Thursday, April 22, 2010

BEA releases personal income estimates for all Colorado counties

Pitkin County topped all Colorado counties for personal income in 2008 in Colorado. According to new estimates released today by the Bureau of Economic Analysis, Pitkin topped the state with a per capita personal income of $92,680 in 2008. Crowley county showed the lowest per capita personal income at $14,553. Income is not adjusted for inflation.

Costilla County also showed the largest increase in per capita personal income from 2007 to 2008 rising 12.6 percent. Logan County was second with per capita income increasing 7.5 percent from 2007 to 2008.

Among metropolitan counties, Mesa County and Douglas County experienced the largest increases in per capita personal income, with incomes increasing 5.3 percent and 5.1 percent, respectively. Pueblo County was third place behind Douglas County with an increase of 4.4 percent during the same period.

Fifteen counties reported declines in per capital personal income from 2007 to 2008. Among metropolitan counties, Boulder, Arapahoe and Broomfield counties showed declines in income with drops of 0.5 percent, 0.7 percent, and 2.0 percent, respectively.

Rural resort and mountain counties were common among counties with declining per capita personal income. Gilpin, Gunnison, Eagle, Routt, Summit, Dolores, Ouray and Pitkin counties all reported decreases in per capita income ranging from a drop of 0.1 percent in Gilpin County to a drop of 3.1 percent in Pitkin County. However, it should be noted that all of these counties showed increases in per capital personal income when measured over five years instead of one year.

The largest declines in per capita personal income from 2007 to 2008 were found in Kiowa and Cheyenne Counties with drops of 6.8 percent and 8.8 percent, respectively.

Per capita income is total county income divided by population. Population estimates are base on mid-year estimates of population provided by the Census Bureau. Income is not adjusted for inflation.

Since estimates represent economic and demographic conditions from mid-year 2008, estimates do not show the effects of job losses that accelerated during the second half of 2008. Estimates for 2009 are likely to show much weaker growth in income between 2008 and 2009 as compared to growth between 2007 and 2008.