CLICK HERE. / " title="ONLY 134 OUT OF 366 Metropolitan Statistical Areas in the U.S. showed increases in per capita personal income from 2008 to 2009, with the Providence metro area posting a 0.24 percent drop for the year. For a closer view of the Northeast states, CLICK HERE. /"/>WASHINGTON – In line with the larger, national trend, per capita personal income for the Providence-New Bedford-Fall River metropolitan statistical area declined in 2009, according to a report released Monday by the Bureau of Economic Analysis, an agency of the U.S. Department of Commerce.
Nationally, personal income fell 1.8 percent on average in 2009, compared with a 2.7 percent increase in 2008. Per capita personal income for the Providence MSA in 2009 was $40,790, a drop of 0.24 percent from $40,887 a year earlier.
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Over the past decade, the Providence MSA has seen positive per capita income growth in every year except 2009, from a starting point of $27,409 in 1999 (numbers are not adjusted for inflation). Total personal income for the area peaked at $65.39 billion in 2008 from $43.08 billion in 1999, before dropping slightly to $65.29 billion last year.
Based on data for 366 MSAs, personal income growth ranged from 14 percent (Jacksonville, N.C.) to -7.1 percent (Naples, Fla.), while per capita income growth rates came in between 12 percent (Jacksonville) and -8.4 percent (Midland, Texas).
The Providence-New Bedford-Fall River MSA was among 223 MSAs to see declines in personal income, and fell within the third quintile of the BEA’s statistics for percent change. Of the 134 MSAs in which personal income rose, only 57 had increases in net earnings of workers, while the rest only saw growth from transfer receipts, such as unemployment insurance benefits.
Growth in 2009 per capita personal income for nearby MSAs ranged from -2.67 percent for the Boston-Cambridge-Quincy, Mass.-N.H. MSA to -1.29 percent in Worcester, Mass. to -0.74 percent in Norwich-New London, Conn.
Additional information is available at www.bea.gov.
