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The growth rate in Virginians’ personal income from the last quarter of 1985 through the first quarter of 1986 was the second highest in the nation, according to figures released July 29 by the U.S. Department of Commerce Bureau of Economic Analysis. That optimistic trend isn’t likely to change, according to Roy L. Pearson, director of the Bureau of Business Research at the College of William and Mary.
He predicted that for the rest of 1986, the state “can again be expected to achieve a personal income growth rate among the top five in the nation” partly because “growth in most other states is slowing more rapidly than in Virginia.”
The newly released figures show that Virginia’s personal income grew at a 10.1 percent seasonally adjusted annual rate (SAAR) in the first quarter of 1986 compared to the fourth quarter of 1985. West Virginia had the highest growth rate, 14.7 percent, with New Hampshire third at 9.9 percent. Nationally, personal income grew only 4.5 percent of the period.
Especially bright are the rising payrolls in the manufacturing of durable goods, “where earnings by place of work rose at an 18.8 percent annual rate in the first quarter,” said Mr. Pearson. “By comparison, nationally the growth was almost zero.”
Although Virginia’s nondurable goods manufacturing income grew slightly below the national rate, Mr. Pearson pointed out that the state’s combined manufacturing income grew by 10.8 percent, almost eight times the national rise of 1.4 percent. “The economic balance added by renewed strength in Virginia
97.3%