Texas Government Lobby News: Texas leads nation in total income growth
The following is a digest of an article that originally appeared in the Austin Business Journal. The Texas Lobby Group offers this summary as a public service for other Texas lobbyists, Texas Government officials, political consultants, and other interested.
“Total Personal Income” is a comprehensive look at earnings all across the economy and job market. It does not discriminate based on income/revenue level, or any demographics. “It is the sum of compensation of employees (received), supplements to wages and salaries, proprietors’ income with inventory valuation adjustment (IVA) and capital consumption adjustment (CCAdj), rental income of persons with CCAdj, personal income receipts on assets, and personal current transfer receipts, less contributions for government social insurance.” (Wikiedia). Texas’s “TPI” has experienced an increase upwards of 71% in the last ten years. Ten years ago, Texas’s TPI was rated at over 626 billion. This year, it surpassed one trillion dollars.
According to these numbers, Texas accounts for well over eight percent of the entire nation’s Total Personal Income. The next highest income rate is Florida’s, although they have five times less than Texas.
“Florida’s increase in TPI has been largely driven by its steady rise in population, Florida has added more than 3 million residents since 2000. Rounding out the top five for TPI growth in the past decade are Virginia, Arizona and Washington. Twenty-two states have actually seen their TPI allocations decline since 2002. The sharpest drops occurred in three Midwestern states that historically have relied on the manufacturing sector. Michigan suffered the sharpest drop in its TPI share, falling nearly six-tenths of a percentage point in 10 years. Ohio and Illinois both lost slightly more than one-third of a point.”
Texas has a large population, and it only keeps growing. Income and employment are currently up in the state, reflecting Texas’s remarkable economic and living conditions. Texas is currently thriving, especially comparatively to the rest of the country. The current recession has made everyday life very difficult for Americans. Texas’ low standard of living, low taxes, and minimal business regulations make it an attractive place for business owners and individuals. Many large and small businesses thrive in the lone star state. It becomes a domino effect, really. Many citizens and businesses are making the move to Texas, either for their work or to find it.
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