Personal income grows in Providence-Warwick area in 2013, lags U.S. average

THE U.S. BUREAU OF ECONOMIC ANALYSIS said that per capita personal income in the Providence-Warwick area was $46,345 in 2013, giving it a rank of 57th nationwide, as it was 104 percent of the national average of $44,765. / COURTESY BUREAU OF ECONOMIC ANALYSIS
THE U.S. BUREAU OF ECONOMIC ANALYSIS said that per capita personal income in the Providence-Warwick area was $46,345 in 2013, giving it a rank of 57th nationwide, as it was 104 percent of the national average of $44,765. / COURTESY BUREAU OF ECONOMIC ANALYSIS

PROVIDENCE – Personal income last year for the Providence-Warwick metropolitan area grew 1.6 percent, slightly below the United States average of 2 percent.
Total personal income, according to statistics released recently by the federal Bureau of Economic Analysis, was $74.4 million, giving the Providence-Warwick area a rank of 40th nationwide. In 2003, total personal income for Providence-Warwick was $54.1 million, and the area ranked 33rd.
The federal bureau said that in 2013, personal income, which is defined as the income received by all persons from all sources, grew in 2,695 counties, fell in 390, and was unchanged in 28.
The percent change from 2012 to 2013 in personal income ranged from a 35.0 percent drop in LaMoure County, N.D. to 32.3 percent growth in Greeley County, Kan.
Inflation, as measured by the national price index for personal consumption expenditures, slowed to 1.2 percent in 2013 from 1.8 percent in 2012.
The rate of personal income growth again slowed nationwide, as it was 4.6 percent in 2012 and 6 percent in 2011. The personal income growth rate also slowed for Providence-Warwick when looking at previous years’ data. In 2012, personal income rose 3 percent, following a 4.2 percent increase in 2011.
Providence-Warwick’s per capita personal income – personal income divided by population – was $46,345 in 2013, ranking it 57th in the country among 381 metropolitan statistical areas. It grew 1.4 percent from 2012, and was 104 percent of the national average of $44,765. In 2003, per capita personal income was $33,463 and the state ranked 72nd.
Midland, Texas metropolitan area ranked first for per capital personal income at $86,574, a 1.9 percent increase over the prior year.
The McAllen-Edinburg-Mission, Texas metropolitan area ranked last for its per capita personal income of $23,073, which was 52 percent of the national average, $44,765.

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