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Texas Personal Income Increases 4% in Q3 2021
Texas’ personal income increased 4 percent at an annual rate in third quarter 2021, according to the U.S. Bureau of Economic Analysis (BEA). This comes after the metric increased 21.7 percent in the second quarter. According to the BEA, increases in earnings and property income (dividends, interest and rent) more than offset a decline in transfer receipts.
In Texas, earnings increased 13.2 percent in the third quarter. The increase in earnings reflected the continued economic recovery following the partial economic shutdown that began in first quarter 2020 after the start of the COVID-19 pandemic.
Mining, quarrying and oil and gas extraction; professional, scientific and technical services; and administrative and waste management services were the leading contributors to the increase in Texas earnings.
The full economic effects of the COVID-19 pandemic cannot be quantified in the state personal income estimates because the impacts are generally embedded in source data and cannot be separately identified, says BEA.
- ◦People
- ◦Economy
