PROVIDENCE – Newport County earned the highest score on a “Paycheck Friendliness Index” compiled by SmartAsset this week.
The index weighed semi-monthly paycheck, purchasing power, unemployment rate and income growth.
Newport received an index score of 53.99, ranking No. 731 in the nation.
Newport County was estimated to have a 2.22x purchasing power, or resident’s household income divided by cost of living. The unemployment rate for the county was 4.3 percent, and its five-year median income growth was estimated at 2.2 percent.
The semi-monthly paycheck data did not come into play in intrastate comparison, as state data was used. Rhode Island workers were estimated to receive a $1,612 semi-monthly paycheck.
Washington County ranked No. 2 in the state with an index score of 52.91. The county was estimated to have the highest purchasing power in the state at 2.32x. The county’s unemployment rate was reported at 4.6 percent and the five-year median income growth was 0.8 percent.
Bristol County ranked third in the state with an index score of 50.95. The county reported a zero percent five-year median income growth, 2.19x purchasing power and a 4.4 percent unemployment rate.
Kent County ranked No. 4 with a 49.25 index score, a 0.3 percent five-year median income growth rate, a 1.99x purchasing power and a 4.6 percent unemployment rate.
Providence County ranked last in Rhode Island with an index score of 43.68. The county reported a zero percent income growth, a 1.55x purchasing power, and a 5.6 percent unemployment rate.
Bristol County, Mass., received an index score of 40.55, lower than every county in Rhode Island. The Massachusetts county reported a 0.1 percent five-year median income growth, a 5.1 percent unemployment rate, 1.75x purchasing power and a $1,597 state-calculated semi-monthly paycheck.
Glasscock County, Texas, ranked No. 1 in the study.
The semi-monthly paycheck metric was calculated for a single individual with two personal allowances. SmartAsset applied relevant deductions and exemptions before calculating income tax withholding and assumed a $50,000 annual income.
Chris Bergenheim is a PBN web editor.
