Strong business profit and record farm earnings pushed Idaho's personal income to nearly $54 million on an annualized basis for the third quarter.

Income rose eight-tenths of a percent over the previous quarter.

Idaho ranks fifth nationally in personal income growth.

Business profits were up 2.9 percent over the previous quarter to nearly $6.7 billion, ranking seventh in growth across the nation. Wages rose one-half percent.

Personal income from construction, hard hit during the recession, rose for the second straight quarter to $2.38 billion and accounted for 4.4 percent of personal income.

Manufacturing, also hit hard during the recession, accounted for 7.6 percent of total personal income for the second straight quarter, the highest contribution rate since the end of 2008.

Personal income is the value of all wages, business profits, investment earnings and government transfer payments like Social Security, unemployment benefits and pensions.