Income Growth Slows In Nation, Worcester
Personal income growth slowed in the Worcester area in 2008, following a trend felt across the United States, according to statistics released this morning by the U.S. Bureau of Economic Analysis.
Locally, people's incomes grew 3.4 percent from 2007 to 2008. That's half as much as the 6.3 percent growth recorded from 2006 to 2007.
Nationally, it was much the same story. Income growth slowed in 322 metropolitan areas, increased in 42, and remained unchanged in two.
The Boston area's income growth also slowed, dropping from 6.4 percent to 3.7 percent.
The slowest-growing large metropolitan areas were: San Jose, Calif.; Phoenix, Ariz.; Jacksonville, Fla.; Tampa, Fla., and Detroit, Mich.
The metropolitan areas that actually saw growth were: Midland, Texas; Grand Junction, Colo.; Jacksonville, N.C.; Manhattan, Kansas and Hinesville, Ga. Personal income grew 9 percent or more in these areas.
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