(WAFB) - According to a recent study by the U.S. Bureau of Economic Analysis (BEA), personal income figures in Louisiana are among the highest in the country, coming in behind only Texas.
The report shows Louisiana had the second highest personal income growth (5.9 percent) in the country from the first to second quarter.
“The increase in personal income reflects that Louisiana’s economic growth is hitting workers' wallets. Greater personal incomes benefit working families and further strengthen communities,” said Secretary Ava Dejoie with the Louisiana Workforce Commission (LWC).
An economist with LWC, Ali Bustamante, says the latest numbers are a product of the more than 2 million people employed throughout the state.
The report says personal income in Louisiana went up by $2.99 billion from the first to second quarter. The bulk of that growth, $1.97 billion, was driven by net earnings.
The top five industries contributing to this growth are:
- Construction: $401 million in total growth (2.2 percent growth from 2017 Q1 to 2018 Q1)
- Professional, scientific, and technical services: $284 million in total growth (1.1 percent growth from 2017 Q1 to 2018 Q1)
- Healthcare and social assistance: $270 million in total growth (0.4 percent growth from 2017 Q1 to 2018 Q1)
- Manufacturing: $259 million in total growth (3.8 percent growth from 2017 Q1 to 2018 Q1)
- Mining, quarrying, and oil and gas extraction: $231 million in total growth