The Bureau of Economic Analysis (BEA) released data today on “Local Area Personal Income” with new estimates for personal income in 2012 for the nation’s 381 metropolitan statistical areas (MSAs). Here are a few highlights:
1. Midland, Texas is clearly America’s “economic miracle city.” For the third year in a row, Midland was the nation’s fastest growing MSA, with growth in personal income in 2012 of 12.1%. Midland also led the country as the MSA with the highest per capita personal income in 2012 at $83,049, followed by Bridgeport-Stamford-Norwalk, CT ($81,068), San Francisco ($66,591), the Silicon Valley MSA of San Jose-Santa Clara-Sunnvale ($65,679) and Washington, DC ($61,743).
2. Following Midland’s income growth of 12.1% in 2012 were nearby No. 2 Odessa, TX (11.5%), No. 3 Grand Forks, ND (11.5%) and No. 4 Bismarck, ND (10.1%), which are all benefiting from America’s Shale Revolution that has made Texas and North Dakota the shining stars of the Great American Energy Boom. Other Texas and North Dakota MSAs that experienced strong personal income growth in 2012 were No. 7 Fargo, ND (8.3%), No. 14 Victoria, TX (7.1%), No. 16 Houston (6.7%) and No. 22 Austin (6.1%). Of the top 22 fastest growing metro areas in 2012, eight were either in Texas or North Dakota.
3. On a per-capita basis, the Grand Forks MSA led the country in 2012 with personal income growth of 9.5%, followed by No. 2 Odessa (7.9%), No. 3 Elkhart, IN (7.8%), No. 4 Bismarck (7.6%), No. 5 Columbus, IN (7.4%) and No. 6 Midland (7.2%). Of the six MSAs with the highest per-capita income growth in 2012, four were either in North Dakota and Texas.
MP: More evidence from today’s BEA report that America’s Shale Revolution is creating shale-based wealth, income, jobs and prosperity, especially in the states of Texas and North Dakota, the two shining stars of the Great American Energy Boom. And Midland, Texas has emerged as America’s “economic miracle city” with the highest per-capita income in the country ($83,049), higher even than average incomes in Silicon Valley ($65,679) by 26.4% and Washington, DC ($61,743) by 34.5%.