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Personal income up, but there's a catch

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.

Personal income growth

Per capita income grew more slowly than overall personal income in 2006.

Rank County 2006 per capita income One-year change
8 Pinellas $41,448 +7.6%
16 Hillsborough $35,079 +4.2%
35 Hernando $27,478 +4.2%
36 Pasco $27,476 +6.4%
Tampa Bay $35,541 +6.4%
Florida $36,720 +5.5%
United States $36,714 +5.6%

*Among Florida counties

Source: Bureau of Economic Analysis

Personal income up, but there's a catch 04/24/08 [Last modified: Friday, April 25, 2008 9:57am]
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