economic snapshot-0514
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7/31/2019 Economic Snapshot-0514
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LOCAL ECONOMIC SNAPSHOT | WAGES
Personal income growth
Personal income grew in 2010, after a general contraction in 2009. Personal income is a measure of allincome, including net earnings (wages), earnings from property (rent, dividends and interest income)and transfer payments (unemployment insurance payments, Medicaid and Social Security payments)
minus social insurance payments.
“Personal income includes not only
wages, but it includes property
income, interest and dividend income
and government payments, such as
Social Security retirement income. It’s
really an accounting method. You
can’t consider it as what people are
really getting as income.
These figures reflect
economic activity,
so the energywealth may
distort them a
bit here.”
“It’s going to show a lot more income
than earnings. It’s not a true picture
of what’s going on with most people.
Most people don’t have property and
interest income. It gets skewed
toward property. That said, it does
have some value: When you look at it,
you can certainly see
which is the poor
region vs. which is
a rich region.”
“Personal income is growing, but it is
more a reflection of the economy than
of our individual earnings because it
includes many kinds of income and is
then divided among the entire
population. That personal income is
growing is good news, though, during
bad economic times. It
shows that economic
activity — and
governmentpayments — are
helping the
economy hum
along.”
The bottom line
Per capita personal income is derived from taking
all net earnings and dividing that number by all
residents of a county. So these are the average
personal incomes for every man, woman andretiree in a county.
Bernard Weinstein, economist
at Southern Methodist University's
Cox School of Business
Pia Orrenius, senior economist
at the Federal Reserve Bank of Dallas
Bill Bowen, staff writer,
The Dallas Morning News
By BILL BOWENStaff Writer
The richest counties tend to be resort communities or
centers of finance and industry, including government.
Of the country's 10 poorest counties, eight are in the South
and two are in Texas. Georgia has three and Florida has two.
Of the country’s 3,113 counties, residents in the 281 largest, or
only 9 percent of the total number, account for 68 percent of the
nation’s personal income. Smaller counties by population and
rural characterisics get less income from net earnings and morefrom Social Security, Medicare and unemployment insurance.
The nation’s wealthLocal per capita income
SOURCE: U.S. Bureau of Economic Analysis
United States
Southwest U.S.
Texas
Collin County
Dallas County
Denton County
Tarrant County
Harris County
Travis County
Bexar County
2.81%
4.90%
3.42%
1.09%
2.59%
2.69%
3.06%
3.05%
2.42%
3.07%
Area
Percent
growthPer capita income
$39,937
$36,719
$37,747
$48,229
$43,178
$40,474
$38,581
$44,757
$41,462
$34,946
LARGE COUNTIES MEDIUM COUNTIES SMALL COUNTIES
Transfer payments:
17%
Net
earnings:
66%
Holdings:
17%
Transfer payments:
21%
Net
earnings:
63%
Holdings:
16%
Transfer payments:
26%
Net
earnings:
58%
Holdings:
16%
NOTES:
Net earnings: Mostly wages and salaries minus payments to government socialinsurance.
Holdings: Income from property, including stock dividends, personal interest and rent.
Transfer payments: Government social program income, including Social Security,Medicare, unemployment insurance.
Richest counties Poorest counties
New York
$111,386
Alexandria
$76,362
Teton
$94,672
Marin
$82,963
Sully
$80,165
Nantucket
$73,654
Arlington
$79,967
Pitkin
$76,318
Westchester
$73,159
Fairfield
$71,768
Crowley $16,299
Telfair
$16,614
Lafayette
$18,620
Wheeler
$17,253
Starr
$18,259
Zavala
$19,048
Charlton
$18,392
Union
$18,421
Madison
$18,651
Elliott
$18,753
WYO.
IDAHO
S.D.
FLA.
GA.
KY.VA.
N.Y.
CONN.
MASS.
CALIF.
TEXAS
COLO.