Md. income slows

March 25, 2009|By Hanah Cho | Hanah Cho,hanah.cho@baltsun.com

Marylanders saw a slower pace of growth in personal income last year than in 2007, according to new government estimates released Tuesday.

Personal income in the state averaged $48,091 per person in 2008, up 3.5 percent from the previous year, according to the U.S. Bureau of Economic Analysis. Personal income per Maryland resident rose 5.9 percent in 2007. Nationally, personal income per capita slowed to 2.9 percent last year to $39,571. That's down from an average increase of 4.9 percent in 2007.

Personal income includes wages as well as other sources, including rental income, dividends and interest. Figures are not adjusted for inflation, which rose 3.3 percent last year.

Maryland maintained its fifth-place ranking in the nation for per-capita income. Connecticut ranked first at more than $56,000 per person, followed by New Jersey, Massachusetts and Wyoming.

Overall, Maryland is faring better than the nation when it comes to unemployment in a deepening recession. The state's jobless rate climbed to 6.2 percent in January, a 16-year high. The country's unemployment rate hit 8.1 percent in February.

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