Thursday, October 23, 2014

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Rochester

Personal Income on the Rise

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The latest federal income data shows that personal income rose in all of the nation's 366 metropolitan statistical areas for the first time since 2007.

The data is part of the US Department of Commerce Bureau of Economic Analysis.

The findings show that the Rochester area fairs well when it comes to getting through challenging economic times.

The Bureau of Economic Analysis takes a look at personal income changes across the nation. Last year, the data shows that income grew, on average, 5.2 percent across all major statistical areas.

Taking a look at the best areas with the fastest personal income growth in 2011, 45 were located in the Plains Region: Nebraska and the Dakotas. A major factor there was increases in farm income.

The report shows per capita personal income, personal income divided by population, ranged from the richest, $78,000 in Bridgeport-Stamford-Norwalk, Connecticut to $21,000 in McAllen-Edinburg-Mission, Texas.

Per capita personal income for the nation was around $41,000.

In the Rochester area, the data shows that Rochester is a match with the national average.
In 2011, Rochester had a per capita personal income of $41,683. That ranks 81st in the United States and was one hundred percent of the national average. That is an increase of 4.3 percent from 2010.

In computing per capita personal income, the Bureau of Economic Analysis uses the Census Bureau’s annual midyear population estimates.

So, it's positive news as it shows that the Rochester area is relatively recession proof. Economists credit the area's education and health care.

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