Hood River County’s Personal Income Grows to More Than $1 BillionJanuary 17, 2017 Personal income in Hood River County reached $1.06 billion in 2015, an increase of $75 million, or 7.6 percent, from 2014 to 2015, exceeding Oregon’s 6.5 percent gain. Over the decade (2005-2015), Hood River personal income rose by close to $443 million, or 71.6 percent, well above Oregon’s 50.6 percent.
Per capita personal income growth has also impressed, rising by 6.3 percent in 2015 to $45,856. Oregon’s per capita personal income rose by 5.0 percent to $43,783 leaving a gap of about $2,000 per capita when compared with Hood River County. Since 2005, Hood River County’s per capita income grew by nearly 56 percent or $16,439, while its resident population climbed about 10 percent. Oregon achieved higher population growth over the decade, at 11.5 percent, but its per capita income growth was about 21 points lower at 35 percent (+$11,362).
Net earnings by place of residence represented the largest personal income component for both Oregon and Hood River County in 2015. As a percentage of total personal income, Oregon’s net earnings shrank considerably over the decade but not so much for Hood River County. Oregon held a decisive net earnings advantage in 2005, with a 65.9 percent share, well above Hood River County’s 61.3 percent. Over the decade, earnings fell to represent 60.5 percent of Oregon’s personal income, just above Hood River County’s 59.6 percent.
Net earnings are adjusted by place of residence and in 2015 Hood River County residents produced a net inflow of $12.9 million. The outflow of earnings to non-county residents totaled $105.5 million in 2015, while the inflow earned outside the county reached $118.4 million. Back in 2005 Hood River County’s net earnings adjustment produced a loss or outflow of about $6 million.
Hood River County’s transfer receipts rose by 6.2 percent or $10 million in 2015 to total $172.4 million. Transfer payments were Hood River County’s fastest growing personal income component, rising by nearly $80 million or 86.4 percent over the decade to hold a 16.2 percent share in 2015. Transfer receipts in Oregon more than doubled, rising by $17.9 billion or 101.1 percent to total $35.7 billion in 2015. As a share of total personal income, transfer receipts overtook dividends, interest, and rent to represent 20.2 percent of Oregon’s 2015 personal income total. Back in 2005, transfer payments represented 15.0 percent of Hood River County’s personal income, about the same as Oregon’s 15.2 percent.
Hood River County’s dividends, interest, and rent rose by just 2.5 percent in 2015 to total $255.7 million. Over the decade, dividends, interest and rent rose by 74.1 percent or $108.9 million, maintaining its ranking as Hood River County’s second largest personal income source with a 24.1 percent share. Oregon’s dividends, interest, and rent rose by 53.8 percent or $11.9 billion over the decade to hold a 19.3 percent share in 2015, a slight improvement over 2005’s 18.9 percent.
On a per capita basis, net earnings provided $27,352 per resident in 2015, followed by dividends, interest, and rent, at $11,052 and then transfer receipts with $7,451. Hood River County held a per capita advantage of $2,597 over Oregon in dividends, interest, and rent and an $885 per person gap in net earnings. Transfer payments per capita were $1,410 higher for Oregon.