Wasco County’s Personal Income Grows to More Than $1 BillionJanuary 24, 2017 Personal income in Wasco County reached $1.056 billion in 2015, an increase of $58 million, or 5.8 percent, from 2014 to 2015, just below Oregon’s 6.5 percent gain. Over the decade (2005-2015), its personal income rose by $407.9 million, or 62.9 percent, well above Oregon’s 50.6 percent.
Wasco County’s per capita personal income rose by $1,843 in 2015, an increase of 4.7 percent to reach $40,989. Oregon’s per capita personal income rose by 5.0 percent to $43,783, producing a gap of about $2,800 in 2015. Since 2005, Wasco County’s per capita income increased 51 percent or $13,885, while its resident population increased by 7.7 percent. Oregon achieved higher population growth over the decade, at 11.5 percent, while its per capita income rose by a more reserved 35 percent (+$11,362).
Net earnings by place of residence represented the largest personal income component for both Oregon and Wasco County in 2015. As a percentage of total personal income, Oregon’s net earnings shrank considerably over the decade. Oregon held a decisive net earnings advantage in 2005, with a 66 percent share, well above Wasco County’s 59 percent. Over the decade, earnings fell to represent 61 percent of Oregon’s personal income, while Wasco County’s earnings fell to 58 percent of total income.
Net earnings are adjusted by place of residence and in 2015 Wasco County residents produced a net inflow of $3.1 million. The outflow of earnings to non-county residents totaled $107.5 million in 2015, while the inflow earned outside the county reached $110.5 million. Back in 2005, Wasco County’s net earnings adjustment produced a loss or outflow of about $0.6 million.
Transfer receipts rose by 5.9 percent or $15 million in 2015 to total $270.1 million. Back in 2005, transfer payments represented 22 percent of Wasco County’s personal income, well above Oregon’s 15 percent. Transfer payments were Wasco County’s fastest growing personal income component, rising by nearly $127 million or 88 percent over the decade to hold a 26 percent share in 2015. Transfer receipts in Oregon more than doubled, rising by $17.9 billion, or 101 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 percent of Oregon’s 2015 personal income total.
Dividends, interest, and rent rose by just 4 percent in 2015 to total $172.7 million. Over the decade, dividends, interest, and rent rose by 41 percent or $50 million, representing 16 percent of Wasco County’s 2015 personal income. Oregon dividends, interest, and rent rose by 54 percent or $11.9 billion over the decade. Dividends, interest, and rent were stable over the decade at 19 percent of Oregon’s personal income.
On a per capita basis, net earnings provided $23,811 per resident in 2015, followed by transfer receipts, at $10,479 and then dividends, interest, and rent with $6,699. Wasco County held a per capita advantage of $1,618 over Oregon in transfer receipts. Net earnings per capita were much higher for Oregon, at $26,467, leaving a gap of $2,656. Oregon also held an advantage in dividends, interest, and rent, with a per capita gap of $1,756.