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Business & Technology

City’s personal income up in 2010, report says

August 10th, 2011 11:23 pm by Kate Prahlad

Johnson Citians earned $6.25 billion in personal income in 2010, according to estimates released this week from the U.S. Bureau of Economic Analysis.
That total was up 2.8 percent from 2009’s figure of $6.08 billion, a move that ranked the Johnson City metro area 183rd out of 366 nationwide. The metro area is back up above its 2008 personal income level of $6.11 billion after a dip of 0.5 percent in 2009.
The city followed the national trend, in which personal income rose in 2010 after dropping in 2009. Nationwide, personal income rose 2.9 percent in 2010 after falling 1.9 percent in 2009.
All but four of the nation’s 366 metro areas also saw an increase in personal income in 2010, BEA figures show. Income growth was highest in Elizabethtown, Ky., at 10.1 percent, and lowest in Grand Junction, Colo., where incomes fell 0.9 percent.
Kingsport/Bristol area residents brought in $10.02 billion in 2010, an increase of 3.2 percent, which ranks the metro area 120th nationwide. The area earned $9.71 billion in 2009 and $9.77 billion in 2008.
“In 2010, earnings grew 2.3 percent and property income grew 0.6 percent as the metropolitan portion of the United States continued to recover from the recession that ended in June 2009,” the BEA said. “In 2009, these components of personal income fell 4 percent and 6.1 percent, respectively.”
Earnings in the government sector and in 18 out of 21 private industries also grew in 2010. Health care and educational services continued to expand in 2010, growing 3.3 percent and 6.2 percent, respectively, the report said. In the other 14 private industries that grew in 2010, including durable goods manufacturing, nondurable goods manufacturing and finance, earnings grew 2.8 percent (on average) in 2010 after falling 6.5 percent in 2009.
Housing-based industries did not fare so well in 2010. Earnings continued to decline in the construction and real estate industries. A 4.5 percent decline brought construction earnings to its lowest level since 2001 and a 2.1 percent decline brought real estate earnings to its lowest level in the 10-year history of the data.

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