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April 20, 2006 Transfer Receipts Continue to Represent Significant Segment of N. D. Economy Transfer receipts accounted for 15.4 percent of all personal income received by North Dakota residents in 2004, up from 15.1 percent in 2003. This month’s “Economic Briefs,” a monthly publication from the North Dakota State Data Center at North Dakota State University, focuses on current personal transfer receipts, which represent income received by individuals for services they did not render. These are payments by government and businesses to individuals and nonprofit institutions serving individuals. North Dakota residents received $2.86 billion in personal transfer receipts in 2004, a 4.2 percent increase from $2.74 billion in 2003. The largest category of transfer receipts for North Dakota residents in 2004 consisted of retirement and disability insurance payments ($1.23 billion), followed by medical benefits ($1.09 billion) and income maintenance benefits ($206 million). The remaining $320 million of transfer payments to North Dakotans included unemployment insurance benefits, veterans’ benefits, federal education and training assistance payments, Bureau of Indian Affairs payments, disaster relief and other special payments. “These data demonstrate the importance of seniors to our state’s economy,” says Richard Rathge, State Data Center director. “What is of particular interest to me is the fact that the senior population will expand dramatically over the coming years as the baby boom generation enters the senior market. Think what this will mean for our economy.” The proportion of transfer receipts as a source of personal income varies from state to state. In 2004, 10 states showed personal transfer receipts accounting for at least 18 percent of all personal income received by residents. Nationally, transfer receipts comprised 14.7 percent of total personal income in 2004. West Virginia and Mississippi showed the largest proportions (26.8 percent and 21.9 percent, respectively) while Colorado had the smallest proportion (9.8 percent). ### Source:
Richard Rathge, (701) 231-8621, richard.rathge@ndsu.edu
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North Dakota State University |
