These Cities Are Experiencing the Most Rapid Wage Growth in the US
Certain metro areas in the U.S. are seeing substantial growth, while others appear to be on the verge of economic catastrophe
LOS ANGELES, Oct. 10, 2017 /PRNewswire/ -- Metro areas in the midwestern and western regions of the U.S. are experiencing the most rapid wage growth, while metro areas in the southern and eastern regions are growing more slowly or declining, a new study by personal finance website GOBankingRates found.
The Bridgeport-Stamford-Norwalk, Conn. metro area experienced the largest decline of any metro area on the list, with a decrease in income of more than five percent between 2010 and 2015.
To determine where wages are rising and where they are falling, GOBankingRates analyzed income changes year-to-year from 2010 through 2015 for America's 200 largest metro areas. Changes in income were calculated based on real income per capita in 2009 dollars.
For more details on methodology or to view the full study, please visit: https://www.gobankingrates.com/making-money/cities-incomes-shrinking-growing-fastest/
Cities Where Incomes Are Quickly Rising
- Tulsa, Okla. Metro Area
- 2010-15 income increase: 35.71 percent
- 2015 personal income: $36,453
- Fayetteville-Springdale-Rogers, Ark.-Mo. Metro Area
- 2010-15 income increase: 29.72 percent
- 2015 personal income: $36,863
- Provo-Orem, Utah Metro Area
- 2010-15 income increase 23.12 percent
- 2015 personal income: $45,741
- San Jose-Sunnyvale-Santa Clara, Calif. Metro Area
- 2010-15 income increase: 22.59 percent
- 2015 personal income: $59,603
- Greeley, Colo. Metro Area
- 2010-15 income increase: 20.34 percent
- 2015 personal income: $41,078
Cities Where Incomes Are Growing Slowly or Shrinking
- Bridgeport-Stamford-Norwalk, Conn. Metro Area
- 2010-15 income increase: -5.32 percent
- 2015 personal income: $81,225
- Gulfport-Biloxi-Pascagoula, Miss. Metro Area
- 2010-15 income increase: -2.25 percent
- 2015 personal income: $40,057
- Clarksville, Tenn.-Ky. Metro Area
- 2010-15 income increase: -1.81 percent
- 2015 personal income $38,885
- Kennewick-Richland, Wash. Metro Area
- 2010-15 income increase: -1.55 percent
- 2015 personal income: $47,062
- Killeen-Temple, Texas Metro Area
- 2010-15 income increase: 0.9 percent
- 2015 personal income: $37,939
- The state of Florida is at risk of a recession due to an excess of local banks competing for too few small business loans. Accordingly, four regions in Florida land on the list of metro areas with little to no wage growth.
- The Tulsa, Okla. metro area is the only region in the country with an income growth rate greater than 30 percent, partly due to new commercial development in the downtown area.
- In 2014, Business Insider called the Bridgeport-Stamford-Norwalk area "the most unequal place in America." Across the entire state of Connecticut, the top one percent of earners absorbed 85.1 percent of all income growth.
GOBankingRates.com is a personal finance news and features website dedicated to helping visitors live a richer life. From tips on saving money to investing for retirement or finding a good interest rate, GOBankingRates helps turn financial goals into milestones and money dreams into realities. Its content is regularly featured on top-tier media outlets, including MSN, MONEY, AOL Finance, CBS MoneyWatch, Business Insider and dozens of others. GOBankingRates specializes in connecting consumers with the financial institutions and products that best match their needs. Start your journey toward a rich mind and full wallet with us here.
Natalie Richter, Media Relations
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