Metropolitan Area Per Capita Income

[krazeeboi]

Per capita personal income statistics by MSA were released today by the BEA for 2004. Here are how our metro areas fared (as well as Augusta and Charlotte, since those metros extend into SC):

MSA----------------------2002----2003----2004------US rank


Anderson				25,030  25,434  26,249		284 

Charleston			  26,893  27,719  29,120		174

Columbia				27,663  28,234  29,808		159  

Florence				24,600  25,204  26,399		278 

Greenville			  26,957  27,453  28,531		187 

Myrtle Beach			24,326  25,118  26,170		288 

Spartanburg			 25,156  25,340  26,114		291 

Sumter				  21,714  22,437  23,732		338


Augusta				 25,529  25,994  27,128		242 

Charlotte			   33,195  33,363  34,816		 51

So the rankings for SC would be:

1) Columbia

2) Charleston

3) Greenville

4) Florence

5) Anderson

6) Myrtle Beach

7) Spartanburg

8) Sumter

The link also shows personal income (in millions) for entire MSAs as well. As far as our Big Three go, the rankings there would be

1) Columbia (20,271)

2) Charleston (16,991)

3) Greenville (16,660)

As for the percent change for personal income from 2002-2004, the rankings are

1) Charleston (7.2)

2) Columbia (6.9)

3) Greenville (5.0)

[The_sandlapper]

Nice! I also found some updated info on GMP for SC MSA's too I'll post them later.

[Spartan]

Interesting. It would be intersting to see the change over a larger period of time. Those rates will very likely correspond to employment rates (or inversely relate to unemployment rates).

[krazeeboi]

I was actually surprised to see Columbia at #1; I thought that would have been Charleston's spot.

Sad to say, none of our metros made the top 100, unlike our neighbors NC, GA, FL, and VA. I was also surprised to see Charleston, WV rank ahead of all our metros, as well as NC's five largest metro areas (Charlotte, Raleigh, Durham, Greensboro, Winston-Salem).

This shows that we still have work to do and that establishing and nurturing small/local businesses should be a priority, as well as ensuring that our major projects, specifically Innovista and ICAR, are successful. I don't think that we should necessarily focus on landing relocating companies; recruiting companies with an interest in research seems to be a better investment over the long run.

[waccamatt]

I was actually surprised to see Columbia at #1; I thought that would have been Charleston's spot.

Sad to say, none of our metros made the top 100, unlike our neighbors NC, GA, FL, and VA. I was also surprised to see Charleston, WV rank ahead of all our metros, as well as NC's five largest metro areas (Charlotte, Raleigh, Durham, Greensboro, Winston-Salem).

This shows that we still have work to do and that establishing and nurturing small/local businesses should be a priority, as well as ensuring that our major projects, specifically Innovista and ICAR, are successful. I don't think that we should necessarily focus on landing relocating companies; recruiting companies with an interest in research seems to be a better investment over the long run.

It is really sad to see how poor a state we live in and I don't see that changing for a very long time. As long as our legislature tends to do things to benefit themselves (employee of Burroughs and Chapin inroducing a bill to eliminate zoning, come to mind?) instead of to benefit all of the people of our state, we will be mired near the bottom in all economic categories.

[Infinite1]

Its not feasible to compare per capita income of different places without factoring in the cost of living. Without the correlation, its meaningless. So while it looks good for San Jose to have big mubers, its also requires big$ to live there, so the standard of living may be similar.

Columbia has historically led the state in per capita income. Again, that says nothing about the standard of living there versus say Greenville, but that has pretty much always been the case.

[sonofaque86]

Well the cost of living in the South and SC is much cheaper than many other regions thats why I wouldn't compare that much outside of the south....So if you work at McDonalds in SC you'll earn 5.15 an hour as if in NY you'll probably get a minimum of 8 or 9 dollars an hour...But good for Cola.

[Charleston native]

But we all know that the cost of living in Chas is higher than Cola due to property taxes and real estate prices. Cola fairs very well with high-paying jobs and low property costs. I was encouraged to see that Chas had the highest percent change, and I think this will continue. Remember, not only is ICAR and Innovista going to change the state, the aerospace and biotech industry clusters in Chas are poised to grow as well.

[gs3]

Remember, not only is ICAR and Innovista going to change the state, the aerospace and biotech industry clusters in Chas are poised to grow as well.

I think the aerospace industry will do very well! This is a huge plus for SC!

[Spartan]

I think its important to realize that no matter how you slice it, there will always be more money in larger cities. So you can compare us to North Carolina and Georgia, but they have larger more urban cities on average, so their numbers will appear higher accross the board. South Carolina has smaller cities, which by the fact of their size will have less income than large ones. So don't get caught up in comparing Columbia to Charlotte or Atlanta (or what have you).

[sonofaque86]

Yeah...A metro of 4 million apparently is going to have a higher income to a metro of 700,000

[krazeeboi]

I think its important to realize that no matter how you slice it, there will always be more money in larger cities. So you can compare us to North Carolina and Georgia, but they have larger more urban cities on average, so their numbers will appear higher accross the board. South Carolina has smaller cities, which by the fact of their size will have less income than large ones. So don't get caught up in comparing Columbia to Charlotte or Atlanta (or what have you).

But when you compare Columbia or Greenville or Charleston to a few metro areas of comparable size, such as Madison WI, Akron OH, Lexington KY, or Winston-Salem NC, we still don't fare as well.

[GvilleSC]

But when you compare Columbia or Greenville or Charleston to a few metro areas of comparable size, such as Madison WI, Akron OH, Lexington KY, or Winston-Salem NC, we still don't fare as well.

This will change. Innovista and ICAR should definitely help SC's cities in this regard. Not to mention how South Financial will impact Greenville's numbers.

[krazeeboi]

Hopefully, that will be the case. I just find it incredible that, as far as non-government economic bases go, none of our major cities really had anything on which to stand historically besides textiles/manufacturing and tourism. About the only exception is Charleston and the port. I sure hope these ventures that are now coming along help us make up for lost time and opportunities.

[Infinite1]

But when you compare Columbia or Greenville or Charleston to a few metro areas of comparable size, such as Madison WI, Akron OH, Lexington KY, or Winston-Salem NC, we still don't fare as well.

Again, without knowing how much a stick of butter is running, or local utility costs, you cannot compare any real standard of living.

some comparative costs of living:

Selected Metro Area All Items Index (100 being the national average)

Atlanta, GA 96.5

Birmingham, AL 92.9

Boston, MA 138.6

Charleston SC Area 97.8

Charlotte, NC 92.3

Columbia, SC 95.4

Jacksonville, FL 94.3

Nashville, TN 92.6

Raleigh, NC 92.7

Richmond, VA 100.5

Washington, DC 144.5

[krazeeboi]

How can Columbia's cost of living be higher than Charlotte's, Raleigh's, and Nashville's? How is this determined? Doesn't seem right to me...

[waccamatt]

How can Columbia's cost of living be higher than Charlotte's, Raleigh's, and Nashville's? How is this determined? Doesn't seem right to me...

That is highly unlikely considering the reasonable housing costs here. (unless you want to live in the Vista)

[krazeeboi]

You must not be including the Battery at Arsenal Hill.

[Infinite1]

those numbers are from the Charleston Metro Chamber of Commerce. I think they are compiled based on Housing Costs, Utility costs, typical grocery costs, and medical costs. To my knowledge, they don't consider taxes or other burdens of the like.

A little later, I will try to find some corroborating numbers.

[distortedlogic]

Don't know when these numbers were taken, but go to www.columbiasouthcarolina.com, and go down to list and click on "cost of living/taxes."

This says cola has the lowest cost of living in the southeast, of over 400 cities surveyed. It's rate is listed as 94.2

Greenville is listed at 96.2, Chas 97.5, Charl 100.6, Atl 101.6, Knoxville 104.5

[krazeeboi]

Those stats are more believable to me. Not sure why Knoxville ranks so high though.

[waccamatt]

Those stats are more believable to me. Not sure why Knoxville ranks so high though.

I would guess Knoxville is more expensive because it is further inland and more expensive to get some goods there. Columbia is so low because building costs here are so reasonable. Columbia is a large brick manufacturing center and there are also several rock quarries in the vicinity.

[Infinite1]

from the Carolina Living website cost of living here

uses the American Chamber of Commerce Researchers Association numbers.

Some Highlights: (Compared to national average)

Charleston: -2.7%

Columbia: -4.4%

Greenville: -7.2%

Myrtle Beach: -6.7%

Hilton Head: +3.6%

Charlotte: -7.1%

Atlanta: -3.1%

San Diego: +46.5%

[Spartan]

Does Greenville mean Greenville/Spartanburg? If not, where is Spartanburg? Rock Hill?

[krazeeboi]

Spartanburg: -9.1%

Rock Hill wasn't listed.