You are here
Greater Mankato Personal Income Sees Top Growth in State
Mankato, MINN (December 5, 2013) –On November 21 the U.S. Department of Commerce Bureau of Economic Analysis (BEA) published data on Local Area Personal Income for 2012. The Mankato – North Mankato MSA has seen a rise in per capita personal income from 2010-11 of 7.46% and from 2011–12 of 5.25%.
From 2010–12 our MSA has also the seen the highest growth rate of per capita personal income among all Minnesota based MSA’s at 13.10%. This gain represents an average increase in per capita personal income of $4,639 per year when you compare 2010 to 2012.
“The steady and aggressive rise of wealth generation experienced in the region is yet another indicator of the success of both our businesses and residents” said Greater Mankato Growth President & CEO Jonathan Zierdt.
Definitions from the U.S. Department of Commerce Bureau of Economic Analysis:
- Personal income is the income received by all persons from all sources. Personal income is the sum of net earnings by place of residence, property income, and personal current transfer receipts. Net earnings is earnings by place of work (the sum of wages and salaries, supplements to wages and salaries, and proprietors’ income) less contributions for government social insurance, plus an adjustment to convert earnings by place of work to a place-of-residence basis. Property income is rental income of persons, personal dividend income, and personal interest income. Personal income is measured before the deduction of personal income taxes and other personal taxes and is reported in current dollars (no adjustment is made for price changes).
- Per capita personal income is calculated as the personal income of the residents of a given area divided by the resident population of the area. In computing per capita personal income, BEA uses the Census Bureau’s annual midyear population estimates.
About Greater Mankato Growth
Greater Mankato Growth (GMG) is committed to advancing business for a stronger community. As the Chamber of Commerce and Economic Development organization serving the regional marketplace, GMG advances business through: existing business support, new business growth, business promotion, talent development, public affairs, community marketing, visitor attraction and servicing and civic engagement. Greater Mankato Growth, Inc. also includes two LLCs: Visit Mankato, which focuses on visitor attraction and servicing, and the City Center Partnership, LLC, which focuses on development in the City Center.
About the Regional Economic Development Alliance
In 2009, the Regional Economic Development Alliance (REDA) began with a progressive group of communities and counties joining together with Greater Mankato Growth in business attraction and development efforts. REDA participants include Eagle Lake, Lake Crystal, Le Sueur, Madison Lake, Mankato, Saint Peter and Blue Earth County. By working together, the group is able to efficiently provide regional and individual city and county information to businesses interested in the Greater Mankato marketplace. As a result of promoting the individual strengths of each community, along with the combined assets of the regional marketplace, all experience collective success.
contact: Amy Linde, (507) 382.3993, email@example.com