Arizona Among Nation's Leaders in Personal Income Growth

Personal income in Arizona grew by 5.5 percent in 2018, the fifth-fastest growth rate in the nation, according to a new report.

As AZ Big Media reported last week, the report by the U.S. Bureau of Economic Analysis found Arizona trailing only Washington, Utah, Nevada and Colorado in personal income growth. Washington topped the list with 6.8 percent growth in 2018.

At the bottom of the list was Hawaii, which saw just 2.9 percent personal income growth last year.

Earnings were the biggest driver of the growth in Arizona, according to the report. Arizonans' net earnings increased by 5.8 percent, the fourth-fastest figure in the country, the BEA said.

Arizona Governor Doug Ducey said the high growth rate is "thanks to the hard work of job creators, entrepreneurs and employees," adding that the state "will continue to focus on setting the best economic environment to continue bringing more jobs and opportunity to our state."

For more information, read the full federal report.