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Washington boosts personal income

Washington boosts personal income

Washingtonians have increased their personal wealth over the past decade, reports the Puget Sound Business Journal. Total personal income in the state went up from $200 billion in 2002 to $311.5 billion in 2012. And Washington made up 2.33 percent of total national income, ranking the state fifth in the United States.

Total personal income (TPI) is the income received by all people from all sources in one year, including employment wages, Social Security, welfare, and other sources. Population and per capita income are the key factors that can change TPI.

The following five states constitute these percentages of the nation’s TPI:

  1. Texas — 8.02%
  2. Florida — 5.82%
  3. Virginia — 2.88%
  4. Arizona — 1.76%
  5. Washington — 2.33%

California, Illinois, Ohio, and Michigan settle at the bottom of the scale. For a view of all the states, refer to the table.