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Providence Ranked 5th for New England Metros: Personal Income Growth

Tuesday, April 29, 2014

 

Providence ranked 5th for New England metropolitan areas for "real personal income" from 2011 to 2012 based on data released by the U.S. Department of Commerce's Bureau of Economic Analysis (BEA).

The BEA reported that real personal income, which is based on actual personal income but is adjusted for inflation from year to year and cost of living from state to state, rose 1.81 percent for the Providence metro region, outpacing the state's real personal income growth of 1.6%. The national average during the time frame was 2.3%.

SLIDES: See How Metropolitan Areas in New England Ranked for Income Growth BELOW

"For the first time, Americans looking to move or take a job anywhere in the country can compare inflation-adjusted incomes across states and metropolitan areas to better understand how their personal income may be affected by a job change or move," said U.S. Secretary of Commerce Penny Pritzker in a statement with the report's release.

"Businesses considering relocating or establishing new plants also now have a comprehensive and consistent measure of differences in the cost of living and the purchasing power of consumers nationwide. The Commerce Department’s 'Open for Business Agenda' prioritizes making our data more accessible and understandable so that it can continue powering both small and large businesses nationwide."

 

Overall, Rhode Island had a 1.81 percent change in real personal income growth.
 

 

Related Slideshow: Bureau of Economic Analysis: Real Personal Income Data for New England Municipalities, 2008-2012

The U.S. Department of Commerce released "real personal income" data for both all the states, as well as metropolitan area,  from 2008 to 2012. 

Below are the New England metro areas ranked from least personal income growth from 2011 to 2012 -- to the most, as well as prior years.

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14. Lewiston-Auburn, ME

Real Personal Income - Percent Change

2011-2012: -0.62

2010-2011:  1.89

2009-2010: -1.73

2008-2009: -0.17

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13. Bangor, ME

Real Personal Income - Percent Change

2011-2012: -0.36

2010-2011:  0.82

2009-2010: -0.84

2008-2009:  1.99

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12. Norwich, CT

Real Personal Income - Percent Change

2011-2012: 0.62

2010-2011: 0.88

2009-2010: 0.75

2008-2009: -1.25

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11. Pittsfield, MA

Real Personal Income - Percent Change

2011-2012: 0.64

2010-2011: 3.82

2009-2010: 1.40

2008-2009: -3.56

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10. Worcester, MA

Real Personal Income - Percent Change

2011-2012: 0.94

2010-2011: 2.80

2009-2010: 2.31

2008-2009: -0.30

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9. Manchester-Nashua, NH

Real Personal Income - Percent Change

2011-2012: 0.96

2010-2011: 3.02

2009-2010: 1.63

2008-2009: -1.44

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8 . Portland, ME.

Real Personal Income - Percent Change

2011-2012: 0.99

2010-2011: 2.74

2009-2010: 0.59

2008-2009: -1.21

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7. Hartford, CT

Real Personal Income - Percent Change

2011-2012: 1.61

2010-2011: 0.86

2009-2010: 0.93

2008-2009: -1.87

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6. Barnstable, MA

Real Personal Income - Percent Change

2011-2012: 1.70

2010-2011: 6.00

2009-2010: 2.34

2008-2009: -2.04

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5. Providence, RI

Real Personal Income - Percent Change

2011-2012: 1.81

2010-2011: 1.56

2009-2010: 2.53

2008-2009: -1.15

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4. Burlington, VT

Real Personal Income - Percent Change

2011-2012: 1.86

2010-2011: 5.54

2009-2010: 0.91

2008-2009: -1.39

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3. Bridgeport/Stamford CT

Real Personal Income - Percent Change

2011-2012: 1.93

2010-2011: 5.00

2009-2010: 5.29

2008-2009: -8.47

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2. Springfield, MA

Real Personal Income - Percent Change

2011-2012: 2.06

2010-2011: 2.38

2009-2010: 0.95

2008-2009: 0.34

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1. New Haven/Milford, CT

Real Personal Income - Percent Change

2011-2012: 3.06

2010-2011: 1.07

2009-2010: 1.13

2008-2009: -0.88

 
 

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