So says a USA Today article that looked at personal income growth by state over the last 25 years. At 57% growth, my state of residence–Maryland–ranked way above the national growth average of just 44%. I guess that explains how people are affording the million-dollar homes across the street from us.
While down over the last quarter-century, Wyoming saw the biggest rise in personal income over the last five years thanks to its high coal, natural gas, and oil production. Maryland and neighboring Virginia have seen enormous income growth in recent years due to all that lovely federal spending going on in the D.C. area.
Big income losers included hurricane-ravaged Louisiana and heavy industrial and manufacturing states like North Carolina, Michigan, and Ohio. Georgia can also blame its falling income on our nation’s capital as corporations move their headquarters and big offices from Atlanta to D.C. and its surrounding suburbs to be closer to their government customers.