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Regeional Economic Accounts
 
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BEARFACTS 1994 – 2004

Minnesota (27000)

The population of Minnesota in 2004 was 5,096,546. Its rank was 21st in the nation.

PER CAPITA PERSONAL INCOME

In 2004 Minnesota had a per capita personal income (PCPI) of $36,215. This PCPI ranked 7th in the United States and was 109 percent of the national average, $33,090. The 2004 PCPI reflected an increase of 5.5 percent from 2003. The 2003-2004 national change was 5.2 percent. In 1994 the PCPI of Minnesota was $22,985 and ranked 15th in the United States. The 1994-2004 average annual growth rate of PCPI was 4.7 percent. The average annual growth rate for the nation was 4.1 percent.

TOTAL PERSONAL INCOME

In 2004 Minnesota had a total personal income (TPI) of $184,571,393. This TPI ranked 17th in the United States. In 1994 the TPI of Minnesota was $105,971,269 and ranked 19th in the United States. The 2004 TPI reflected an increase of 6.2 percent from 2003. The 2003-2004 national change was 6.2 percent. The 1994-2004 average annual growth rate of TPI was 5.7 percent. The average annual growth rate for the nation was 5.2 percent.

COMPONENTS OF TOTAL PERSONAL INCOME

Total personal income includes net earnings by place of residence; dividends, interest, and rent; and total personal current transfer receipts received by the residents of Minnesota. In 2004 net earnings accounted for 70.1 percent of TPI (compared with 68.9 in 1994); dividends, interest, and rent were 17.6 percent (compared with 18.8 in 1994); and personal current transfer receipts were 12.3 percent (compared with 12.3 in 1994). From 2003 to 2004 net earnings increased 6.6 percent; dividends, interest, and rent increased 5.8 percent; and personal current transfer receipts increased 4.8 percent. From 1994 to 2004 net earnings increased on average 5.9 percent each year; dividends, interest, and rent increased on average 5.0 percent; and personal current transfer receipts increased on average 5.7 percent.

EARNINGS BY PLACE OF WORK

Earnings of persons employed in Minnesota increased from $138,731,741 in 2003 to $147,651,994 in 2004, an increase of 6.4 percent. The 2003-2004 national change was 6.4 percent. The average annual growth rate from the 1994 estimate of $83,696,148 to the 2004 estimate was 5.8 percent. The average annual growth rate for the nation was 5.5 percent.

Note: All income estimates with the exception of PCPI are in thousands of dollars, not adjusted for inflation.


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