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Nebraska Sees Strong Income, GDP Growth in First Quarter

Nebraska Sees Strong Income, GDP Growth in First Quarter


A recent report on income and gross domestic product growth shows Nebraska performed better at the start of the year than almost any other state.

According to the latest data released by the Bureau of Economic Analysis, the state ranked No. 2 in the country in both personal income growth and growth in gross domestic product in the first quarter.

On the personal income side, the bureau’s analysis found that Nebraska residents saw an average 11.1% boost in the first quarter, which trailed only Maine’s 11.4%.

The state’s real GDP grew 12.3% in the first quarter on an annualized basis, just behind 12.4% growth turned in by North Dakota.

Nebraska, North Dakota and South Dakota all had double-digit growth, while the next fastest-growing states, Kansas and Montana, had only 6% growth.

All five of those states saw strong growth thanks to agriculture, the bureau said in a news release.

The University of Nebraska-Lincoln in March estimated that the state’s farm income fell to $7.2 billion last year, down slightly from $7.3 billion in 2021, but still a strong number.

 

Source: journalstar.com

Photo Credit: gettyimages-ron_thomase+

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