10 Cities Where Incomes Are Shrinking the Fastest
Per capita income in the United States rose by 1.8% in 2017 to $48,684 in 2017, the third straight annual increase. Per capita income growth was seen all across the country, and while per capita incomes rose more in some metro areas than others, they rose in nearly every U.S. metropolitan area.
Some metropolitan areas, however, bucked the national trend, and there are even a few areas — less than a dozen — where per capita personal income declined by 1% or more. Based on per capita annual incomes released by the Bureau of Economic Analysis, 24/7 Wall St. reviewed the 10 cities where incomes are shrinking the fastest.
In most of the cities where per capita per capita incomes declined in 2017, the declines followed recent income booms. For example, per capita income in Midland, Texas, declined for the third straight year in 2017, including a 25.6% decrease in 2015. In 2010 and 2011, however, per capita income in the Texas metro area increased by 14.8% and 30.4%, respectively.
In the case of Midland, and of many cities on this list, the recent per capita income declines are likely due to the correction in the oil market after prices fell in in 2014 and 2015. In fact, Midland still has one of the highest median household incomes in the country. Here is the full list of America’s richest cities.
While per capita incomes have declined in these places, these cities by no means have weak economies. Unemployment rates in most of the cities on this list remain low — in 9 of the 10 cities, the May unemployment rate was below the national rate of 3.6%. In these 10 metropolitan areas, per capita incomes have likely fallen in large part due to population increases, rather than substantial wage declines. Several of the metro areas on this list are among the fastest growing U.S. cities. These are America’s fastest growing cities.