Per Capita Personal Income, Inflation-Adjusted Percent Change
Per capita personal income better reflects economic performance than does personal income since the varying growth rates in population are removed. The inflation-adjusted percent change in per capita personal income is cyclical, with declines or small gains common during recessions and larger increases usually occurring during expansions.
The annual percent change in Arizona typically is not much different from the national average, but tends to be higher at the peak of an economic expansion and lower during recessions. Arizona’s increase was considerably higher (by at least 1 percentage point) than the U.S. average from 2004 through 2006, but Arizona did considerably worse than the national average in each year from 2007 through 2012. In 2013, the figure decreased in Arizona by 0.5 percent, compared to a 0.2 percent decline nationally.