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Boom time for earnings.

In 2003, construction net earnings continued to out-grow other sectors, according to national statistics compiled by the Bureau of Economic Analysis.

The Bureau of Economic Analysis last week released figures by state on personal income growth and on the growth of net earnings by industry from the 2nd to the 3rd quarter of 2003.

Construction contributed disproportionately to net earnings growth nationally, as overall net earnings grew 1.2% and net earnings in construction grew 1.8%.

Net earnings equals payroll disbursements less personal share of employment taxes, plus other labor income and proprietors' income.

Nationally, personal income grew 1.1% in the 3rd quarter compared with 1% in the 2 nd quarter and 0.8% in the 1st quarter, according to Kenneth D. Simonson, Chief Economist, Associated General Contractors of America.

New York state placed 36th out of 50 states with a growth of 1.1% in personal income, 1.1% in net earnings, with growth in construction net earnings at 1.2%.
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Publication:Real Estate Weekly
Article Type:Brief Article
Geographic Code:1U2NY
Date:Feb 4, 2004
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