Midland, Odessa had highest per capita personal income growth in U.S.
WASHINGTON – Two West Texas metros had the fastest growing per capita personal incomes nationally in 2018, according to the U.S. Bureau of Economic Analysis.
Ranking first, Midland’s per capita personal income grew 12.6 percent last year to $122,247, the highest dollar amount in the nation. This growth is slower than the 45.5 percent change seen in 2017.
Odessa’s per capita personal income grew 11.1 percent to $47,271. The city ranks 160th in dollar amount.
Real Estate Center Research Economist Dr. Luis Torres said the oil industry has contributed to the area’s strong per capital persona income growth. What does this mean for the Petroplex?
"Increases in personal income per capita translate into better living standards for the population," said Torres. "However, like any other economic indicator, it has its limitations. The metric does not look at the income distribution of these gains to assess the effects on the overall population. It does not see if the growth has lifted all boats at the same level, or if these increases are concentrated to particular income groups."
In September 2019, Midland had the lowest unemployment rate in Texas at 2 percent, according to data from the Texas Workforce Commission. Odessa’s rate was 2.6 percent, tied for third with Austin-Round Rock and College Station-Bryan. Read the Center’s latest Monthly Review of the Texas Economy for more employment data.
Other metros with high per capita personal income growth rates are Casper, Wyo.; Parkersburg-Vienna, W.Va.; and San Jose-Sunnyvale-Santa Clara, Calif.
Get more Texas employment news on the Real Estate Center’s website:
Source: Bureau of Economic Analysis
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