WASHINGTON – Texas' personal income increased 67.8 percent at an annual rate in first quarter 2021, according to the U.S. Bureau of Economic Analysis (BEA).
This comes after the metric decreased 4.1 percent in fourth quarter 2020.
Transfer receipts increased $193.2 billion in the first quarter, making it the leading contributor to personal income growth.
According to the BEA, the increases in transfer receipts include new government relief payments provided by the Coronavirus Response and Relief Supplemental Appropriations Act and the American Rescue Plan Act, including the $600 increase in weekly unemployment benefits and the $1,400 economic impact payments for individuals.
In Texas, earnings increased 11.1 percent in the first quarter. The increase in earnings reflected the continued economic recovery following the partial economic shutdown that began after the start of the COVID-19 pandemic.
The Texas Real Estate Research Center has a wealth of economic information online for free.
Source: U.S. Bureau of Economic Analysis
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