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manufacturing is a major positive force for 1986,” he said.
Mr. Pearson also noted that growth in personal income figures generally precedes a rise in employment in various sectors. He added that the increase in manufacturing income may well forecast future growth in manufacturing jobs.
One exception in the state’s income growth picture is farm earnings, which fell 61.9 percent, almost equal to the 64.7 percent decline nationwide. “That sector is being hit hard here as well as elsewhere, with no real relief in sight,” Mr. Pearson admitted.
Income in the trade and service sectors of the state’s economy, while not the growth leaders, still showed respectable gains during the first quarter, although in many instances growth rates merely matched the national rates. “Service industry earnings did rise at a 9.7 percent annual rate, still strong growth and the main source of new jobs in the Commonwealth,” said Mr. Pearson.
Perhaps the overall key to the Commonwealth’s bright economic future lies in its diversity. According to Mr. Pearson, a wide range of industries experienced strong growth in earnings for the first quarter, including construction, finance, forestry, fisheries and manufacturing.
Although he expects Virginia’s first quarter performance in personal income to slow somewhat as the year progresses, Mr. Pearson stressed that “balance and diversity are Virginia’s strengths in 1986,” making it more likely that the state’s personal income growth rate for the year will again rank as one of the nation’s highest.
96.8%