Personal income up in Washington Area

Personal income up in Washington Area

Washington, DC and San Jose, CA., posted new highs for personal incomes in 2010, the only two metropolitan areas that managed to overcome declines in personal incomes in 2008 and 2009.

Nationwide, personal incomes rose 2.9 percent in 2010, following a 1.9 percent decline in 2009, according to the U.S. Department of Commerce. Personal incomes rose in all but four of the 366 metropolitan areas the Commerce Department’s Bureau of Labor Statistics tracks.

In Washington, personal incomes in 2010 rose 3.7 percent last year, to a total of $323.5 billion, ranking Washington fourth in the nation. The New York City area ranked No. 1 at $1.03 trillion, followed by Los Angeles at $565.4 billion, and Chicago at $435.4 billion.

Three Nevada metros, Carson City, Las Vegas and Reno, along with Grand Junction, Colo., were the only areas to see personal incomes decline last year.

Personal income growth in Washington was fueled by gains in three of the area’s largest employer sectors: the federal government up (6 percent), education up (6.2 percent) and professional, scientific and technical services up (7.2 percent).