Idaho led the nation in real per capita income gains for 2013 with a 2.4 percent increase compared with a national average growth rate which remained virtually unmoved at 0.1 percent according to the Bureau of Economic Analysis (BEA).
Economists use the real per capita personal income metric as a leading measure of how well off workers are because it makes adjustments for inflation, cost of living as well as population growth.
Idaho’s per capita personal income earnings moved up two spots from #49 ($35,476) in 2012 to #47 ($36,340) in 2013.
According to department economists, a percentage of Idaho’s gains can be attributed to the state’s construction industry which grew at 7.3 percent in 2013, more than twice the rate of Idaho’s overall economic growth rate of 3.6 percent.
In 2013 the median construction industry pay was $17.17 per hour, 17 percent higher than the overall median wage of $14.68. Construction typically offers above average wages to workers who have made relatively little investment in education and training.
Idaho’s total real personal income growth led the nation in 2013, with a 3.5 percent increase over 2012. The national average was 0.8 percent.
A full release can be found on the BEA website at http://www.bea.gov/newsreleases/regional/rpp/2015/pdf/rpp0615.pdf