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Business and Economy

Mainers' Personal Income Increases Sharply in the First Quarter

The federal Bureau of Economic Affairs says Mainers' personal income jumped 74.7% in the first three months of this year.

Maine wasn't alone in seeing such eye-popping increases. The national average increase was 59.7%.

New Mexico had a 77.1% rise in its personal income and Mississippi an 89.3% increase.

These huge increases were driven by the torrent of federal cash unleashed by Congress to counter the pandemic-induced economic slowdown.

For Maine, a rise in earnings of almost 9% also helped; interest and rent payment income actually declined slightly in the first quarter.