From Deseret News archives:

Utah income rises

Per capita figures for 2005 show 5.5% increase over 2004

Published: Tuesday, March 28, 2006 8:17 p.m. MST
 |  E-MAIL | PRINT | FONT + - 
The federal government's release of per capita income figures for 2005 yielded no surprises about Utah, although nearly every figure represented an improvement over 2004.

Utah's per capita income for 2005 was $28,061, up 5.5 percent from $26,603 in 2004, according to statistics released Tuesday by the Bureau of Economic Analysis, part of the U.S. Department of Commerce. That put Utah 45th among states in the income rankings, moving up one rung from 2004.

And when it comes to growth, the state outpaced the nation, which had 4.6 percent year-over-year growth.

"Per capita measures of income are always a little bit distorted when you talk about places like Utah or Idaho, mainly because we have substantially more children per adult," said Jeff Thredgold, an economic consultant to Zions Bank. "We have in Utah 50 percent more children per adult than the national average, so any per capita or per-person measure of income, we'll always be on the low side."

Overall average income also is skewed in Utah because of the preponderance of high school and college students working part time, he said.

Story continues below
A better measure of the state, he said, is the average full-time wage. The latest figure put Utah at about 95 percent of the national average, and the state's cost of living is 90 percent to 95 percent of the national figure. "Those numbers, when you compare apples to apples, are a more reasonable comparison," Thredgold said.

But Thredgold said the 5.5 percent growth rate reflects a strong state economy.

Other figures in Tuesday's report:

  • Utah's per capita income moved it up to 81 percent of the nation's per capita income figure of $34,586. A year ago, Utah's income was 80 percent of the nationwide figure.

  • Utah's growth rate of 5.5 percent year-over-year put it 16th among states.

  • Utah's total income was $69.3 billion, and its growth rate of 7.6 percent placed it fifth-best among states. Its 2004 figure was $64.4 billion.

The total income increase in Utah was part of general strength throughout the Intermountain West. Except for Virginia and Florida, the largest increases were focused on a broad swath from Texas through Montana.

Thredgold noted that Utah is fourth among states in job growth, on a 4.4 percent pace. Leading the way is Nevada, followed by Arizona, Idaho and Utah.

"So our region is leading the nation, as it typically does, and the numbers are very, very strong," he said. "The 7.6 percent growth in total personal income in Utah reflects two things. One is that there are more people working, and the second one is a gain in the average wage of people working. It's a combination of two factors."

Comments

You can be the first to comment on this story.

Image
Deseret Morning News graphic

previousnext

Latest comments

Hall, Johnson matchup key

Its too bad your not going to play a MWC team again this year in your bowl...

The pictures of "seer stones" available on the Internet are not(is not) the...

Bronco, Kyle rubber match

You make a good point! You Ute fans are already looking to next year, because...

Google the Heritage Foundation and "The Price of Prop 8." They've compiled a...

Letters: Palin on the fringe?

I agree with those asking we stop talking about the next presidential...

Hall, Johnson matchup key

Please try to come up with another reason utah will win other than basing...

Real Champions

way to capture the crown!!!

Hall, Johnson matchup key

Hey Hey, that's OK, you'll work for us someday.... Boise St is nothing but...

Letters: Gays' parades offensive

Agreed, I have 2 family members who are gay/lesbian. Nobody seems to...

Great book, and individual (met at signing at Costco).

Advertisements