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Business

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Drought slows state’s economy

– The U.S. Bureau of Economic Analysis says incomes for Indiana residents were among the slowest-growing in the nation at the end of last year.

The bureau says lower farm incomes because of the worst drought in decades were a big factor in that slow growth that placed Indiana 48th among the 50 states for personal income for the last quarter of 2012. Vigo County Purdue Extension office spokesman Jim Luzar told the Tribune-Star that pork, milk and poultry producers were especially hard hit because of higher feed prices caused by the drought.

Despite that, personal income in Indiana for the year was up 3.7 percent compared with a year earlier. The bureau says that put the state 16th in the nation overall.

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