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New Jersey retains No. 2 national income ranking

money042409_optBY JOE TYRRELL
NEWJERSEYNEWSROOM.COM

New Jersey has retained the second highest ranking in the nation in per-capita personal income, according to the latest figures from the federal Bureau of Economic Analysis.

At $49,511 during 2007, the last year for which data are available, New Jersey held its ranking behind perennial leader Connecticut, with per-capita personal income of $54,981. Those figures compare to a national average of $38,615.

New Jerseyans per-capita income rose 5.8 percent during that year, keeping roughly the same margin over the national figure, as measured by the bureau of the U.S Department of Commerce.

Personal income includes all sources. It is the sum of net income by place of residence, rental income, personal dividend and interest income and personal current transfer receipts.

But the average obscures large differences within the state and country. Nationally, the wealthiest county was the resort area of Teton, Wyoming, with $132,728 per capita. The poorest was Loup County, Nebraska, at $8,579. Loup had only 712 residents in the 2000 Census.

Within New Jersey, higher incomes are clustered in the north-central counties. The bureau found top-rated Morris County had $71,713, or almost two-and-a-half times the per-capita income of Cumberland, which ranked last with $29,599. Morris regularly ranks among the wealthiest counties in the nation in a variety of economic measures.

Other studies have found wide disparities in personal income along class and racial lines. In an analysis of 2005 Internal Revenue Service data, two professors at the University of California, Berkeley, found the wealthiest 330,000 Americans received nearly as much income as the bottom 150 million. The income gap was the largest since 1928.

Since the new report reflects 2007 conditions, it does not measure the effects of the current recession. Other reports issued by the bureau show declines in personal income during the fourth quarter of 2008 and the first two months of this year.

 
Comments (1)
1 Wednesday, 29 April 2009 12:52
Mongbat
So wait a minute. 330k people made more than 150 MILLION people? Why do I think you're including retirees and schoolkids in that 150 million? The TOTAL number of workers in the U.S. in 1999 was around 90 million. There is no way that it's 150 million just ten years later. I think that if you count all the bums, 6-year olds, criminals in jail, and pensioners that didn't save and cling to Social Security, then yeah, there are 330k high achievers out there that make more than them.

It's also a completely irrelevant comparison unless you're trying to pretend to some great, evil disparity in America. I also like the term "received income." It comes from the sky. It's a great cover for the people who "receive" it from government payments (AKA from the rest of us) and diminishes the income that is earned by actual workers by implying that they just "receive" it, too. It just appears on their doorstep in the morning; it's like magic....

Feh, the verification system is acting oddly. If this posts twice, sorry.

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