Morrow County’s 2015 Personal Income Reaches Half of a Billion DollarsFebruary 13, 2017 Personal Income in Morrow County, as reported by the Bureau of Economic Analysis, rose to nearly $0.5 billion in 2015, an increase of $27.7 million or 5.9 percent over the year, just below Oregon’s 6.5 percent gain. Over the decade (2005-2015), Morrow County’s personal income rose by $201.7 million or 68.6 percent, well above Oregon’s 50.6 percent.
On a per capita or per person basis, Morrow County’s personal income rose by $2,351 in 2015, an increase of 5.6 percent to reach $44,281. Oregon’s per capita personal income rose by 5.0 percent to $43,783, producing a gap of $498 or 1.1 percent in 2015. Since 2005, Morrow County’s per capita income rose by 68.2 percent or $17,955, while its resident population increased by a scant 0.3 percent. Oregon achieved a much higher rate of population growth over the decade, at 11.5 percent, while its per capita income rose by a more demure 35 percent (+$11,362).
Personal income is comprised of three major components, the largest of which is net earnings by place or residence. As a share of total personal income, Oregon’s net earnings shrank considerably over the decade. Net earnings essentially maintained its dominance in Morrow County although it did fall ever so slightly. Back in 2005, net earnings represented 72.0 percent of Morrow County’s personal income total compared with Oregon’s 65.9 percent. Over the decade, earnings fell to represent 60.5 percent of Oregon’s personal income, while Morrow County’s earnings slipped to 69.4 percent.
Net earnings are adjusted by place of residence and in 2015 Morrow County produced a net outflow of $106.4 million. The outflow of earnings to non-county residents totaled $182.4 million in 2015, while the inflow of earnings from outside the county was a far more reserved $76 million. Back in 2005 Morrow County’s net earnings adjustment produced a gain or inflow of about $5.1 million.
Transfer receipts from government include Social Security benefits, medical benefits, veterans' benefits, and unemployment insurance benefits. Current transfer receipts from business include liability payments for personal injury and corporate gifts to nonprofit institutions. Morrow County’s transfer receipts rose by 4.9 percent or $4.4 million in 2015 to total $94.4 million. Back in 2005, transfer receipts represented 15.6 percent of Morrow County’s personal income, just above Oregon’s 15.2 percent. Transfer receipts were Morrow County’s fastest growing personal income component, rising by $48.7 million or 106.3 percent over the decade to hold a 19.1 percent share in 2015. Oregon’s transfer receipts rose 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.
Dividends, interest, and rent rose by 6.1 percent in Morrow County to total $57.2 million in 2015. Over the decade, dividends, interest, and rent rose by 56.6 percent or $20.7 million to represent 11.5 percent of Morrow County’s 2015 personal income. Oregon’s dividends, interest, and rent rose by 53.8 percent or $11.9 billion over the decade. As a share of personal income, dividends, interest, and rent remained fairly stable from 2005 to 2015, rising slightly from 18.9 percent of Oregon’s 2005 personal income to 19.3 percent in 2015.
On a per capita basis, Morrow County’s net earnings provided $30,732 per resident in 2015, followed by transfer receipts, at $8,439 and then dividends, interest, and rent with $5,111. Morrow County held a per capita advantage of $4,265 or 13.9 percent over Oregon in net earnings. Dividends, interest, and rent per capita were much higher for Oregon, at $8,455, leaving a gap of $3,344 or 65.4 percent. Oregon also held an advantage in transfer receipts, with a per capita gap of $422 or 5 percent.