Federal Aid Boosts N.M. Personal Income Growth Rate to Top Rank

From istockanalyst.com -The state's rate of personal income growth was the highest in the nation last year, according to new information from the U.S. Bureau of Economic Analysis.  Although the growth rate of 4.2 percent is good news for one of the country's lowest-income states, it doesn't mean New Mexicans are rolling in cash. When the federal government tallies up income, it includes things like unemployment benefits, Social Security payments and help from Medicaid and Medicare. Those earnings, known as transfer payments, accounted for 2.19 percent of the 4.2 percent income growth -- a rate also the highest in the nation. "We are up there because of our huge transfer payments to New Mexico," said Lee Reynis, director of the Bureau of Business and Economic Research at The University of New Mexico.  More News New Mexico

Federal Aid Boosts N.M. Personal Income Growth Rate to Top Rank