The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
NEWS RELEASE EMBARGOED FOR RELEASE: 8:30 A.M. ET, Thursday, April 22, 2010 David G. Lenze Kathy Albetski E-mail inquiries: (202) 606−9292 (202) 606−9240 BEA 10─15 reis@bea.gov Local Area Personal Income, 2008 Today, the Bureau of Economic Analysis (BEA) released estimates of personal income at the county level for 2008 based on newly available source data. The percent change from 2007 to 2008 in county personal income ranged from -48 percent in Slope County, North Dakota to 54 percent in Faulk County, South Dakota with growth slowing in more than two-thirds of the counties. For the nation, personal income grew 2.9 percent in 2008 after growing 5.5 percent in 2007. A surge in farm income accounted for the bulk of the growth in 29 of the 31 fastest growing counties (the top 1 percent of the nation’s counties) as they continued to rebound from sharp mid-decade declines in farm income. This news release is available on BEA’s Web site at www.bea.gov/newsreleases/rels.htm. -- more -- 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. Per capita personal income (personal income divided by population) ranged from $12,558 in Buffalo County, South Dakota to $140,275 in Loving County, Texas. The county estimates released today complete the successively more detailed series of data releases depicting the geographic distribution of the nation’s personal income for 2008. 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 2008 were released in August 2009. In this release, 3 digit NAICS subsector level detail was restored to 2008 statistics of county compensation. The subsector detail was restored as part of a FY 2010 Budget initiative that provided funding for a comprehensive program to improve the reliability and accuracy of all local area economic statistics. Personal income and its components are available for 3,112 counties from 1969 to 2008. In addition, detailed annual estimates of earnings and employment, inflows and outflows of commuters’ earnings, 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 New York County, New York. These estimates are the only comprehensive annual measure of economic activity available for counties. Go to www.bea.gov/regional/reis/ to access these estimates. A narrative describing county, metropolitan area, 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 Comprehensive revision of local area personal income statistics The annual estimates (1969-2008) of local area personal income have been revised to incorporate the comprehensive revision of the National Income and Product Accounts (NIPA). Comprehensive revisions, which are undertaken every 4 to 5 years, are an important part of BEA’s regular process for improving and modernizing its accounts to keep pace with the ever-changing U.S. economy. Such revisions differ from annual revisions because of the scope of the changes and because of the number of years subject to revision. Comprehensive revisions consist of: (1) changes in definitions and classifications that update the accounts to portray more accurately the evolving U.S. economy, (2) statistical changes that introduce new and improved methodologies and incorporate newly available and revised source data, and (3) presentational changes that make the accounts more informative and easier to use and that reflect the definitional, classification, and statistical changes. The major definitional change that affects local area personal income is the new treatment of disasters to better reflect the distinctions between current and capital transactions and to bring the NIPA in line with recommendations of the System of National Accounts (SNA) 2008. This raises total personal income in some counties and years affected by major disasters such as Hurricane Katrina in 2005 and the terrorist attacks of September 11, 2001. Two major methodological improvements were made. The first is an improvement in the measurement of wage and salary disbursements. The Quarterly Census of Employment and Wages, which BEA uses to estimate wage and salary disbursements, does not include employee contributions to cafeteria plans in 28 states where state law excludes these contributions from wages for unemployment insurance purposes. These contributions were estimated using state data from the Medical Expenditure Panel Survey of the Agency for Healthcare Research and Quality. The second is an improvement in the estimation of employer contributions for Old-Age, Survivors, and Disability Insurance (OASDI) by industry. Previously, a national estimate of private employer OASDI contributions was allocated to industries in proportion to wage and salary disbursements, overstating contributions in high-wage industries. The methodological improvement uses data on the distribution of employment by wage rates, states, and industries from the Occupational Employment Survey of the Bureau of Labor Statistics and maximum taxable earnings from the Social Security Administration. Newly available and revised source data used in the revision of local area personal income include U.S. Department of Agriculture farm income, expenses, and employment statistics from the Census of Agriculture. The major presentational changes for the local area personal income statistics include the split of the former Skagway-Hoonah-Angoon Census Area in Alaska into the Hoonah-Angoon Census Area and Skagway Municipality and the addition of charts and graphs to BEA Regional Facts (BEARFACTS). 3 The May Survey of Current Business will contain an article that describes the results of the revisions to local area personal income in detail. 4 5 Note about data on the BEA Web site The complete set of income and employment estimates for 1969-2008 for counties, micropolitan areas, metropolitan areas, and BEA Economic Areas is now available interactively on BEA’s Web site. Detailed annual estimates of earnings and employment by industry, components of personal income, personal current transfer receipts, farm gross income and expenses by major category, and inflows and outflows of commuters’ earnings for each of the geographic regions are available. These estimates are the only detailed, broadly inclusive, annual measure of economic activity available for counties. Go to www.bea.gov/regional/reis/ to access these estimates. BEA Regional Facts (BEARFACTS), a narrative summary of personal income, per capita personal income, and components of income for metropolitan areas and counties, is available on BEA’s Web site. Go to www.bea.gov/regional/bearfacts/ to access these summaries. Data on personal income and per capita personal income for BEA regions, states, and metropolitan areas, as well as data for counties, will be presented in the May issue of the Survey of Current Business, the monthly journal of the Bureau of Economic Analysis. See the end of this release for information on obtaining copies of the Survey of Current Business on BEA’s Web site. For further information, call (202) 606-5360. 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, 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. The metropolitan area definitions used by BEA for its entire series of personal income estimates are the county-based definitions developed by the Office of Management and Budget (OMB) for federal statistical purposes and last updated in December 2009. OMB’s general concept of a metropolitan area is that of a geographic area consisting of a large population nucleus together with adjacent communities having a high degree of economic and social integration with the nucleus. Detailed personal income estimates for metropolitan statistical areas, micropolitan statistical areas, metropolitan divisions, and combined statistical areas are available on the BEA Web site at www.bea.gov. 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 New York County, New York, 2006-20081 [Thousands of dollars] 2006 2007 Income by place of residence Personal income 177,313,980 193,230,309 Population (persons) 2/ 1,612,630 1,625,251 Per capita personal income (dollars) 109,953 118,893 Derivation of personal income Earnings by place of work 303,744,729 332,041,218 less: Contributions for government social insurance 3/ 27,410,654 30,141,142 Employee and self-employed contributions for government social insurance 14,739,781 16,508,612 Employer contributions for government social insurance 12,670,873 13,632,530 plus: Adjustment for residence 4/ -156,181,161 -173,811,233 equals: Net earnings by place of residence 120,152,914 128,088,843 plus: Dividends, interest, and rent 5/ 42,563,317 49,837,522 plus: Personal current transfer receipts 14,597,749 15,303,944 Earnings by place of work Components of earnings Wage and salary disbursements 218,981,689 246,707,719 Supplements to wages and salaries 41,314,382 43,727,707 Employer contributions for employee pension and insurance funds 28,643,509 30,095,177 Employer contributions for government social insurance 12,670,873 13,632,530 Proprietors' income 6/ 43,448,658 41,605,792 Farm proprietors' income 0 0 Nonfarm proprietors' income 43,448,658 41,605,792 Earnings by industry Farm earnings 0 0 Nonfarm earnings 303,744,729 332,041,218 Private earnings 271,837,651 298,819,432 Forestry, fishing, and related activities 16,749 16,542 Forestry and logging (D) (D) Fishing, hunting, and trapping 487 (D) Agriculture and forestry support activities (D) 13,285 Mining 887,290 618,836 Oil and gas extraction 877,416 610,217 Mining (except oil and gas) (D) (D) Support activities for mining (D) (D) Utilities (D) (D) Construction 3,998,009 4,410,228 Construction of buildings 1,773,001 1,981,633 Heavy and civil engineering construction 213,691 252,518 Specialty trade contractors 2,011,317 2,176,077 Manufacturing 4,291,905 4,523,195 Durable goods manufacturing (D) (D) Wood product manufacturing (D) 5,024 Nonmetallic mineral product manufacturing 20,034 17,535 Primary metal manufacturing 15,191 19,910 Fabricated metal product manufacturing 39,270 40,347 Machinery manufacturing 26,941 30,035 Computer and electronic product manufacturing 89,864 106,033 Electrical equipment and appliance manufacturing 10,001 651 Motor vehicles, bodies and trailers, and parts manufacturing (D) (D) Other transportation equipment manufacturing (D) (D) See footnotes at the end of the table. 2008 197,041,371 1,631,599 120,766 337,445,480 31,168,641 17,094,421 14,074,220 -174,685,562 131,591,277 49,253,234 16,196,860 249,239,187 45,164,293 31,090,073 14,074,220 43,042,000 0 43,042,000 0 337,445,480 303,554,139 24,435 2,855 523 21,057 754,256 743,201 (D) (D) (D) 4,641,196 2,164,444 269,971 2,206,781 4,337,747 (D) 7,617 25,172 19,156 44,129 28,858 99,757 1,322 366 (D) Personal Income by Major Source and Earnings by Industry for New York County, New York, 2006-20081 (continued) [Thousands of dollars] 2006 2007 2008 Furniture and related product manufacturing 38,068 44,423 46,287 Miscellaneous manufacturing 615,200 619,353 604,995 Nondurable goods manufacturing (D) (D) (D) Food manufacturing 123,965 129,383 130,095 Beverage and tobacco product manufacturing 338,706 496,106 385,769 Textile mills 184,775 182,622 166,282 Textile product mills 49,881 64,958 73,283 Apparel manufacturing 1,229,938 1,283,427 1,251,047 Leather and allied product manufacturing 34,651 27,542 32,182 Paper manufacturing 41,538 61,118 67,769 Printing and related support activities 571,391 572,392 526,572 Petroleum and coal products manufacturing (D) (D) (D) Chemical manufacturing 348,338 339,429 327,820 Plastics and rubber products manufacturing 9,786 8,817 9,239 Wholesale trade 10,517,815 11,059,556 11,241,990 Retail trade 8,245,797 8,857,087 8,922,937 Motor vehicle and parts dealers 176,704 185,266 178,183 Furniture and home furnishings stores 365,420 405,525 414,198 Electronics and appliance stores 504,637 594,406 668,505 Building material and garden supply stores 192,564 207,612 191,287 Food and beverage stores 921,928 980,767 1,019,100 Health and personal care stores 1,016,000 1,095,239 1,079,540 Gasoline stations 24,745 25,480 28,013 Clothing and clothing accessories stores 2,502,877 2,617,288 2,591,453 Sporting goods, hobby, book and music stores 346,195 354,714 350,001 General merchandise stores 661,354 665,307 652,397 Miscellaneous store retailers 970,741 1,109,553 1,129,129 Nonstore retailers 562,632 615,930 621,131 Transportation and warehousing (D) (D) (D) Air transportation 72,643 84,481 138,986 Rail transportation 59,643 62,012 (D) Water transportation (D) (D) 70,715 129,362 129,840 136,166 Truck transportation Transit and ground passenger transportation 167,057 160,323 160,357 Pipeline transportation 0 0 0 Scenic and sightseeing transportation 55,531 57,757 50,260 Support activities for transportation 304,111 329,331 338,743 Couriers and messengers 501,641 517,093 530,068 Warehousing and storage 54,292 77,667 76,158 Information 25,284,589 26,856,242 28,034,961 Publishing industries, except Internet 6,897,813 7,180,825 7,416,531 Motion picture and sound recording industries 3,893,183 4,305,236 4,665,143 Broadcasting, except Internet 10,347,881 10,936,570 11,595,020 Internet publishing and broadcasting 7/ 423,631 (NA) (NA) Telecommunications 1,981,213 2,148,796 2,000,151 ISPs, search portals, and data processing 1,075,424 1,018,684 958,190 Other information services 665,444 1,266,131 1,399,926 See footnotes at the end of the table. Personal Income by Major Source and Earnings by Industry for New York County, New York, 2006-20081 (continued) [Thousands of dollars] 2006 2007 2008 Finance and insurance 99,669,103 114,278,636 112,158,213 Monetary authorities - central bank (D) (D) (D) Credit intermediation and related activities 14,622,981 16,462,490 15,896,473 Securities, commodity contracts, investments 74,173,798 84,798,482 82,840,641 Insurance carriers and related activities 8,013,000 8,669,973 8,774,180 Funds, trusts, and other financial vehicles (D) (D) (D) Real estate and rental and leasing 7,821,945 8,127,298 7,994,205 Real estate 7,212,340 7,479,082 7,335,657 Rental and leasing services 346,824 343,710 345,563 Lessors of nonfinancial intangible assets 262,781 304,506 312,985 Professional and technical services 47,136,749 51,367,830 54,198,435 Management of companies and enterprises 10,980,097 12,414,479 12,437,019 Administrative and waste services 10,219,990 11,369,005 11,562,362 Administrative and support services 10,133,341 11,279,800 11,451,895 Waste management and remediation services 86,649 89,205 110,467 Educational services 5,571,777 5,895,619 6,330,074 Health care and social assistance 13,856,303 14,509,835 15,082,067 Ambulatory health care services 4,851,871 5,117,212 5,262,849 Hospitals 5,862,877 6,156,159 6,461,296 Nursing and residential care facilities 786,589 794,794 802,791 Social assistance 2,354,966 2,441,670 2,555,131 Arts, entertainment, and recreation 6,331,249 6,527,534 6,841,988 Performing arts and spectator sports 5,379,158 5,562,864 5,748,641 Museums, historical sites, zoos, and parks 415,937 450,715 502,450 Amusement, gambling, and recreation 536,154 513,955 590,897 Accommodation and food services 7,220,886 7,851,026 8,319,011 Accommodation 2,518,479 2,753,233 2,961,415 Food services and drinking places 4,702,407 5,097,793 5,357,596 Other services, except public administration 7,284,273 7,623,618 8,030,547 Repair and maintenance 534,396 532,300 536,027 Personal and laundry services 2,910,301 3,048,307 3,150,675 Membership associations and organizations 3,329,776 3,485,596 3,762,267 509,800 557,415 581,578 Private households Government and government enterprises 31,907,078 33,221,786 33,891,341 Federal, civilian 2,557,766 2,640,667 2,731,753 Military 114,574 120,968 136,763 State and local 29,234,738 30,460,151 31,022,825 State government 1,785,414 1,866,739 2,029,433 Local government 27,449,324 28,593,412 28,993,392 D. Not shown to avoid disclosure of confidential information, but the estimates for this item are included in the total. NA. Data not available for this year. 1. The estimates of earnings for 2006 are based on the 2002 North American Industry Classification System (NAICS). The estimates for 2007 forward are based on the 2007 NAICS. 2. Census Bureau midyear population estimates. Estimates for 2006-2008 reflect county population estimates available as of April 2010. 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. Under the 2007 NAICS, internet publishing and broadcasting was reclassified to other information services. Source: U.S. Bureau of Economic Analysis