Important Local Economic Indicators ReleasedAugust 7, 2008
2007 personal income and 2008 2nd Quarter ACCRA Cost of Living figures were released this week. Latest numbers show high growth in personal income and a cost of living considered average in comparison to national numbers.
“It’s great news to know that our per capita personal income continues to increase while our community remains steady in comparison to the nation in terms of consumer costs,” said Ann Driggers, President & CEO of the Grand Junction Economic Partnership.
According to the Bureau of Economic Analysis, personal income for the Grand Junction Metropolitan Statistical Area (MSA) - which comprises of MesaCounty as a whole - rose 10.9% from 2006 to 2007. The total was $4,573 Million.
Grand Junction MSA personal income was highlighted as one of the top ten fastest growing MSA's in the county. The BEA noted that in five of the fastest growing communities, including Grand Junction, "the oil and gas extraction industry provided a bigger contribution to growth than any other industry." Odessa, TX; Midland, TX; Casper, WY; and Houston, TX round out those five communities.
Per Capita Personal Income for Grand Junction MSA also rose 6.9% from 2006 to 2007 up to $32,876. (2005 – 2006 showed a 6.3% growth; 2004 – 2005 showed a 5.8% growth)
The ACCRA Cost of Living Index, which measures regional differences in the cost of consumer goods and services, released its index numbers yesterday. The national average for 318 urban areas is measured at 100. New York City ranked the highest COL index number at 220.3; Pryor Creek, OK ranked the lowest at 82.4.
Grand Junction MSA's index is ranked right at the national average: 100.0. The area measured highest in groceries and lowest in utilities- but all numbers hovered around the 100 average mark.
The ACCRA Cost of Living Index is based on more than 50,000 prices covering almost 60 different items for which prices are collected quarterly by chambers of commerce, economic development organizations or university applied economic centers in each participating urban area. Small differences should not be interpreted as showing a measurable difference.
The composite index is based on six components – housing, utilities, grocery items, transportation, health care and miscellaneous goods and services. |
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