Personal income grows slightly in Springs

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Personal income declined in 2009 in most of the nation’s metropolitan statistical areas, however Colorado Springs saw a slight increase, thanks to the military.

Colorado MSAs generally fared poorly, according to estimates released today by the U.S. Bureau of Economic Analysis.

Personal income declined by 6.7 percent in Grand Junction, 5.1 percent in Boulder, and 4.2 percent in Denver.  Colorado Springs and Pueblo managed small increases of 0.6 percent and 1.3 percent, respectively.

Although personal income grew in 134 MSAs, in most cases this growth represented an increase in transfer receipts, unemployment insurance benefits, for example. Only in 57 MSAs did the net earnings of workers increase in 2009.

Colorado Springs has long relied on military earnings growth to boost income growth. Seven of the ten MSAs where earnings growth was strongest have a high concentration of military-related government spending, including Jacksonville and Fayetteville, N.C.; Manhattan, Kansas; Elizabethtown, Ky.; Lawton, Okla.; Clarksville,Tenn.; and Killeen, Texas.

Personal income declined in 223 MSAs and remained unchanged in nine. On average, MSA personal income fell 1.8 percent in 2009, after rising 2.7 percent in 2008. Personal income growth ranged from 14 percent in Jacksonville, N.C. to -7.1 percent in Naples, Fla. In the U.S. as a whole, personal income fell by 2.8 percent.