Personal income in Alabama climbs 1.4 percent in third quarter

Survey finds stateranks 21st nationally in quarterly growth

Personal income in Alabama grew 1.4 percent in the third quarter, right in line with the national growth rate and up just slightly from the second quarter.

The quarterly survey by the federal Bureau of Economic Analysis includes all sources of personal income, including wages, Social Security benefits and dividends.

The survey found Alabama's income ranked 21st nationally in quarter-to-quarter growth.

The survey does not provide individual income data, but using Alabama's 2006 per capita income of $21,270, that means personal income in Alabama has risen about 4.6 percent to $22,262 through the third quarter of 2007. That is based on 2007 quarterly income increases of 1.9 percent, 1.3 percent and 1.4 percent.

In Madison County, which had a per capita income of $27,065 in 2006 according to the U.S. Census Bureau, those gains would translate to a current per capita income of $28,328.

Alabama's income growth in the third quarter was due primarily to wage gains, with farm income leading the way.

While income grew about 4.6 percent in Alabama through the first nine months of the year, the U.S. inflation rate was about 3 percent.

The Consumer Price Index, which measures prices for goods and services, was 3.6 percent through September and had risen to 4.2 percent as of Nov. 30.