September 30, 2020
Texas personal income increased 34.1% at an annual rate in the second quarter, the Real Estate Center at Texas A&M reported. That’s an acceleration from the 2.4% increase in Q1, the Center reported, citing data from the U.S. Bureau of Economic Analysis.
Increases in personal current transfer receipts more than offset decreases in earnings and property income. The increases in transfer receipts include new government relief payments provided by the Coronavirus Aid, Relief, and Economic Security Act.
Personal income grew in all U.S. states and the District of Columbia. Nationally, personal income grew an annualized 34.2% in Q2, faster than the 4.1% increase in the previous quarter.
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