Economic Data : Newberry County

Per Capita Personal Income

In 2002 Newberry had a per capita personal income (PCPI) of $21,397. This PCPI ranked 29th in the state and was 84 percent of the state average, $25,502, and 69 percent of the national average, $30,906. The 2002 PCPI reflected an increase of 0.2 percent from 2001. The 2001-2002 state change was 1.7 percent and the national change was 1.2 percent. In 1992 the PCPI of Newberry was $14,753 and ranked 25th in the state. The 1992-2002 average annual growth rate of PCPI was 3.8 percent. The average annual growth rate for the state was 4.2 percent and for the nation was 4.0 percent.

Total Personal Income

In 2002 Newberry had a total personal income (TPI) of $786,790. This TPI ranked 27th in the state and accounted for 0.8 percent of the state total. In 1992 the TPI of Newberry was $499,447 and ranked 26th in the state. The 2002 TPI reflected an increase of 1.3 percent from 2001. The 2001-2002 state change was 2.8 percent and the national change was 2.3 percent. The 1992-2002 average annual growth rate of TPI was 4.6 percent. The average annual growth rate for the state was 5.5 percent and for the nation was 5.2 percent.

Components of Total Personal Income

Total personal income includes net earnings by place of residence; dividends, interest, and rent; and personal current transfer receipts received by the residents of Newberry. In 2002 net earnings accounted for 60.9 percent of TPI (compared with 63.3 in 1992); dividends, interest, and rent were 16.4 percent (compared with 16.9 in 1992); and personal current transfer receipts were 22.7 percent (compared with 19.8 in 1992). From 2001 to 2002 net earnings decreased 0.9 percent; dividends, interest, and rent increased 1.0 percent; and personal current transfer receipts increased 8.1 percent. From 1992 to 2002 net earnings increased on average 4.3 percent each year; dividends, interest, and rent increased on average 4.3 percent; and personal current transfer receipts increased on average 6.1 percent.

Earnings by Industry

Earnings of persons employed in Newberry decreased from $461,058 in 2001 to $457,539 in 2002, a decrease of 0.8 percent. The 2001-2002 state change was 2.1 percent and the national change was 1.5 percent. The average annual growth rate from the 1992 estimate of $293,260 to the 2002 estimate was 4.5 percent. The average annual growth rate for the state was 5.0 percent and for the nation was 5.3 percent.

Note: All income estimates with the exception of PCPI are in thousands of dollars, not adjusted for inflation.

Source:  Bureau of Economic Analysis

Unemployment Rates

Newberry County's unemployment rate is the 2nd highest of the four Midlands counties at 6.1% in August 2004.  Despite the high unemployment rate, trends appear optimistic, as this represents an improvement from August 2003, when the county unemployment rate was 7.8%