The Bureau of Economic Analysis, part of the U.S. Department of Commerce, annually compiles Economic Accounts reports at the national and state/regional levels. These reports consist of the following six elements:
- Per capita personal income in the state. Personal income is a more comprehensive measure of income than adjusted gross income, as used by the Internal Revenue Service. Among the elements it includes are tax-exempt income, the income of nonprofit institutions that primarily serve individuals, and property income earned on life insurance and annuity reserves of life insurance carriers.
- Total personal income (the sum of all personal income) in the state compared to the nation. A graph indicates the annual growth rate in the state and compares it both to the national figure and to the previous decade.
- Components of the state’s personal income. These statistics are compared to the national figures and to the previous decade.
- Gross domestic product (total production of goods and services) of the state.
- Gross domestic product (GDP) broken down by industry.
- Per capita GDP of the state compared to the region and the nation. Per capita GDP is obtained by dividing the GDP by the population of the state.
Source: Bureau of Economic Analysis (U.S. Department of Commerce)