As the Rust Belt stagnated, coastal metropolises thrived. As Appalachia sputtered, shale country boomed. As Southern manufacturing centers shut their doors, neighboring research hubs opened theirs.
These are just a few of the trends that have played out in regional economies across the US over the past 25 years. This period includes the booms of the late 1990s and mid 2000s, a couple of mild recessions, one huge one, and the slow but steady growth of today. Nationally, workers’ average annual earnings rose by about 24% from 1990 to 2015, or from $42,800 to $52,300 in inflation-adjusted dollars. That works out to a 1.3% real annual raise every year—don’t spend it all at once!
But, as you see in the map above, the national story belies the diverse experiences of most Americans. Only about a quarter of counties saw average wages grow within 5% of the national average. Some surged, while others sputtered—or even slipped into decline. (Employment income includes salary, as well as bonuses and non-cash compensation like meals. Insurance is excluded.)
More
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.