News

Daytonians making more money, report shows

November 2012

Economics professor James Brock is quoted in a November 28th Dayton Daily News story exploring income growth in Dayton compared to nation wide trends.

"The growth in personal income, which was up last year 4.4 percent nationwide to $41,560 per capita, means many Americans have seen their buying power strengthen along with their incomes", said James Brock, a Miami University economics professor.

"You're seeing upturns in lots of different measures of economic health, and you're seeing the growth in personal incomes reflected in strong holiday sales," said Brock, referring to the record-breaking Thanksgiving weekend in which holiday sales topped an estimated $52 billion.

Underscoring the increase, personal incomes were up despite a sharp decline in the growth of government social benefits payments, including Social Security, Medicare, and unemployment insurance. Annual growth in government payments across all metro areas slowed to 1.5 percent in 2011, down from 7.1 percent in 2010, according to the bureau's report. Meanwhile, earnings grew 5.5 percent, and income from investments - including dividends, interest, and rent - grew 7.6 percent for all metros in 2011.

"This seems to corroborate the recovery of the economy, especially in the private sector, since it's private sector income that's grown more than government payments have grown," Brock said.