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BATON ROUGE – Data released today by the Bureau of Economic Analysis (BEA) shows that Louisiana personal income grew by $2.67 billion to $224.43 billion between 2019 Q1 and 2019 Q2, a new series record. Louisiana personal income has grown for 13 consecutive quarters since 2016 Q1.
From Q1 of 2019 to Q2 of 2019, personal income for Louisiana residents increased at a seasonally adjusted annual rate of 4.9 percent.
From Q2 of 2018 to Q2 of 2019 personal income for Louisiana residents has increased by $9.42 billion.
“Since Governor Edwards first took office, the wages of Louisiana residents have continued to grow,” said Louisiana Workforce Commission Secretary Ava Dejoie. “With recent employment figures showing that more Louisiana residents are engaged in the labor market, this news shows that our economy is working and providing economic prosperity for all those in the workforce.”
Personal income refers to an individual’s total earnings from wages, investment enterprises and other ventures, or the sum of all incomes received during a given time period. Net earnings refer to an entity’s income minus cost of goods sold, expenses and taxes for a specific time.
The top three private industries contributing earnings to Louisiana’s personal income growth from Q1 of 2019 to Q2 of 2019 were:
1. Mining, quarrying, and oil and gas extraction was the leading contributor to personal earnings growth, raising earnings by $267 million.
2. Professional, scientific, and technical services was the second leading contributor to personal earnings growth, raising earnings by $258 million.
3. Manufacturing was the third leading contributor to personal earnings growth, raising earnings by $184 million.
About the Louisiana Workforce Commission
The Louisiana Workforce Commission is an agency of state government that administers programs designed to enhance workforce growth and provide family-sustaining jobs for Louisiana residents. The commission monitors employment, administers unemployment compensation and tax funds, provides training resources for employers and employees and oversees worker compensation benefits. The agency also gathers and supplies information on the labor market and occupational sectors in Louisiana.
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