The coronavirus pandemic has devastated business nationwide. Every state, as well as most major industries, suffered some decline since COVID-19 first hit. But, personal incomes have actually increased.

It doesn’t make sense at first glance. If businesses are doing less business and fewer people are working, then personal income should not be increasing. But it is. In Arizona, income grew 11% over the last year — comparing June 2020 to June 2019.

Pre-pandemic, Arizona’s income growth rate was just 2%. The reason for the jump: stimulus payments, paid by the federal government as coronavirus relief to individuals and families, actually boosted personal income.

“The temporary federal assistance obscured the coronavirus’s blow to every state’s economy, as earnings — the bulk of personal income — plummeted,” the Pew report said.

Pew also found that “earnings nationally fell by roughly $860 billion from the prior quarter and $670 billion from a year ago, based on inflation adjusted annualized data, representing the largest losses on record.”

Coronavirus relief payments from the federal government have been approximately $1,200 per adult who qualified, not including unemployment insurance benefits. The combination of payments, according to Pew, have accounted for roughly $2 trillion of the temporary hike in 2020 personal incomes.

EDITOR'S NOTE: This story has been modified to clarify the source of the personal income data information.

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