Aug
07

Columbia Metro Income Growth Slows In ’07

By
August 7, 2008

From staff reports – The State

Columbia’s personal income growth in 2007 slowed from the previous year as the national economy slogged through the housing and credit crunch, according to federal data released today.

Columbia’s slowdown in growth was greater than the national average for all metro areas.

Columbia’s total personal income — which includes salaries, interest, dividends and rent — rose 5.9 percent in 2007 versus 7.1 percent in 2006, a fall of more than 1 percentage point.

Nationally, income in metro areas grew 6.2 percent in 2007 and 6.8 percent in 2006, a drop of a little more than a half-percentage point.

Meanwhile, personal income growth in the Upstate — Greenville, Spartanburg and Anderson — and Charleston accelerated in 2007, though the total income in those cities fell short of that in Columbia, the state’s largest metro area.

However, income growth slowed in Sumter, Florence and, especially, in Myrtle Beach. Income growth on the Grand Strand slid to 5.6 percent in 2007 from 9.1 percent in 2006.

On a per-capita basis, Columbia-area residents earned nearly $34,000 last year. That was second in the state behind Charleston, whose metro residents earned $100 more. The national average was $40,536.

Columbia per-capita income rose 4.1 percent in 2007, down from the 5.2 percent growth posted in 2006.

LINK TO ARTICLE HERE:

http://www.thestate.com/breakingbiz/story/483078.html

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