The personal income of Illinois residents plummeted at an annual rate of 12.5 percent during the fourth quarter of last year as initial coronavirus benefits expired, the federal Bureau of Economic Analysis reported in a new study.
That percentage represented the ninth worst personal income performance among the 50 states in the fourth quarter, the BEA reported. Personal income in Illinois, which includes wages, business income, interest, dividends, rental income and government benefits, also fell in the third quarter – by an annualized rate of 7.4 percent, according to the analysis.
Nationwide, average personal income among the states dropped at an annual rate of 6.8 percent in the fourth quarter, the BEA said. The drop in personal income during that time period reflected a decrease in government benefits as several Coronavirus Aid, Relief and Economic Security (CARES) Act programs expired, including weekly unemployment insurance payments, according to the report.
Looking at the year 2020 as a whole, however, personal income in the U.S. increased at an annual rate of 6.1 percent, reflecting the CARES payments and programs that were in place during the first half of the year, the BEA said. Illinois personal income data for the year showed an increase of 6.5 percent, the data shows.
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Quarterly 2020 Personal Income Changes (Annual Rates)
| State | Q3 2020 % Change From Previous Quarter | Q4 2020 % Change From Previous Quarter | Rank: Q3 of 2020 vs. Q4 of 2020 |
| South Dakota | -20 | 16.7 | 1 |
| Nebraska. | -18.4 | 14.2 | 2 |
| North Dakota | -25.2 | 11.9 | 3 |
| Kansas | -16.8 | 6.2 | 4 |
| Idaho | -18.3 | 5.7 | 5 |
| Iowa | -25.1 | 5.3 | 6 |
| Montana | -21.6 | 3.3 | 7 |
| Wisconsin | -19.9 | 1.7 | 8 |
| Colorado | -12.8 | 1.2 | 9 |
| Kentucky | -24.1 | 1 | 10 |
| Delaware | -11.5 | 0.7 | 11 |
| Missouri | -20 | 0.4 | 12 |
| Indiana | -11.7 | 0.3 | 13 |
| North Carolina | -12.7 | 0.2 | 14 |
| Utah | -19.3 | -0.2 | 15 |
| Tennessee | -12.6 | -0.3 | 16 |
| Wyoming | -18.5 | -0.7 | 17 |
| Arkansas | -24.5 | -0.8 | 18 |
| Oklahoma | -26.8 | -0.9 | 19 |
| New Hampshire | -15.6 | -1 | 20 |
| South Carolina | -17.1 | -1.4 | 21 |
| Minnesota | -20.2 | -1.8 | 22 |
| Connecticut | -7.9 | -2.8 | 23 |
| Virginia | -8.3 | -3.3 | 24 |
| Texas | -11.3 | -3.8 | 25 |
| Alabama | -16 | -4 | 26 |
| Ohio | -15.9 | -5 | 27 |
| Maine | -22.9 | -5.5 | 28 |
| Washington | -9.2 | -6.2 | 29 |
| California | -2.2 | -6.6 | 30 |
| Mississippi | -20.5 | -6.8 | 31 |
| Arizona | -10.1 | -6.9 | 32 |
| Florida | -3.6 | -6.9 | 33 |
| West Virginia | -30.3 | -7.4 | 34 |
| Maryland | -5.8 | -7.5 | 35 |
| Alaska | -16.9 | -7.9 | 36 |
| New Mexico | -17.6 | -8.4 | 37 |
| Vermont | -22.8 | -9.2 | 38 |
| Oregon | -14.8 | -9.3 | 39 |
| Georgia | -2.6 | -11.2 | 40 |
| Louisiana | -17.7 | -12 | 41 |
| Illinois | -7.4 | -12.5 | 42 |
| New York | -9.8 | -13.7 | 43 |
| New Jersey | -9.4 | -13.7 | 44 |
| Massachusetts | -17.5 | -13.8 | 45 |
| Michigan | -18.6 | -14 | 46 |
| Hawaii | -23.7 | -15.4 | 47 |
| Nevada | -11.7 | -15.5 | 48 |
| Rhode Island | -14.4 | -16.1 | 49 |
| Pennsylvania | -12.5 | -16.1 | 50 |
| United States | -11.3 | -6.8 | -- |
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