The data are in from the federal Bureau of Economic Analysis. Indiana had a good year in fiscal 2012 (the 12 months ending in June this year).
We have known for several weeks that the state surplus looks good. Part of that is due to stringent economies forced by the state budget process. The balance is due to an improved economy, confirmed by the BEA, which boosted state revenues.
How good was the economy in fiscal 2012? This state, like most others, uses personal income as its best indicator of economic health. During the year that began in July 2011, BEA reports Indiana’s personal income advanced by 4.2 percent. The nation by contrast, grew by only 3.3 percent.
Indiana led all five states in the Great Lakes region. Michigan and Ohio also exceeded the national growth rate, but Illinois and Wisconsin did not. As the fiscal year ended, Indiana ranked 11th in the nation in the rate of growth for personal income.