The Pennsylvania Economy in 2005
The population of Pennsylvania in 2005 was 12,405,348. Its rank was 6th in the nation.
PER CAPITA PERSONAL INCOME
In 2005 Pennsylvania had a per capita personal income (PCPI) of $34,937. This PCPI ranked 18th in the United States and was 101 percent of the national average, $34,471. The 2005 PCPI reflected an increase of 4.6 percent from 2004. The 2004-2005 national change was 4.2 percent. In 1995 the PCPI of Pennsylvania was $23,262 and ranked 18th in the United States. The 1995-2005 average annual growth rate of PCPI was 4.2 percent. The average annual growth rate for the nation was 4.1 percent.
TOTAL PERSONAL INCOME
In 2005 Pennsylvania had a total personal income (TPI) of $433,400,252*. This TPI ranked 6th in the United States. In 1995 the TPI of Pennsylvania was $283,764,332* and ranked 6th in the United States. The 2005 TPI reflected an increase of 4.8 percent from 2004. The 2004-2005 national change was 5.2 percent. The 1995-2005 average annual growth rate of TPI was 4.3 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 Pennsylvania. In 2005 net earnings accounted for 67.0 percent of TPI (compared with 65.0 in 1995); dividends, interest, and rent were 15.0 percent (compared with 18.2 in 1995); and personal current transfer receipts were 18.0 percent (compared with 16.8 in 1995). From 2004 to 2005 net earnings increased 4.5 percent; dividends, interest, and rent increased 3.6 percent; and personal current transfer receipts increased 7.0 percent. From 1995 to 2005 net earnings increased on average 4.6 percent each year; dividends, interest, and rent increased on average 2.3 percent; and personal current transfer receipts increased on average 5.1 percent.
EARNINGS BY PLACE OF WORK
Earnings of persons employed in Pennsylvania increased from $309,359,060* in 2004 to $323,799,141* in 2005, an increase of 4.7 percent. The 2004-2005 national change was 5.6 percent. The average annual growth rate from the 1995 estimate of $208,050,514* to the 2005 estimate was 4.5 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.