Cities Where Incomes Are Growing the Fastest
Income in the United States tends to grow more rapidly in and around major cities than in more rural areas. Real personal income in U.S. metro areas increased by 1.3% in 2016, six times the 0.2% growth in non-metro areas.
Urban economies vary by size, industrial composition, and presence of natural resources, and are each unique. And as such, income growth is not even from city to city.
Across the United States — in both urban and rural areas — per capita income climbed 0.4% in 2016. In some cities, however, per capita income growth topped 3% — with one metro area reporting per capita income growth above 6%.
24/7 Wall St. reviewed one-year change in per capita incomes in U.S. metro areas to identify the cities where incomes are growing the fastest. Per capita income is total personal income divided by the population.
Rapid per capita income growth does not necessarily mean these cities are thriving economically. Of the 25 cities on this list, only five have a higher per capita income than the United States as a whole. Additionally, despite climbing per capita income, most cities on this list have a higher unemployment rate than the national rate.
Correction: A previous version of this article erroneously referred to Jackson, Michigan as Jackson, Mississippi. That error has been corrected.