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Personal income up, but there's a catch

By Helen Huntley, Times Staff Writer
In print: Friday, April 25, 2008

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ADVERTISEMENT Related Links Bureau of Economic Analysis: Map showing local area personal income Bureau of Economic Analysis: Florida facts

Thanks to population and job growth, the Tampa Bay area and Florida as a whole outpaced the nation in personal income growth in 2006.

However, the numbers the Bureau of Economic Analysis released Thursday showed income growth slowed from earlier years.

Florida's per capita income — total income divided by population — was roughly equal to the national average in 2006, but the slower pace of growth means Florida is losing ground. Since the numbers are from 2006, they do not reflect last year's more serious downturn in the housing market and related industries.

The Tampa Bay area saw a 7.6 percent increase in overall personal income to $95.8-billion in 2006. That compares with a 7.4 percent increase statewide and 6.7 percent increase nationally. But the Tampa Bay number is down from an average growth rate of 9.2 percent over the preceding 10 years.

And per capita, income growth was just 5.5 percent between 2005 and 2006.