Business profits and earnings on investments during the last three months of 2012 helped Idahos total personal income for the year to reach more than $53.8 billion, raising the state's per capita income to pre-recession levels, according to the Idaho Department of Labor.
Idaho's personal income is the value of all wages, business profits, investment earnings and transfer payments like Social Security, unemployment and pensions. The change in Idaho personal income for the fourth quarter of 2012 ranked 14th among the states. For the entire year, Idaho's personal income was up 3.3 percent compared with 2011.
Idaho fell a tenth of a point short of the increase nationally for per-capita income, the department said. Idaho's per capita income of $33,749 ranked 49th among the 50 states, at 79 percent of the $42,693 national average. As shown by StateImpact Idaho, the gap between Idaho income and the national average has widened considerably since 2006.
The improved income in Idaho for 2012 was largely due to these increases:
- Investment earnings: more than 6 percent
- Business profits: 6.6 percent
- Wages and salares: 1.9 percent
- Construction earnings: 3.9 percent
- Retail earnings: 5.6 percent
- Manufacturing earnings: 3.7 percent