Providence Ranked 5th for New England Metros: Personal Income Growth
Tuesday, April 29, 2014
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.
- NEW: Rhode Islanders Speak In Favor of Raising Income Tax
- Cox Communications Powers Initiative For Low-Income Families
- New Legislation Would Raise Taxes On Some Low-Income Housing in RI
- Guest MINDSETTER™: Teach For America Helps Low Income Children
- Rhode Island Gets $17 Million in Federal Low Income Energy Assistance
- Half of RI Renters Spend Over 30% of Income on Rent
- Taveras Advocates for Reading Programs Targeting Low-Income Kids
- Half of Rhode Islanders Don’t Owe Income Taxes
- Taveras Launches Earned Income Tax Credit Campaign
- Rhode Island Lost $1 Billion in Personal Income from 2000 to 2010
- Health Alert: Low-Income Kids Drink Too Much Juice
- 5 Ways to Increase Investment Income
- King Refuses to Release State Income Tax Returns
- NEW REPORT: Investment in Low-Income Housing Boosts Jobs