WASHINGTON – Texas’ personal income increased 5.1 percent in 2020, according to the U.S. Bureau of Economic Analysis (BEA).
Last year, the state’s per capita personal income increased to $54,841 from $52,829 in 2019. Texas’ income ranks 28th nationally.
Transfer receipts increased by 38.2 percent in 2020, making it the leading contributor to personal income growth.
According to the BEA, the increases in transfer receipts include new government relief payments provided by the Coronavirus Aid, Relief, and Economic Security Act, including the $600 increase in weekly unemployment benefits and the $1,200 economic impact payments for individuals.
Personal income grew in all U.S. states and the District of Columbia. Nationally, real per capita personal income grew 6.1 percent in 2020.
The Texas Real Estate Research Center has a wealth of economic information online for free.
Source: U.S. Bureau of Economic Analysis