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NEWS RELEASE EMBARGOED FOR RELEASE: 8:30 A.M. ET, Thursday, April 26, 2007 David G. Lenze Kathy Albetski E-mail inquiries: (202) 606−9292 (202) 606−9240 reis.remd@bea.gov BEA 07─17 Local Area Personal Income, 2005 Today, the Bureau of Economic Analysis (BEA) released estimates of personal income at the county level for 2005 based on newly available source data. Personal income is a comprehensive measure of the income of all persons from all sources. In addition to wages and salaries it includes employer-provided health insurance, dividends and interest income, social security benefits, and other types of income. 1 The growth in county personal income for 2005 ranged from 34 percent in Cheyenne County, Kansas to -80 percent in St. Bernard Parish, Louisiana. For the Nation, personal income grew 5.2 percent. Farming was the largest contributor to growth in the 10 fastest growing counties—all in Kansas and North Dakota. The five largest declines in county personal income—all in Louisiana—were due to the destruction of housing and businesses from wind, storm surge, and floods caused by Hurricane Katrina. Per capita personal income (personal income divided by population) ranged from $93,377 in New York County, New York to $5,148 in St. Bernard Parish, Louisiana. The county estimates released today complete the increasingly detailed series of data releases depicting the geographic distribution of the nation’s personal income for 2005. National estimates typically are released one month after the end of the year, state estimates are released two months later, and metropolitan area estimates for 2005 were released last September. Personal income and its components are available for 3,111 counties from 1969 to 2005. In addition, detailed annual estimates of earnings and employment by industry, personal current transfer receipts, and farm gross income and expenses by major category for each county are available. A partial sample of the data available is presented in the attached table for Los Angeles County, California. These estimates are the only detailed, broadly inclusive, annual measure of economic activity available for local areas. Go to http://www.bea.gov/regional/reis/ to access these estimates. 1 For a comparison of BEA’s personal income to other measures of income see the box, “Alternative Measures of Household Income,” in the April issue of the Survey of Current Business. This news release is available on BEA’s Web site at www.bea.gov/newsreleases/rels.htm. -- more -- A computer-generated narrative describing county, MSA, and state personal income using current estimates, growth rates, and a breakdown of the sources of personal income is available at http://www.bea.gov/regional/bearfacts/. 2 3 Definitions Personal income is the income received by all persons from all sources. Personal income is the sum of net earnings by place of residence, rental income of persons, personal dividend income, personal interest income, and personal current transfer receipts. Net earnings is earnings by place of work (the sum of wage and salary disbursements (payrolls), supplements to wages and salaries, and proprietors’ income) less contributions for government social insurance, plus an adjustment to convert earnings by place of work to a place-of-residence basis. Personal income is measured before the deduction of personal income taxes and other personal taxes and is reported in current dollars (no adjustment is made for price changes). The estimate of personal income in the United States is derived as the sum of the county estimates; it differs slightly from the estimate of personal income in the national income and product accounts (NIPAs) because of differences in coverage, in the methodologies used to prepare the estimates, and in the timing of the availability of source data. Per capita personal income is calculated as the personal income of residents of a given area divided by the resident population of the area. In computing per capita personal income, BEA uses the Census Bureau’s annual midyear population estimates. * * * BEA’s national, international, regional, and industry estimates; the Survey of Current Business; and BEA news releases are available without charge on BEA’s Web site at www.bea.gov. By visiting the site, you can also subscribe to receive free e-mail alerts of BEA releases and announcements. Personal Income by Major Source and Earnings by Industry for Los Angeles County, California, 2003-20051 [Thousands of dollars] 2003 2004 Income by place of residence Personal income 309,827,072 327,362,646 Population (persons) 2/ 9,862,088 9,917,538 Per capita personal income (dollars) 31,416 33,008 Derivation of personal income Earnings by place of work 263,316,886 279,378,339 less: Contributions for government social insurance 3/ 29,242,218 31,523,587 Employee and self-employed contributions for government social insurance 14,897,293 15,961,365 Employer contributions for government social insurance 14,344,925 15,562,222 plus: Adjustment for residence 4/ -19,918,110 -20,390,827 equals: Net earnings by place of residence 214,156,558 227,463,925 plus: Dividends, interest, and rent 5/ 49,654,416 51,278,516 plus: Personal current transfer receipts 46,016,098 48,620,205 Earnings by place of work Components of earnings Wage and salary disbursements 184,029,912 193,748,711 Supplements to wages and salaries 41,059,414 44,787,079 Employer contributions for employee pension and insurance funds 26,714,489 29,224,857 Employer contributions for government social insurance 14,344,925 15,562,222 Proprietors' income 6/ 38,227,560 40,842,549 Farm proprietors' income 127,508 73,082 Nonfarm proprietors' income 38,100,052 40,769,467 Earnings by industry Farm earnings 300,915 258,892 Nonfarm earnings 263,015,971 279,119,447 Private earnings 226,362,187 240,999,831 Forestry, fishing, related activities, and other 7/ 125,053 120,105 Forestry and logging 7,576 7,017 Fishing, hunting, and trapping 10,614 11,924 Agriculture and forestry support activities 84,814 79,060 Other 7/ 22,049 22,104 Mining 876,337 1,172,533 Oil and gas extraction 718,542 1,023,527 Mining (except oil and gas) 54,533 52,313 Support activities for mining 103,262 96,693 Utilities 1,738,266 1,753,961 Construction 10,377,294 11,437,311 Construction of buildings 3,622,402 4,041,225 Heavy and civil engineering construction 1,335,320 1,361,189 Specialty trade contractors 5,419,572 6,034,897 Manufacturing 30,996,596 32,292,573 Durable goods manufacturing 19,414,219 20,197,397 Wood product manufacturing 236,806 267,567 Nonmetallic mineral product manufacturing 522,770 551,180 Primary metal manufacturing 585,853 674,478 Fabricated metal product manufacturing 2,487,476 2,536,768 Machinery manufacturing 1,468,051 1,414,055 Computer and electronic product manufacturing 5,476,926 5,916,816 Electrical equipment and appliance manufacturing 670,359 753,830 Motor vehicles, bodies and trailers, and parts manufacturing 943,808 (D) Other transportation equipment manufacturing 3,898,084 (D) See footnotes at the end of the table. 2005 342,231,121 9,941,197 34,426 293,030,796 33,154,295 16,831,391 16,322,904 -20,851,923 239,024,578 52,718,921 50,487,622 201,651,773 47,570,512 31,247,608 16,322,904 43,808,511 31,895 43,776,616 230,224 292,800,572 253,254,638 134,419 7,603 13,551 90,975 22,290 1,209,836 1,045,092 52,227 112,517 1,932,030 12,736,280 4,519,645 1,469,262 6,747,373 33,043,837 20,694,722 266,444 519,365 719,727 2,664,424 1,415,873 6,279,048 687,898 (D) (D) Personal Income by Major Source and Earnings by Industry for Los Angeles County, California, 2003-20051 (continued) [Thousands of dollars] 2003 2004 2005 Furniture and related product manufacturing 1,189,606 1,343,095 1,289,756 Miscellaneous manufacturing 1,934,480 1,907,730 2,081,169 Nondurable goods manufacturing 11,582,377 12,095,176 12,349,115 Food manufacturing 2,518,556 2,435,077 2,483,472 Beverage and tobacco product manufacturing 459,818 452,219 493,485 Textile mills 360,592 391,497 387,567 Textile product mills 287,999 285,234 285,769 Apparel manufacturing 2,235,185 2,373,898 2,415,620 Leather and allied product manufacturing 126,438 130,638 145,979 Paper manufacturing 781,600 781,486 804,908 Printing and related support activities 1,497,823 1,578,517 1,614,183 Petroleum and coal products manufacturing 618,520 699,779 772,780 Chemical manufacturing 1,793,615 2,013,182 2,048,211 Plastics and rubber products manufacturing 902,231 953,649 897,141 Wholesale trade 14,506,104 15,638,920 16,878,960 Retail trade 16,606,453 17,307,265 17,999,133 Motor vehicle and parts dealers 3,129,206 3,262,323 3,467,112 Furniture and home furnishings stores 684,528 713,513 749,839 Electronics and appliance stores 1,055,982 1,113,691 1,205,936 Building material and garden supply stores 945,395 1,050,322 1,121,686 Food and beverage stores 3,065,059 3,116,474 3,215,628 Health and personal care stores 1,277,110 1,280,405 1,299,982 Gasoline stations 594,184 609,659 617,659 Clothing and clothing accessories stores 1,766,622 2,013,436 2,048,021 Sporting goods, hobby, book and music stores 751,718 782,342 748,738 General merchandise stores 1,614,129 1,654,692 1,751,207 Miscellaneous store retailers 1,266,473 1,086,450 1,111,889 Nonstore retailers 456,047 623,958 661,436 Transportation and warehousing 9,631,924 10,191,166 10,511,784 Air transportation 1,749,792 1,730,226 1,528,250 Rail transportation 278,999 293,817 300,017 Water transportation 94,728 98,902 105,480 2,072,999 2,209,653 2,220,479 Truck transportation Transit and ground passenger transportation 410,961 416,854 478,017 Pipeline transportation 142,861 174,245 160,456 Scenic and sightseeing transportation 45,327 30,617 31,697 Support activities for transportation 3,092,909 3,352,059 3,731,720 Couriers and messengers 948,380 1,020,583 1,050,166 Warehousing and storage 794,968 864,210 905,502 Information 23,860,514 25,166,724 25,238,549 Publishing industries, except Internet 1,845,389 1,964,069 2,059,996 Motion picture and sound recording industries 14,278,221 14,032,619 13,616,413 Broadcasting, except Internet 4,290,096 5,380,529 5,487,418 Internet publishing and broadcasting 264,523 237,277 298,881 Telecommunications 2,178,430 2,377,439 2,402,110 ISPs, search portals, and data processing 939,530 1,104,333 1,295,468 Other information services 64,325 70,458 78,263 See footnotes at the end of the table. Personal Income by Major Source and Earnings by Industry for Los Angeles County, California, 2003-20051 (continued) [Thousands of dollars] 2003 2004 2005 Finance and insurance 17,119,244 18,539,420 20,067,353 Monetary authorities - central bank 63,613 61,912 69,479 Credit intermediation and related activities 6,041,159 6,265,639 7,027,122 Securities, commodity contracts, investments 5,345,315 6,174,715 6,754,039 Insurance carriers and related activities 5,298,231 5,657,354 5,756,145 Funds, trusts, and other financial vehicles 370,926 379,800 460,568 Real estate and rental and leasing 8,249,309 8,861,838 9,795,896 Real estate 6,409,886 7,037,750 8,230,654 Rental and leasing services 1,574,860 1,609,550 1,385,900 Lessors of nonfinancial intangible assets 264,563 214,538 179,342 Professional and technical services 28,337,793 30,865,072 33,458,456 Management of companies and enterprises 6,083,589 6,516,737 6,740,886 Administrative and waste services 9,963,904 10,191,902 10,753,594 Administrative and support services 9,558,917 9,721,700 10,230,036 Waste management and remediation services 404,987 470,202 523,558 Educational services 3,866,253 4,120,455 4,381,577 Health care and social assistance 21,162,680 22,692,459 23,819,154 Ambulatory health care services 11,225,770 11,969,751 12,743,829 Hospitals 5,947,278 6,585,805 6,934,421 Nursing and residential care facilities 2,079,033 2,147,355 2,052,035 Social assistance 1,910,599 1,989,548 2,088,869 Arts, entertainment, and recreation 7,938,333 8,404,362 8,266,569 Performing arts and spectator sports 6,336,401 6,731,659 6,527,748 Museums, historical sites, zoos, and parks 402,358 428,037 465,934 Amusement, gambling, and recreation 1,199,574 1,244,666 1,272,887 Accommodation and food services 6,760,747 7,240,905 7,572,821 Accommodation 1,286,666 1,406,129 1,457,797 Food services and drinking places 5,474,081 5,834,776 6,115,024 Other services, except public administration 8,161,794 8,486,123 8,713,504 Repair and maintenance 2,266,641 2,332,910 2,466,467 Personal and laundry services 1,820,518 1,867,901 1,926,013 Membership associations and organizations 2,576,719 2,692,459 2,706,560 1,497,916 1,592,853 1,614,464 Private households Government and government enterprises 36,653,784 38,119,616 39,545,934 Federal, civilian 4,407,297 4,741,066 4,827,746 Military 838,463 898,753 1,007,324 State and local 31,408,024 32,479,797 33,710,864 State government 4,364,452 4,551,720 4,624,793 Local government 27,043,572 27,928,077 29,086,071 D. Not shown to avoid disclosure of confidential information, but the estimates for this item are included in the total. 1. The estimates of earnings for 2003-2005 are based on the 2002 North American Industry Classification System (NAICS). 2. Census Bureau midyear population estimates. Estimates for 2003-2005 reflect county population estimates available as of March 2007. 3. Contributions for government social insurance are included in earnings by type and industry but they are excluded from personal income. 4. The adjustment for residence is the net inflow of the earnings of interarea commuters. For the United States, it consists of adjustments for border workers: Wage and salary disbursements to U.S. residents commuting to Canada less wage and salary disbursements to Canadian and Mexican residents commuting into the United States. 5. Rental income of persons includes the capital consumption adjustment. 6. Proprietors' income includes the inventory valuation adjustment and capital consumption adjustment. 7. "Other" consists of wage and salary disbursements to U.S. residents employed by international organizations and foreign embassies and consulates in the United States. Source: U.S. Bureau of Economic Analysis