Thursday, February 22, 2018
Business

Tampa Bay area income growth slows in 2011

Personal income is on the rise in Tampa Bay, though not as quickly as most of the country and far less than two years ago.

Total personal income grew by 4.5 percent in the bay area in 2011, compared to 5.2 percent growth nationally, according to figures released Monday by the U.S. Department of Commerce.

The growth, down from the region's much stronger 7.1 percent growth in 2010, was aided by more people moving here. On a per capita basis, Tampa Bay's income rose just 3.2 percent in 2011 to $39,621 compared with median income of $33,240 for all metro areas, the report showed.

A big reason for the slowdown: The bay area and much of Florida is closely tied to government "transfer receipt" funds such as Social Security, Medicare and unemployment insurance, which rose just 1.5 percent last year, down from a surge of 7.1 percent in 2010.

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