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Kim Gatley
S
enior Vice President & Director of Research at REOC San Antonio

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Personal income increased amid pandemic

According to the latest report released by the U.S. Bureau of Economic Analysis (BEA), personal income in Texas increased 5.1 percent in 2020. 

Last year, the state’s per capita personal income increased to $54,841 from $52,829 in 2019.  

Transfer receipts increased by 38.2 percent in 2020, making it the leading contributor to personal income growth.

According to the BEA, the increases in transfer receipts include new government relief payments provided by the Coronavirus Aid, Relief, and Economic Security Act, including the $600 increase in weekly unemployment benefits and the $1,200 economic impact payments for individuals.

Personal income grew in all U.S. states and the District of Columbia. Nationally, real per capita personal income grew 6.1 percent in 2020.  Texas’ income ranks 28th nationally.

Read article: BEA News Release: State Annual Personal Income, 2020 (Preliminary) and State Quarterly Personal Income, 4th Quarter 2020, US Bureau Economic Analysis (3/24/21)

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