Personal income in Sioux City spikes
Growth rate here among best in nation
By Dave Dreeszen Journal business editor | Posted: Friday, August 08, 2008
SIOUX CITY -- Per-capita income in metro Sioux City jumped nearly 7 percent in 2007, topping the national average and nearly doubling the previous year's growth rate, according to a federal government report released Thursday.
Last year, the local per-capita income was estimated at $32,542, up $2,092, or 6.9 percent from $30,450 in 2006, according to the U.S. Bureau of Economic Analysis.
Among the nation's 363 metropolitan statistical areas, the Sioux City MSA was No. 203 in per-capita income last year. The local area recorded the sixth-best year-to-year growth in the nation, however, said Joseph Wright, vice president of technology transfer for The Siouxland Initiative.
Personal income in the metro Sioux City area totaled nearly $4.65 billion in 2007, up 7.4 percent, or $322 million from the previous year. That's up from a 4.1 percent rate of growth from 2005 to 2006.
The federal bureau reported average income nationwide was up 6.2 percent last year, down from a 6.8 percent growth rate in 2006. Personal income growth slowed in 208 metro areas, increased in 144 and remaining unchanged in 11 others.
Five of the 10 fastest-growing regions were in Louisiana and Mississippi, which got a boost from federal payments to rebuild homes and businesses destoyred by Hurricane Katrina in 2006. The other five fastest growing metro areas were in the oil-producing regions of Texas.
The 20 slowest growing areas metro areas were all in the Great Lakes region, including Michigan, Ohio, Illiniois, Indiana and Wisconsin.
Sioux City's MSA, defined as Woodbury County in Iowa, Dakota and Dixon counties in Nebraska and Union County in South Dakota, outpaced its Interstate 29 rival, Sioux Falls, which had a 5.3 percent increase in personal income.
Last year, the local per-capita income was estimated at $32,542, up $2,092, or 6.9 percent from $30,450 in 2006, according to the U.S. Bureau of Economic Analysis.
Among the nation's 363 metropolitan statistical areas, the Sioux City MSA was No. 203 in per-capita income last year. The local area recorded the sixth-best year-to-year growth in the nation, however, said Joseph Wright, vice president of technology transfer for The Siouxland Initiative.
Personal income in the metro Sioux City area totaled nearly $4.65 billion in 2007, up 7.4 percent, or $322 million from the previous year. That's up from a 4.1 percent rate of growth from 2005 to 2006.
The federal bureau reported average income nationwide was up 6.2 percent last year, down from a 6.8 percent growth rate in 2006. Personal income growth slowed in 208 metro areas, increased in 144 and remaining unchanged in 11 others.
Five of the 10 fastest-growing regions were in Louisiana and Mississippi, which got a boost from federal payments to rebuild homes and businesses destoyred by Hurricane Katrina in 2006. The other five fastest growing metro areas were in the oil-producing regions of Texas.
The 20 slowest growing areas metro areas were all in the Great Lakes region, including Michigan, Ohio, Illiniois, Indiana and Wisconsin.
Sioux City's MSA, defined as Woodbury County in Iowa, Dakota and Dixon counties in Nebraska and Union County in South Dakota, outpaced its Interstate 29 rival, Sioux Falls, which had a 5.3 percent increase in personal income.
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jobs wrote on Aug 8, 2008 11:23 AM:
ConcernedToo wrote on Aug 8, 2008 10:21 AM:
Average Joe wrote on Aug 8, 2008 10:09 AM:
mrdwhsr wrote on Aug 8, 2008 8:30 AM:
Siouxland wrote on Aug 8, 2008 8:14 AM: