State personal income up

BOISE (AP) — A report by the Idaho Department of Labor shows total personal income in Idaho was up 3.9 percent in 2012 compared to the previous year and strong gains in many of the state’s rural counties.

New estimates show rising business profits were a major engine for the increase in personal income.

The report issued Thursday shows business profits in 2012 were up 6.6 percent statewide from 2011, while wages in Idaho rose just 2.5 percent, compared to 4.3 percent nationally.

Agency officials say a pleasant surprise in the report is the performance of Idaho’s rural counties.

Figures show total personal income in Idaho’s 33 rural counties at $18.5 billion, up 4.4 percent and slightly higher than the national average.

The only county to post a decrease was Custer County, where rollbacks in molybdenum mining took a tool on wages and profits.

By contrast, total personal income in the state’s 11 urban counties hit $36.5 billion, up 3.7 percent from 2011 totals.

Statewide, personal income was up 3.9 percent compared to 2011 levels.

Personal income is the total of all wages, salaries, business profits, investment earnings and transfer payments, such as Social Security, pensions and government assistance.

On a per capita basis, however, personal income increased 4.6 percent in rural Idaho to $33,649. For urban centers, the rise was just 2.3 percent to $34,919, according to the U.S. Bureau of Economic Analysis.

Total business profits, both farm and non-farm, increased 8.6 percent in rural Idaho, beating the urban rate of 5.4 percent Nationally, business profits were up 6 percent.