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Rockford region among 100 fastest growing in real personal income

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Rockford region among 100 fastest growing in real personal income

ROCKFORD – The real personal per capita income of the Rockford metropolitan area grew 4.4 percent from 2014 to 2015, according to the U.S. Bureau of Economic Analysis, rising at a faster rate than Illinois and United States as a whole.

Real personal income is a more complicated measurement from the BEA. It measures the real personal income of an area and adjusts it to the state’s regional price parity and national personal consumption index. In simpler terms, it’s the income of an individual or group after taking into consideration the effects of inflation on purchasing power.

According to BEA data, the real personal per capita income of Boone and Winnebago counties rose from $38,485 in 2014 to $40,183 in 2015. The 4.4 percent increase from 2014 was greater than the 3.3 percent increase experienced by the United States (growing from $42,523 to $43,925) and the 3.4 percent by the state of Illinois ($44,679 to $46,209.)

In fact, the Rockford MSA tied for 80th best year-over-year increase out of 382 metropolitan statistical areas in the U.S. and it was the 13th highest in the Midwest.

The 2015 numbers are a continuation of an encouraging trend. Since 2008, the Rockford MSA real personal per capita income has outpaced the nation as a whole four times in the past seven years.

A look at state data showed that the Rockford MSA gained about 2,200 jobs from 2014 to 2015. The largest gains were in leisure and hospitality (600 jobs gained), trade and utilities (600), retail trade (500) and manufacturing (400).

Real personal per capita income

Year

U.S.

Pct. ch.

Illinois

Pct. ch.

Rockford MSA

Pct. ch.

2008

$41,055

$43,385

$36,996

2009

$39,376

-4.1%

$40,744

-6.1%

$35,819

-3.2%

2010

$39,622

0.6%

$40,743

0.0%

$36,179

1.0%

2011

$40,762

2.9%

$41,609

2.1%

$36,634

1.3%

2012

$41,714

2.3%

$42,816

2.9%

$37,351

2.0%

2013

$41,348

-0.9%

$43,572

1.8%

$37,540

0.5%

2014

$42,523

2.8%

$44,679

2.5%

$38,485

2.5%

2015

$43,925

3.3%

$46,209

3.4%

$40,183

4.4%

Source: U.S. Bureau of Economic Analysis

Fastest rising real personal per capita incomes
in Midwestern MSAs

Metropolitan Area

2014

2015

Pct. ch.

Sioux Falls, S.D.

$49,899

$53,360

6.9%

Flint, Michigan

$34,699

$36,723

5.8%

Lawrence, Kansas

$36,035

$38,085

5.7%

Sioux City, Iowa-Neb.

$45,638

$48,093

5.4%

South Bend, Ind.-Mich.

$41,299

$43,51

5.4%

Monroe, Michigan

$38,407

$40,444

5.3%

Michigan City-LaPorte, Ind.

$38,592

$40,553

5.1%

Mankato, Minnesota

$42,743

$44,891

5.0%

Detroit, Michigan

$42,456

$44,547

4.9%

Muskegon, Michigan

$34,424

$36,103

4.9%

Bay City, Michigan

$37,434

$39,214

4.8%

Battle Creek, Michigan

$35,552

$37,204

4.6%

Rockford, Illinois

$38,485

$40,183

4.4%

Source: U.S. Bureau of Economic Analysis

 

 


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