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Kentucky ranks third in the nation in percentage growth for personal income between 2009 and 2010.
Kentucky also was one of 10 states to reach a new high in personal income after decreasing during the recession, according to data released Wednesday by the U.S. Department of Commerce’s Bureau of Economic Analysis.
Metropolitan statistical area data are expected to be released at the end of this summer, and county breakdowns are expected to be released next year.
Judge-Executive Harry Berry said personal income growth represents a variety of positive factors, including jobs paying more and competing more for employees and healthier employment.
“It’s just another indicator of economic success and income growth,” he said.
Increase in income also helps the state by giving it more income to tax and more money to provide services, Berry said.
Berry expects Hardin and LaRue counties also to show personal income growth when those numbers come out, based on a high ranking last year, state numbers and growth from changes at Fort Knox.
Personal income for Kentucky increased by 4 percent in 2010, from about $139.2 billion to $144.7 billion.
That’s higher than the 3 percent increase recorded for the nation as a whole and leads every state except New Mexico and New York. The national percentage fell 1.7 percent in 2009.
Nationally, all three major components of personal income – earnings, property income and personal current transfer receipts increased in 2010.
The increase also kept ahead of inflation, which was measured between 2009 and 2010 at 0.2 percent by the national price index for personal consumption expenditures.
Kentucky still ranks 44th overall in personal income.
Amber Coulter can be reached at (270) 505-1746.