AUSTIN - Yesterday, the US Bureau of Economic Analysis released the State Personal Income: Third Quarter report, revealing that the average personal income of Americans increased by 1.05 percent to $14.18 trillion in the third quarter of 2013, which is slightly lower than the 1.17 percent rate in the second quarter.
"Texas saw a 1.34 percent increase in personal income, continuing the positive trend for personal income growth that we've seen in the state for 15 of the last 16 quarters. Compounded, Texas has seen an annual growth rate of 5.2 percent, which is almost one and a half times that of Californias," said Vance Ginn, Ph.D., a policy analyst in the Center for Fiscal Policy. "Texas job climate continues to be among the best in the country, which is good news for Texans and those looking to move to Texas."
"California may have a higher total personal income than Texas-$1.82 trillion of personal income to Texas $1.16 trillion-for now," said Talmadge Heflin, Director of the Center for Fiscal Policy at the Texas Public Policy Foundation, "But Texas pro-growth model means the gap between the two states will continue to narrow. Over the course of the last 13 years, Texans share of personal income has increased 17%; Californians share, on the other hand, has actually declined."
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