WASHINGTON - Personal income rose in 2011 in all 366 metropolitan areas in the United States for the first time since 2007, the U.S. Bureau of Economic Analysis announced Monday.
Personal income – which is defined as the income received by all persons from all sources – an average 5.2 percent across the U.S., up from a 3.8 percent increase in 2010. Personal income includes: sum of net earnings by place of residence, rental income by persons, personal dividend income, personal interest income and personal current transfer receipts.
In the Providence-New Bedford-Fall River metropolitan area, personal income rose 4.4 percent to $69.1 billion in 2011, following a 3.2 percent increase in 2010.
Nationwide, personal income growth ranged from an increase of 14.8 percent in Odessa, Texas, to an increase of 1 percent in Rochester, Minn.
Per capita personal income in the Providence-New Bedford-Fall River metro area rose 4.5 percent to $43,192 from 2010 to 2011 compared with an increase of 3.2 percent to $41,343 from 2009 to 2010. For per capita personal income, which is personal income divided by population, the Providence metro ranked 58 out of 366 in the U.S.
Comparatively, the Bridgeport-Stamford-Norwalk, Conn., metropolitan area ranked first in the nation with a 2011 per capita personal income of $78,504. The McAllen-Edinburg-Mission, Texas, metro area ranked last with a per capita personal income of $21,260.
The average per capita personal income for the country was $41,560.
PBN is now accepting applications for its newest award program and event for RI & Bristol County to celebrate the Manufacturing Renaissance that is evolving regionally and across the country. The deadline for applications is March 20th.
PBN's annual Book of Lists has been an essential resource for the local business community for almost 30 years. The Book of Lists features a wealth of company rankings from a variety of fields and industries, including banking, health care, real estate, law, hospitality, education, not-for-profits, technology and many more.