Data as of June 28, 2013
Personal income is forecast to expand moderately. During 2012, personal income posted strong growth in all district states except South Dakota, where a double-digit growth rate in 2011 was followed by 2.3 percent growth in 2012. Meanwhile, North Dakota followed its double-digit growth in 2011 with a 14 percent surge in 2012. Across district states, income growth rates in 2012 were boosted due to an acceleration of receipt of income, such as salary bonuses, into year-end 2012 in anticipation of changes in individual income tax rates at the start of 2013. In 2013, personal income growth is expected to slow in all district states except South Dakota, where income growth is projected to pick up somewhat. In addition, growth rates in 2013 are expected to be restrained because of a payroll tax reduction that was phased out at the end of 2012. In 2014, personal income growth is predicted to pick up in all district states except South Dakota.