New Orleans has gyrated like an economic yo-yo in recent years, swinging wildly from one extreme to the next.

It reached a high point in June 2005. A Bizjournals study released that month indicated that per-capita income was growing at a faster pace in New Orleans than in any other U.S. metropolitan area.

But Hurricanes Katrina and Rita slammed into the city in August and September 2005, devastating the local economy. A subsequent Bizjournals report in June 2007 found a total reversal. Per-capita income was shrinking more rapidly in New Orleans than anywhere else.

Another two years have now passed—and another dramatic change has occurred.

New Orleans again is on top, enjoying the nation’s best record of long-term income growth, according to a new Bizjournals analysis.

Bizjournals combed through 25 years of federal income data for the nation’s 100 biggest metropolitan areas, covering the span from 1983 through 2008. The study focused on per-capita income (PCI), a key indicator of earning power and economic vitality, based on figures compiled by the U.S. Bureau of Economic Analysis.

The turnaround in New Orleans is illuminated by a comparison of income levels at the beginning and end of the 25-year study period.

Personal income averaged $12,404 in New Orleans in 1983, falling 2 percent below the $12,618 U.S. norm for that year. But the local figure soared to $44,136 by 2008, putting it 11.5 percent above the national per-capita income of $39,582.

PCI is defined as the average amount of money received by each resident of a given area in a given year. It encompasses such diverse sources of income as salaries, interest payments, dividends, rental income, and government checks.

The runners-up in Bizjournals’ rankings are four markets that have managed to elevate their income levels during the past quarter-century without as much drama as New Orleans, or as much fanfare—Oklahoma City; Bridgeport-Stamford, Connecticut; Tulsa; and Houston.

At the opposite end of the standings is Provo, Utah, the U.S. market with the worst record of long-term income growth.

Provo’s PCI, for example, has increased just 57.6 percent during the past 15 years, the slowest rate for any of the 100 markets in the study. The comparable growth rate in New Orleans has been more than twice as fast: 123.3 percent.

The sharp upswing in New Orleans is partly attributable to the return of its economic momentum—the same momentum responsible for its No. 1 ranking in income growth prior to the monster storms of 2005.

But Katrina and Rita have also played a statistical role, albeit unexpectedly. A disproportionate number of people displaced by the two hurricanes were poor. Their departure from New Orleans—whether permanent or temporary—has helped to boost the area’s average income.

The bottom of the income rankings is dominated by Western markets, including four from California, as well as Provo and Phoenix. All have been hurt by declines in real estate prices the past couple of years.

California’s laggards—Riverside-San Bernardino, Stockton, Bakersfield, and Fresno—are all located in the state’s interior, which historically has grown more slowly than the metros along the Pacific Coast.

Two other members of the bottom 10—Toledo and Dayton—are located in Ohio, which continues to be plagued by slumps in its automaking and heavy-manufacturing sectors.