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It seems as though that the states that are economically booming with lots of new jobs and people are lagging behind currently.
For example, people are swarming like crazy to Colorado. The home prices are though the roof with realtors in Denver neighborhoods asking $650,000 for 2,000 square foot homes in marginal neighborhoods yet the state ranks #15 on per-capita personal income at $51,103. Compared to stagnant Rhode Island that has a higher per capita personal income of $51,490
California despite it's Information Technology gold-rush has a per-capita personal income of $53,836 which is less then Wyoming's per-capita personal income of $54,500.
Many Western states that are supposedly booming are also lagging behind as young, large families increasingly move into the region.
Utah ranks #43 on per-capita personal income at 39,988 and Arizona is #44 at 39,867. Idaho is #48 at 37,994.
It seems like West is is supposedly booming and certainly is expensive is lagging behind other parts of the country.
Connecticut despite it's lackluster population growth has a per-capita income of 68,722 and a median home price of $240,000
The simple answer is that states with fast-growing economies are probably creating a lot of low-wage jobs and relatively fewer high-paid ones. I'd wager that's what's happening in Arizona, Colorado, Utah and at least in parts of California. After all, real wages in the U.S. have been stagnant now for about a decade.
A lot of people may be moving to these states, but most of them aren't software developers, corporate lawyers, or other high-paid professionals. Many are likely to middle or working class people who've been priced out of other areas of the country and looking for a new start. But that still creates a housing squeeze and prices tend to rise.
The simple answer is that states with fast-growing economies are probably creating a lot of low-wage jobs and relatively fewer high-paid ones. I'd wager that's what's happening in Arizona, Colorado, Utah and at least in parts of California. After all, real wages in the U.S. have been stagnant now for about a decade.
A lot of people may be moving to these states, but most of them aren't software developers, corporate lawyers, or other high-paid professionals. Many are likely to middle or working class people who've been priced out of other areas of the country and looking for a new start. But that still creates a housing squeeze and prices tend to rise.
Don't let the doom and gloom club from Illinois see this...you'll be branded a booster for stating facts.
1. What does that post have to do with Illinois?
2. Illinois is legitimately in trouble financially. To ignore that fact is disingenuous.
Do not get me wrong, I totally agree. I only bring it up because we're having a very eventful discussion in the IL forums about COL and concentration of higher paying jobs.
A lot of the high growth have seniors who are living on smaller social security checks and pensions and 401k earnings from back when these states were not growth states. This draws the per capita income down in comparison to the wealthier seniors from the traditionally wealthy states.
It seems as though that the states that are economically booming with lots of new jobs and people are lagging behind currently.
For example, people are swarming like crazy to Colorado. The home prices are though the roof with realtors in Denver neighborhoods asking $650,000 for 2,000 square foot homes in marginal neighborhoods yet the state ranks #15 on per-capita personal income at $51,103. Compared to stagnant Rhode Island that has a higher per capita personal income of $51,490
California despite it's Information Technology gold-rush has a per-capita personal income of $53,836 which is less then Wyoming's per-capita personal income of $54,500.
Many Western states that are supposedly booming are also lagging behind as young, large families increasingly move into the region.
Utah ranks #43 on per-capita personal income at 39,988 and Arizona is #44 at 39,867. Idaho is #48 at 37,994.
It seems like West is is supposedly booming and certainly is expensive is lagging behind other parts of the country.
Connecticut despite it's lackluster population growth has a per-capita income of 68,722 and a median home price of $240,000
The problem with your assertion is your lack of honest comparisons. You mention a city like Denver, but then go on to pull out state level statistics. In other words your argument is a fail because the stats don't correlate as evidenced by job/population growth in these places.
I think another consideration for some states is that minors typically do not contribute to the economy, except as indirect consumers. So it should not be too surprising that per capris personal income tends to be lower in places where a greater portion of the population is composed of minors.
Another reason aside from the pay of the jobs is the commitment that companies sometimes have to make when they receive corporate welfare. In theory, corporate welfare is supposed to create jobs. However, just like with trickle-down economics, outcome doesn't always work out. New York was the case of that.
A lot of stagnant states don't have Young people and regardless of were you are older people tend to be wealthier than younger people due to things like getting promoted and working for longer. Also more urbanized (read suburbanized) states tend to be richer, and states with smaller populations tend to be richer. Connecticut, New Jersey and Rhode Island fit this description. Also just because cities are booming like someone said on the top doesn't mean a state will boom, especially in Western states that are quite large on Average.
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