Total statewide Personal Income growth in Washington this fall exceeded the national average and all 49 other states, according to analysis released by the federal Bureau of Economic Analysis. High tech sector stock options were a major factor.
From July through September 2017, the Evergreen State saw a 1.0 percent increase compared to 0.7 percent increase for the U.S. as a whole. Texas, at 0.9 percent growth, was second to Washington, while South Dakota, New Mexico, Nebraska, Kansas and Iowa had the slowest increases for personal income.
Information sector earnings, which grew 5.7 percent in Washington, contributed more than one-third of the increase. This is attributed to the vesting of employee stock grants, which typically are reflected in third quarter earnings.
Increases in earnings and personal current transfer receipts were leading contributors to the acceleration for the quarter.