0 percent in 2010 after falling 1.7 percent in 2009. State personal income growth ranged from 0.3 percent in Nevada to 4.2 percent in New Mexico.”
The national PCI is $40,584 per year and only 19 states had a higher-than average PCI. Connecticut tops the list with a 2010 PCI of $56,001, which is 138 percent of the national average. Of course, the cost of living in Connecticut is also higher than the national average. Other higher than average states include New Jersey ($50,781), Wyoming ($47,851), Illinois ($43,159) and Minnesota ($42,843).
On the other end of the list are the states with the lowest per capita income. Mississippi has the lowest PCI in the nation - $31,186 or 76.8 percent of the national average. Idaho’s PCI is slightly better at $32,357 (79.5 percent of the national average).
I live in Arizona and our per capita income is also pretty low - $34,999. Granted, the cost of living in Arizona is lower than the national average so that $34,999 goes farther than it would in Connecticut.
To see how your state fares, check out the top 50 list on the Buffalo Business First website.