Ten on Top
The Payday Economy
Bottom Dwellers
The following is a list of the top-10 cities ranked by income growth. (To see the full list of the top 100 metro areas, click here.)
1. New Orleans
Hurricanes Katrina and Rita dealt New Orleans a double whammy in 2005, but the city is on the rebound. Income levels have soared, in part because the post-hurricane exodus of poor people has artificially inflated the area’s PCI. No market has posted a bigger increase since 2003. Growth score: 76.7 points.
Per-capita income (PCI):
• 2008: $44,136
• 2003: $29,244
• 1993: $19,762
• 1983: $12,404
Income growth:
• 2003 to 2008 (5 years): 50.9 percent
• 1993 to 2008 (15 years): 123.3 percent
• 1983 to 2008 (25 years): 255.8 percent
Other stats
Metro population (2008): 1,134,029
Private-sector employment (June 2009): 440,200
Employment growth (2008 to 2009): -2.0 percent
2. Oklahoma City
Oklahoma City has been an oasis of stability during the recession. Its midyear unemployment rate of 6.0 percent was vastly better than the nation’s 9.5 percent. And its income growth rate has been solid. Oklahoma City is one of just 12 markets that have doubled their PCIs since 1993. Growth score: 51.7 points.
Per-capita income (PCI):
• 2008: $40,942
• 2003: $28,909
• 1993: $18,996
• 1983: $13,254
Income growth:
• 2003 to 2008 (5 years): 41.6 percent
• 1993 to 2008 (15 years): 115.5 percent
• 1983 to 2008 (25 years): 208.9 percent
Other stats
Metro population (2008): 1,206,142
Private-sector employment (June 2009): 454,000
Employment growth (2008 to 2009): -1.6 percent
3. Bridgeport-Stamford, Connecticut
The nation’s most affluent market keeps getting wealthier. Bridgeport-Stamford’s PCI of $82,266 is $20,500 larger than that of the runner-up, San Francisco-Oakland. And its income growth rate during the past five years has been the fourth-best in the nation. Growth score: 48.9 points.
Per-capita income (PCI):
• 2008: $82,266
• 2003: $59,691
• 1993: $38,407
• 1983: $19,390
Income growth:
• 2003 to 2008 (5 years): 37.8 percent
• 1993 to 2008 (15 years): 114.2 percent
• 1983 to 2008 (25 years): 324.3 percent
Other stats
Metro population (2008): 895,030
Private-sector employment (June 2009): 363,500
Employment growth (2008 to 2009): -3.6 percent
4. Tulsa, Oklahoma
Economic conditions aren’t as upbeat in Tulsa as in nearby Oklahoma City, but they’re close. Tulsa’s midyear unemployment rate was a tad higher at 6.8 percent, and its 15-year income growth rate is a touch lower at 109.7 percent. But the latter is still seventh-best in America. Growth score: 45.1 points.
Per-capita income (PCI):
• 2008: $43,330
• 2003: $30,494
• 1993: $20,667
• 1983: $13,184
Income growth:
• 2003 to 2008 (5 years): 42.1 percent
• 1993 to 2008 (15 years): 109.7 percent
• 1983 to 2008 (25 years): 228.7 percent
Other stats
Metro population (2008): 916,079
Private-sector employment (June 2009): 374,700
Employment growth (2008 to 2009): -2.7 percent
5. Houston
No U.S. market has boosted employment more effectively during the past half-decade than Houston, which has added 224,100 jobs since 2004. The consequent impact on PCI has been obvious. Houston is one of only five markets with a five-year income growth rate above 35 percent. Growth score: 44.2 points.
Per-capita income (PCI):
• 2008: $48,259
• 2003: $35,140
• 1993: $22,625
• 1983: $14,327
Income growth:
• 2003 to 2008 (5 years): 37.3 percent
• 1993 to 2008 (15 years): 113.3 percent
• 1983 to 2008 (25 years): 236.8 percent
Other stats
Metro population (2008): 5,728,143
Private-sector employment (June 2009): 2,184,900
Employment growth (2008 to 2009): -3.5 percent
6. El Paso, Texas
Income levels are sadly depressed in Texas’ western outpost. Only three of the nation’s 100 biggest markets are below El Paso’s anemic PCI of $27,944. But the good news is that things are changing. The five-year income growth rate in El Paso is the 10th-best in America. Growth score: 36.2 points.
Per-capita income (PCI):
• 2008: $27,944
• 2003: $21,099
• 1993: $13,748
• 1983: $8,546
Income growth:
• 2003 to 2008 (5 years): 32.4 percent
• 1993 to 2008 (15 years): 103.3 percent
• 1983 to 2008 (25 years): 227.0 percent
Other stats
Metro population (2008): 742,062
Private-sector employment (June 2009): 208,500
Employment growth (2008 to 2009): -2.1 percent
7. San Francisco-Oakland
San Francisco-Oakland’s PCI of $61,747 ranks second nationally. The only other place topping $59,000 is leader Bridgeport-Stamford, Connecticut. Long-range growth has also been impressive. San Francisco-Oakland’s PCI has soared 246.4 percent in 25 years, a rate exceeded by just six markets. Growth score: 27.4 points.
Per-capita income (PCI):
• 2008: $61,747
• 2003: $46,732
• 1993: $29,324
• 1983: $17,823
Income growth:
• 2003 to 2008 (5 years): 32.1 percent
• 1993 to 2008 (15 years): 110.6 percent
• 1983 to 2008 (25 years): 246.4 percent
Other stats
Metro population (2008): 4,274,531
Private-sector employment (June 2009): 1,631,100
Employment growth (2008 to 2009): -5.3 percent
8. Baton Rouge, Louisiana
Baton Rouge was not hurt as badly as New Orleans by 2005’s monster storms. Its comeback consequently has not been quite as strong, yet still impressive enough. PCI has risen 34.9 percent in Baton Rouge in the past half-decade. Only five markets, including New Orleans, have done better. Growth score: 27.2 points.
Per-capita income (PCI):
• 2008: $35,649
• 2003: $26,418
• 1993: $18,465
• 1983: $11,333
Income growth:
• 2003 to 2008 (5 years): 34.9 percent
• 1993 to 2008 (15 years): 93.1 percent
• 1983 to 2008 (25 years): 214.6 percent
Other stats
Metro population (2008): 774,327
Private-sector employment (June 2009): 298,900
Employment growth (2008 to 2009): -0.2 percent
9. Birmingham, Alabama
Birmingham has been a quiet success story. Its income growth rates haven’t been exceptional, yet still have surpassed most markets. It ranks 14th for the 1993 to 2008 span, and 19th during the most recent half-decade. The end res—ninth place in the overall standings. Growth score: 26.8 points.
Per-capita income (PCI):
• 2008: $40,379
• 2003: $31,362
• 1993: $20,272
• 1983: $11,140
Income growth:
• 2003 to 2008 (5 years): 28.8 percent
• 1993 to 2008 (15 years): 99.2 percent
• 1983 to 2008 (25 years): 262.5 percent
Other stats
Metro population (2008): 1,117,608
Private-sector employment (June 2009): 429,500
Employment growth (2008 to 2009): -4.0 percent
10. Boston
Boston has lost 68,500 jobs since mid-2008, but the news isn’t all bad. The midyear jobless rate of 8.3 percent was better than the nation’s 9.5 percent. And Boston’s 25-year PCI growth of 273.1 percent is virtually unsurpassed. Only Bridgeport-Stamford, Connecticut, has done better in that span. Growth score: 25.9 points.
Per-capita income (PCI):
• 2008: $55,023
• 2003: $42,794
• 1993: $27,138
• 1983: $14,747
Income growth:
• 2003 to 2008 (5 years): 28.6 percent
• 1993 to 2008 (15 years): 102.8 percent
• 1983 to 2008 (25 years): 273.1 percent
Other stats
Metro population (2008): 4,522,858
Private-sector employment (June 2009): 2,148,400
Employment growth (2008 to 2009): -3.1 percent
G. Scott Thomas is projects editor for Buffalo Business First.
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