Personal Income in South Carolina
According to the Bureau of Economic Analysis definition, personal income is the income that is received by all persons from all sources. It is calculated as the sum of wage and salary disbursements, supplements to wages and salaries, proprietors' income with inventory valuation and capital consumption adjustments, rental income of persons with capital consumption adjustment, personal dividend income, personal interest income, and personal current transfer receipts, less contributions for government social insurance.
The personal income of an area is the income that is received by, or on behalf of, all the individuals who live in the area; therefore, the estimates of personal income are presented by the place of residence of the income recipients.
Personal Income 1998-2004
(In Thousands of Dollars)
| South Carolina | United States | |
|---|---|---|
| 1998 | $86,854,395 | $7,415,709,000 |
| 1999 | $91,715,570 | $7,796,137,000 |
| 2000 | $98,270,171 | $8,422,074,000 |
| 2001 | $101,468,025 | $8,716,992,000 |
| 2002 | $104,636,030 | $8,869,809,000 |
| 2003 | $108,463,333 | $9,151,694,000 |
| 2004 | $114,069,059 | $9,672,205,074 |
Annual Percent Change in Personal Income 1998-2004
| South Carolina | United States | |
|---|---|---|
| Percent Change 1998-1999 | 5.6 | 5.1 |
| Percent Change 1999-2000 | 7.1 | 8 |
| Percent Change 2000-2001 | 3.6 | 3.3 |
| Percent Change 2001-2002 | 2.8 | 2.3 |
| Percent Change 2002-2003 | 3.7 | 3.2 |
| Percent Change 2003-2004 | 5.2 | 5.7 |
Note: All state and local area dollar estimates are in current dollars (not adjusted for inflation).
Source: Bureau of Economic Analysis, Regional Economic Information System, Table SA1-3.