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October 20, 2019Cart

Business

by Fairfield County Business Journal
by FCBJ

Connecticut leads in average income, trails in income growth

A new study by the U.S. Bureau of Economic Analysis offers a good news/bad news analysis of Connecticut income levels.

The good news: Connecticut ranked second in the nation during 2017 in average income with $71,000. Only the District of Columbia recorded a higher average income last year with $77,000. The national average income last year was $50,392.

The bad news: Connecticut ranked 44th among the states in income growth, with an anemic 1.5 percent uptick from 2016. From 2015 to 2016, the state saw a 3 percent gain in personal income while the national average was 3.6 percent. In comparison, the national personal income increased 3.1 percent on average in 2017, following a 2.3 percent increase in the previous year.