Wednesday, September 06, 2006
Income grows faster than National Average in Orangeburg SC
Personal income growth in S.C. metros surpassed national average in 2005
By Dan McCue , Staff Writer
Personal income growth in South Carolina’s three major metropolitan areas surpassed the national average in 2005, and grew far faster than the nation’s inflation rate, according to the U.S. Bureau of Economic Analysis.
Between 2004 and 2005, personal income in the combined Charleston/North Charleston metropolitan statistical area grew 6.8%, while personal income in Columbia grew 5.3% and in Greenville 5.2%.
On average across the nation, personal income grew by 5% in 2005, down from a 6% growth rate in 2004. Three-fourths of the metropolitan areas included in the survey saw a slowdown in personal income growth during the survey period, according to the BEA.
Despite the slowdown, 2005 per capita income grew faster than inflation—2.9% as measured by the national price index for personal consumption expenditure—in nearly three-quarters of the metropolitan areas measured.
BEA analysts attributed much of the overall slowdown in income growth to the after affects of Hurricanes Katrina and Rita, which sharply reduced income growth along the Gulf Coast.
However, some communities actually benefited from the disaster with personal income increasing in Alexandria, La., and Beaumont-Port Arthur, Texas.
Elsewhere, strong per capita personal income growth was associated with growth in the military sector while weak growth was associated with the motor vehicles and parts industry.
Five metropolitan areas with an economic base dominated by the military—Hinesville-Fort Stewart, Ga; Jacksonville, Fla.; Fayetteville, N.C.; Clarksville, Tenn.; and Killeen-Temple-Fort Hood, Texas—were among the 10 fastest growing metropolitan areas in 2005.
Five metropolitan areas— Kankakee-Bradley, Ill.; Monroe, Mich.; Kokomo, Ind.; Champaign-Urbana, Ill.; and Flint, Mich.—in the Great Lakes region, where the auto industry is slumping, were among the 10 slowest growing metropolitan areas.
By Dan McCue , Staff Writer
Personal income growth in South Carolina’s three major metropolitan areas surpassed the national average in 2005, and grew far faster than the nation’s inflation rate, according to the U.S. Bureau of Economic Analysis.
Between 2004 and 2005, personal income in the combined Charleston/North Charleston metropolitan statistical area grew 6.8%, while personal income in Columbia grew 5.3% and in Greenville 5.2%.
On average across the nation, personal income grew by 5% in 2005, down from a 6% growth rate in 2004. Three-fourths of the metropolitan areas included in the survey saw a slowdown in personal income growth during the survey period, according to the BEA.
Despite the slowdown, 2005 per capita income grew faster than inflation—2.9% as measured by the national price index for personal consumption expenditure—in nearly three-quarters of the metropolitan areas measured.
BEA analysts attributed much of the overall slowdown in income growth to the after affects of Hurricanes Katrina and Rita, which sharply reduced income growth along the Gulf Coast.
However, some communities actually benefited from the disaster with personal income increasing in Alexandria, La., and Beaumont-Port Arthur, Texas.
Elsewhere, strong per capita personal income growth was associated with growth in the military sector while weak growth was associated with the motor vehicles and parts industry.
Five metropolitan areas with an economic base dominated by the military—Hinesville-Fort Stewart, Ga; Jacksonville, Fla.; Fayetteville, N.C.; Clarksville, Tenn.; and Killeen-Temple-Fort Hood, Texas—were among the 10 fastest growing metropolitan areas in 2005.
Five metropolitan areas— Kankakee-Bradley, Ill.; Monroe, Mich.; Kokomo, Ind.; Champaign-Urbana, Ill.; and Flint, Mich.—in the Great Lakes region, where the auto industry is slumping, were among the 10 slowest growing metropolitan areas.
