Hampton Roads leads large metro areas in personal income growth
- August 9, 2010
The Hampton Roads region saw slight growth in personal income last year but it still was the highest increase among the nation’s largest metropolitan areas, according to estimates by the federal Bureau of Economic Analysis.
The region, which includes Virginia Beach, Norfolk and Newport News, saw total personal income rise 1.2 percent last year to $66.4 billion. On average, personal income dropped 2.3 percent in 52 metro areas of at least 1 million people.
The Washington, D.C., area also was one of the gainers. Its total personal income rose 1.1 percent to $309 billion. Personal income is defined by the government as income received by persons from all sources.
Richmond, the only other large Virginia metro region in the survey, saw total personal income drop 1.6 percent to $51 billion.
In another measurement of wealth, per-capita income, rose slightly last year in Hampton Roads and Washington: $39,674, up 1 percent, in Hampton Roads and $56,442, up 0.7 percent, in the Washington area. Richmond’s per-capita income declined 2.5 percent to $41, 242. Per-capita income is calculated by dividing total personal income in an area by its resident population.
In a wider Bureau of Economic Analysis survey of 366 metro areas, personal income declined in 223, increased in 134 and remained unchanged in nine.
The survey included seven metro areas in addition to Hampton Roads, Washington and Richmond.
Their estimates were:
Blacksburg-Christiansburg-Radford: $4.5 billion in total personal income, up 0.7 percent; $28,197 in per-capita income, unchanged
Charlottesville: $8.4 billion, down 0.2 percent; $42,857, down 1.1 percent
Danville: $3.2 billion, up 1.9 percent; $30,471, up 2.3 percent
Harrisonburg: $3.7 billion, up 3.1 percent; $30,795, down 0.8 percent
Lynchburg: $8.2 billion, down 0.5 percent; $33,224, down 1.3 percent
Roanoke: $11.5 billion, down 1 percent; $38,166, down 1.4 percent
Winchester: $4.2 billion, down 0.1 percent; $33,568, down 1.3 percent.