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Florida leads the country in personal income growth

Florida tied Arizona with the biggest jump in personal income in the second quarter, growing at a 1.5 percent clip, according to figures released Monday by the U.S. Department of Commerce.

Overall, state personal incomes grew by 1 percent, though 18 states suffered a drop in income.

More than half of Florida's growth came from higher property income for landlords. Nationwide, dividends, interest and rental income jumped $75.5 billion in the second quarter after falling $107.5 billion in the first.

Most states, including Florida, were rebounding from a slump in income from the first quarter when the restoration of payroll taxes hit paychecks.

With the latest increase, Florida's income totalled $811.5 billion, but it was still shy of the $816 billion total in the fourth quarter of 2012.

In tallying personal income, the government estimates all funds received by everyone in each state from all sources, including wages and salaries, rental income, and dividend and interest income.

Florida leads the country in personal income growth 09/30/13 [Last modified: Monday, September 30, 2013 4:33pm]
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