Personal income growth slows in U.S., Providence metro in 2012
COURTESY U.S. BUREAU OF ECONOMIC ANALYSIS
IN THE PROVIDENCE-WARWICK metropolitan area, personal income rose 3 percent between 2011 and 2012, down from a 4.2 percent increase between 2010 and 2011. Most of the nation's 381 metro areas saw slower growth in personal income in 2012, according to the U.S. Bureau of Economic Analysis.
WASHINGTON – Personal income growth slowed in 2012 in most of the nation’s 381 metropolitan areas, the U.S. Bureau of Economic Analysis reported Thursday.
Personal income – defined as the income received by all persons from all sources – rose 4.2 percent on average across the U.S., down from a 6 percent increase in 2011. Personal income includes the sum of net earnings by place of residence, rental income, personal dividend income, personal interest income and personal current transfer receipts.
In the Providence-Warwick metropolitan area, which includes parts of southern Massachusetts, personal income rose 3 percent to $72.7 billion in 2012, following a 4.2 percent increase in 2011.
Among the 52 metro areas nationwide with a population of a million or more, the Providence-Warwick personal income growth rate of 3 percent was one of the lowest. Personal income growth in those 52 metro areas grew 4.4 percent on average in 2012 (down from an average of 6.3 percent in 2011), with a 7.8 percent increase in Nashville, Tenn., at the top of the range and 3 percent increases in Providence, Philadelphia and Buffalo, N.Y., at the bottom.
Nationwide, personal income growth in all 381 metro areas ranged from a 12.1 percent increase in Midland, Texas, to a 1.6 percent decline in Yuma, Ariz., one of five metro areas to post a decline in personal income for 2012.
Per capita personal income in the Providence-Warwick metro area rose 2.9 percent to $45,392 between 2011 and 2012, compared with an increase of 4.3 percent to $44,093 between 2010 and 2011. For per capita personal income, which is personal income divided by a metro area’s population, the Providence metro ranked 58th out of the 381 metro areas in the country.
The Midland, Texas, metropolitan area ranked first in the nation with a 2012 per capita personal income of $83,049. The McAllen-Edinburg-Mission, Texas, metro area ranked last with a per capita personal income of $22,400.
The average per capita personal income for the United States in 2012 was $43,735.
Join PBN for the best networking event and party of the winter - January 15, 2015 - the Book of Lists Party at the Providence Public Library. Reserve your spot by December 31st and get a holiday gift from PBN!
PBN's annual Book of Lists has been an essential resource for the local business community for almost 30 years. The Book of Lists features a wealth of company rankings from a variety of fields and industries, including banking, health care, real estate, law, hospitality, education, not-for-profits, technology and many more.