Personal income for residents of Arizona, Florida and Nevada grew much faster than the national average during the housing boom. Since the peak of the boom in 2006, however, incomes in those states are lagging behind the national average.
The pattern continued in 2011, according to the latest data on personal incomes released last week by the Commerce Department. It forms part of the growing body of evidence, which I described in an article on Tuesday, that the recession may mark an enduring shift in the geography of American growth. Regions where borrowed money fueled booms are now struggling under the weight of those debts.
The map below compares the growth of per capita incomes by state over two consecutive five-year periods, from 2001-6 and from 2006-11.
Source: Commerce DepartmentIn the seven states shown in pink – Arizona, California, Florida, Idaho, Nevada, Utah and Wyoming – income growth outpaced the national average during the housing boom, but has lagged behind the average since the crash.
They join the states marked in red, where personal income growth has lagged behind the national average throughout the last decade.
The states marked in light blue, by contrast, outpaced the national average over the last five years after lagging during the earlier period. They join the dark blue states, which have maintained above-average income growth.
URL to original article: http://www.builderonline.com/builder-pulse/personal-income-trends-mapped.aspx?cid=BP:040412:JUMP
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