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Thursday, April 28, 2005

Lower Fairfield County Area is Nation’s Richest

People living in the Bridgeport-Stamford-Norwalk metropolitan area earned enough money in 2003 for each person to have $60,803, making it the nation’s richest on a per capita basis.

The region’s income easily topped the next-highest, the San Francisco-Oakland-Fremont, Calif., area, which had a per capita income of $46,958. The nation’s per capita income in 2003 was $31,472.

The U.S. Bureau of Economic Analysis released its annual report on metropolitan area personal and per capita income Wednesday. Per capita income is the total amount of money earned through wages, benefits, Social Security and income from businesses divided by the number of people living in an area.

The BEA said wages nationally increased by 2.5 percent between 2002 and 2003, while proprietors’ income increased by 8.5 percent and employers’ contributions to employee pension and insurance funds increased by 10.7 percent during the period. The BEA did not release this data for the metropolitan areas.

Connecticut’s four major areas all ranked among the top 50 in per capita income. The Hartford-West Hartford-East Hartford area ranked 18th with per capita income of $38,131. New Haven-Milford was 25th with $36,127 and the Norwich-New London area ranked 34th with $35,147.

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Posted 04/28/05 at 08:18 AM  Permalink



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This is why Connecticut has the dubious distinction of being ranked first in sending more money off to Washington DC than we get back. It simply costs more to live here than in middle America. Which is why I am amazed when our elected officials want to raise taxes on those making less than $100,000 per year. A case in point is the proposed increase on the Social Security earnings cap. This is a blue state tax and one that hits Connecticut the hardest.

Posted by steve walde on May 02, 2005 at 02:47 PM | #
 

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