South Carolina's Personal Income: 1st Quarter 2024 Release
By Taylor Hendrix, Workforce Insights Analyst
The U.S. Bureau of Economic Analysis (BEA) defines personal income as income that people get from wages and salaries, Social Security and other government benefits, dividends and interest, business ownership, and other sources. These statistics can provide insight into the economic well-being of South Carolina residents compared to other states.[1]
What are the Results?
According to the latest release from BEA, personal income increased in all 50 states and the District of Columbia. The national percent change was 7.0 percent and South Carolina led the country with an increase of 9.5 percent. North Dakota increased the least at 0.6 percent (note: all rates are annualized). Our neighbors, North Carolina and Georgia, weren’t too far behind at 8.3 percent and 6.9 percent increases, respectively.
|
Area |
Change in Personal Income Q12024 |
Change in Personal Income Q12023 |
|
United States |
+7.0% |
+6.8% |
|
South Carolina |
+9.5% |
+8.8% |
|
Delaware |
+9.2% |
-0.4% |
|
Alabama |
+9.0% |
+6.2% |
|
New Mexico |
+8.8% |
+6.1% |
|
Idaho |
+8.7% |
+6.7% |
|
Arizona |
+8.4% |
+9.0% |
|
Nevada |
+8.3% |
+6.6% |
|
North Carolina |
+8.3% |
+8.7% |
|
California |
+8.2% |
+3.2% |
|
Florida |
+8.2% |
+11.2% |
Among the components that contribute to personal income, transfer receipts accounted for the most growth in 20 states, including South Carolina. The BEA defines transfer receipts as the sum of government social benefits and net current transfer receipts from business.[2] This increase reflects a cost-of-living adjustment for recipients of social security as well as increases in refundable tax credits and Medicaid benefits.
|
Area |
Change in Net Earnings |
Change in Dividends, Interest, and Rent* |
Change in Transfer Receipts |
|
United States |
+4.7% |
+6.0% |
+16.8% |
|
South Carolina |
+6.5% |
+7.0% |
+19.8% |
|
Delaware |
+7.2% |
+5.2% |
+18.3% |
|
Alabama |
+7.2% |
+5.7% |
+16.2% |
|
New Mexico |
+6.1% |
+6.3% |
+17.0% |
|
Idaho |
+6.1% |
+8.4% |
+18.1% |
|
Arizona |
+6.5% |
+7.7% |
+14.7% |
|
Nevada |
+5.9% |
+7.3% |
+18.7% |
|
North Carolina |
+6.2% |
+6.3% |
+16.6% |
|
California |
+5.4% |
+5.8% |
+24.3% |
|
Florida |
+5.7% |
+6.3% |
+18.3% |
*Note: Counts only interest and rent that represent a source of income for an individual.
Conclusion
South Carolina’s personal income growth sits well above the national average in all components for this quarter. These statistics point to a bright future for our state and the financial health of its residents.
[1] Bureau of Economic Analysis, Personal income, https://www.bea.gov/data/income-saving/personal-income#:~:text=What%20is%20Personal%20Income%3F,business%20ownership%2C%20and%20other%20sources.
[2] Bureau of Economic Analysis, Personal current transfer receipts, https://www.bea.gov/help/glossary/personal-current-transfer-receipts