Income growth slows locally, nationally

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Personal income growth fell sharply from 2007 to 2008 in 322 of the nation’s 366 metropolitan statistical areas, including Colorado Springs. 

The Bureau of Economic Analysis says growth increased in 42 MSAs and was unchanged in two. On average, MSA personal income grew 3.3 percent during 2008, down from 6 percent during 2007.

Personal income growth in the Colorado Springs MSA declined from an annual rate of 3.7 percent during 2007 to 2.4 percent during 2008. During both years, the Springs MSA substantially lagged national averages.

Per capita income during 2008 averaged $41,455 in the nation’s metropolitan areas, up from $40,544 during the previous year. In Colorado Springs, per capita income rose slightly during 2008, increasing from $35,717 to $36,571.

Other MSAs in Colorado reported mixed results.

Grand Junction, where personal income growth increased from 6 percent during 2007 to 6.9 percent the following year, was among the nation’s leaders, thanks to high energy prices during much of 2008.

Denver’s personal income growth was halved, dropping from 3.6 percent to 1.8 percent. And Pueblo, despite a slight drop in per capita income, saw personal income growth increase from 3.9 percent to 4.1 percent.

One Response to Income growth slows locally, nationally

  1. how about titling this thing “income continues to grow, if more slowly”. kind of a glass half full thing.

    mike tracy
    August 6, 2009 at 1:38 pm