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State Economic Accounts

The Bureau of Economic Analysis, part of the U.S. Department of Commerce, annually compiles Economic Accounts reports at the national and state/regional levels. These reports consist of the following six elements:

  1. Per capita personal income in the state. Personal income is a more comprehensive measure of income than adjusted gross income, as used by the Internal Revenue Service. Among the elements it includes are tax-exempt income, the income of nonprofit institutions that primarily serve individuals, and property income earned on life insurance and annuity reserves of life insurance carriers.
  2. Total personal income (the sum of all personal income) in the state compared to the nation. A graph indicates the annual growth rate in the state and compares it both to the national figure and to the previous decade.
  3. Components of the state’s personal income. These statistics are compared to the national figures and to the previous decade.
  4. Gross domestic product (total production of goods and services) of the state.
  5. Gross domestic product (GDP) broken down by industry.
  6. Per capita GDP of the state compared to the region and the nation. Per capita GDP is obtained by dividing the GDP by the population of the state.

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