Per Capita Income Trending Upward
South Bend Regional Chamber on Wednesday, November 21, 2018 at 12:00:00 am
Last week, the report came out on 2017 Per Capita Personal Income Data for Counties across the country. This metric is a measure of the amount of money earned per person in a certain area. It can apply to the average per-person income for a city, region or country, and is used as a means of evaluating the living conditions and quality of life in different areas.
It is a key metric we utilize to help track how our economy is doing. One of our principle goals is to drive this number up. From the beginning of our Economic Development program, we've focused on the type of industries and companies that will help improve this number. We've now seen it go up nine straight years, with the 2016-2017 difference being the greatest improvement in that nine-year period.
The current per capita personal income for St. Joseph County is $46,118. While encouraged by the growth of that number, truth is, it still is only 89.3% of the national average and 95% of the Great Lakes average. We're trending in the right direction, or, we're getting closer to those "averages." Once again, our average exceeds the Indiana average.
Though average doesn't seem like a stretch goal, in this case it is. We'd love to continue to push this number closer to the national average and we believe that will continue to send a strong signal about the health of our regional economy.