Quarterly Personal Income, Inflation-Adjusted Percent Change
The year-over-year percent change in inflation-adjusted personal income typically is considerably higher in Arizona than the national average, as in early 2006. Year-over-year real personal income growth peaked in early 2006 at nearly 10 percent in Arizona and close to 5 percent nationally. After that, the growth rate fell much more in Arizona than nationally. Real personal income was lower than one year earlier from third quarter 2008 through second quarter 2010 in Arizona. The year-over-year percent change in real personal income was lower in Arizona than the national average from third quarter 2007 through fourth quarter 2012. Since then, Arizona’s year-over-year percent increase has averaged marginally higher than the U.S. average, but Arizona’s figure was less than the national average in fourth quarter 2014 and first quarter 2015.
The quarterly percent change in personal income, seasonally adjusted and inflation adjusted, was considerably higher in Arizona than the national average during early 2006, as is typical during an economic expansion. However, in most quarters from 2007 into 2012, Arizona’s performance was below the national average. Since late 2012, quarterly gains in real seasonally adjusted personal income in Arizona have fluctuated from higher to lower than the national average.