Special Report
10 Cities Where Incomes Are Shrinking the Fastest
July 21, 2017 4:03 pm
Last Updated: January 12, 2020 9:53 am
Personal income grew by 4.1% across the nation in 2015. The vast majority of metropolitan areas contributed to this growth, but in 10 urban regions, incomes declined. Personal income, which tracks all income received by all persons in an area, generally reflects how well an economy is doing.
Based on recently released data from the Bureau of Economic Analysis (BEA), 24/7 Wall St. reviewed the metropolitan statistical areas with the largest personal income growth rates, and the ones with the greatest declines.
Growth rates were calculated based on total real personal income — which includes compensation, income from property and from owning a business, minus contributions to the government — for all people in each metro area. Since growth rates were based on aggregate incomes, an increase in a city’s population was often a major driver of growth.
Many of the metro areas where incomes declined have struggled due to their dependence on the floundering extraction industries. Many of the cities where incomes are growing the fastest, by contrast, have budding technology industries.
Click here to see the 10 cities where incomes are shrinking.
Click here to see the 10 cities where incomes are growing.
Click here to see our detailed findings and methodology.
Sponsored: Find a Qualified Financial Advisor
Finding a qualified financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to 3 fiduciary financial advisors in your area in 5 minutes. Each advisor has been vetted by SmartAsset and is held to a fiduciary standard to act in your best interests. If you’re ready to be matched with local advisors that can help you achieve your financial goals, get started now.