What’s measured This study measures per capita income for the years 1990 through 2005, using data from the Bureau of Economic Analysis. Total personal income by county was summed to a regional figure, as were U.S. Census estimates of population by county, to calculate a regional per capita income indicator. Why it’s measured Per capita income provides a measure of average economic well-being in the region. While per capita income does not provide information about the distribution of income, it puts the region’s total income in a more understandable perspective. A high per capita income suggests that the region’s economy is performing well and that residents typically enjoy a high standard of living. Indicator results The region’s per capita income increased every year from 1990 through 2005. In 2005, the Charlotte region’s per capita income was $33,639. This was up 14.1 percent from 2000, when per capita income for the region was $29,493. Per capita income in the Charlotte region was higher than for North Carolina ($31,041) or South Carolina ($28,285) as a whole. Within the region for 2005, Mecklenburg County had the highest per capita income, at $42,984. Only Mecklenburg, Cabarrus and York counties had per capita income figures greater than those for their respective states. From 2000 to 2005, the counties experiencing the highest increase in per capita income were Chester (24.4 percent), Mecklenburg (15.3 percent), York (15.3 percent) and Lincoln (14.9 percent). Among all counties, Chester, Lincoln and Mecklenburg alone experienced faster growth in per capita income than did their respective states. From 2000 to 2005, North Carolina’s per capita income increased by 14.7 percent and South Carolina’s per capita income increased by 15.8 percent. Evaluation The region’s per capita income is higher than the levels for North Carolina or South Carolina. It increased from 2000 to 2005, but at a rate slower than the increase in per capita income figures for North Carolina and South Carolina. That is, while the region has higher per capita income, the rate of growth of its per capita income is not keeping pace with growth in per capita income at state levels. Among counties in the region, Mecklenburg had by far the highest per capita income and drove the region’s numbers higher than state levels. Also within the region, increases in per capita income have occurred fairly consistently across counties. Each county has seen an increase in per capita income from 10 percent to 15 percent except for Cabarrus (9.7 percent) and Catawba (4.1 percent). Mecklenburg’s high per capita income and high rate of growth of per capita income underscore the differences between Mecklenburg’s economy and the rest of the region. Connections Per capita income has obvious connections to other aspects of the region’s economy. All else being equal, high per capita income suggests that the region has good-paying jobs. Moreover, it indicates that residents will have more resources to spend on goods and services. Per capita income is also an important element in examining the region’s standard of living. |