Real personal income increased 1.1 percent nationwide in 2016, but growth was slower across Central New York and New York state, according to new statistics released by the U.S. Bureau of Economic Analysis (BEA) on May 17. The BEA defines a state’s real personal income as “current-dollar personal income adjusted by the state’s regional price […]
Real personal income increased 1.1 percent nationwide in 2016, but growth was slower across Central New York and New York state, according to new statistics released by the U.S. Bureau of Economic Analysis (BEA) on May 17.
The BEA defines a state’s real personal income as “current-dollar personal income adjusted by the state’s regional price parity and the national personal consumption expenditures price index.” The BEA provides real personal-income data for metropolitan statistical areas (MSAs), as well.
New York’s state real personal income grew 0.4 percent from 2015 to 2016.
Four of the six MSAs in CNY experienced declines in real personal income during the period. Utica–Rome had the region’s highest rate of growth at 0.9 percent. Watertown–Fort Drum fared the worst with a 1.8 percent decline.
Nationally, the change in real state personal income ranged from 3.3 percent in Utah and Georgia to -3.6 percent in Wyoming.
Jacksonville, North Carolina led metropolitan areas across the U.S. with 6.6 percent growth, while Midland, Texas and Odessa, Texas tied for the steepest decline (-8.1 percent).
