If your boss says you won’t get a raise this year, join the club. Apparently personal income levels sputtered and died in CT. However, the area worst hit was the Bridgeport-Greenwich corridor.
Stamford Advocate reports that personal income levels in the state rose at the lowest rate out of all of New England. Yes, even Rhode Island beat us.
However, those income levels barely consisted of a gain. The state as a whole saw personal incomes grow by 0.1 percent. That’s it.
But, when looking at incomes on a county-by-county basis, the results become even more shocking. The area with the worst growth was Fairfield County.
You know, the place where rich people live? Yep, personal income levels plummeted in the Bridgeport-Greenwich corridor.
While CT recorded a .1 percent gain, that area saw a .7 percent contraction.
So, where did this information come from? It’s the latest survey from U.S. Bureau of Economic Analysis. They marked their official study regarding income levels for 2016.
This survey found that the Bridgeport/Greenwich area was one of 70 metropolitan areas to suffer a loss. However, I would like to wager that area happened to be one of the wealthiest on the list. I mean, five of the nation’s most expensive zip codes are in that county.
But, onto the spirit of competition. Our state loves looking into how it differed and bested our neighboring states. Unfortunately, our state barely beats any competition as of yet except if we rank ourselves based on worst Governor and economy.
Anyways, New York recorded PI levels rising by .4 percent. Meanwhile, Massachusetts and New Jersey say their income levels rose by 1.1 percent.
As for the state with the best numbers? That would be Georgia and Utah. They saw their incomes rise by a whopping 3.3 percent!
But, on a smaller scale, Maine was the best New England state in terms of growth. Personal income levels there rose by 2.2 percent.
So why, for the 2nd year in a row, did Connecticut’s growth come pretty much dead last in the state? It could be a myriad of factors from high taxes to businesses leaving the state.
Why do you think incomes haven’t improved in the state? When was the last time you had a raise? And, if you had one recently, was it a fair amount?