New Personal Income Data for Marion, Polk and Yamhill CountiesDecember 17, 2018
The U.S. Bureau of Economic Analysis (BEA) recently released new estimates of per capita personal income (PCPI) by county. Personal income data is not among the most current economic indicators – the “new” county estimates are for 2017. Despite the time lag in producing personal income data, they are still valuable for evaluating a county’s economic health.
Personal income data includes wage and salary income, but it also includes other sources of income. One other source of income is transfer payments from the government. Transfer payments include social security income, food stamps, Medicare and Medicaid, welfare income, and student grants and loans received from the government. Personal income also includes interest, dividends, and capital gains that people receive. Farm income is another component captured in personal income data.
Marion ($41,093), Polk ($39,958), and Yamhill ($42,882) have per capita income levels that lag behind Oregon and the nation.
All three counties had a gain in PCPI from 2016 to 2017. Polk County’s PCPI grew 2.9 percent from 2016 to 2017, slower than Oregon (3.7 percent) and the U.S. (3.6 percent). Marion County’s PCPI grew 3.7 percent, matching Oregon’s growth. Yamhill County’s PCPI grew 3.4 percent, just slightly slower than the nation and Oregon. The long-term trend in PCPI is captured by looking at the annual average percent change from 2001 to 2017. Over that period, Polk County (2.9%) tracked slower long-term income growth compared with the U.S. (3.3%) and Oregon (3.4%). Marion (3.4%) and Yamhill (3.4%) counties both have shown long-term growth that matches Oregon.
In 2017, Oregon’s PCPI was 93.2 percent of the U.S. PCPI. Yamhill County’s PCPI was 83.0 percent of the U.S. PCPI in 2017. Marion and Polk counties’ percentages in 2017 were 79.6 percent and 77.4 percent, respectively.