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Economic Data : Richland County
Per Capita Personal Income
In 2002 Richland had a per capita personal income (PCPI)
of $28,318. This PCPI ranked 5th in the state and was 111 percent of
the state average, $25,502, and 92 percent of the national average,
$30,906. The 2002 PCPI reflected an increase of 1.7 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 Richland was $19,073 and ranked 5th in the state. The
1992-2002 average annual growth rate of PCPI was
4.0 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 Richland had a total personal income (TPI) of $9,301,488. This
TPI ranked 3rd in the state and accounted for 8.9 percent of the state
total. In 1992 the TPI of Richland was $5,646,622 and ranked 3rd in
the state. The 2002 TPI reflected an increase of 3.1 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 5.1
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
Richland. In 2002 net earnings accounted for 69.5 percent of TPI (compared
with 69.1 in 1992); dividends, interest, and rent were 16.0 percent
(compared with 17.8 in 1992); and personal current transfer receipts
were 14.4 percent (compared with 13.1 in 1992). From 2001 to 2002 net
earnings increased 2.7 percent; dividends, interest, and rent increased
0.1 percent; and personal current transfer receipts increased 8.6 percent.
From 1992 to 2002 net earnings increased on average 5.2 percent each
year; dividends, interest, and rent increased on average 4.0 percent;
and personal current transfer receipts increased on average 6.2 percent.
Earnings by Place of Work
Earnings of persons employed in Richland increased from $9,440,440 in
2001 to $9,694,117 in 2002, an increase of 2.7 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 $5,848,245
to the 2002 estimate was 5.2 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
Unemployment rates in Richland County are currently around 5.0% in
August 2004. This represents an increase of 0.3% since August 2003.
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