WASHINGTON – Texas’ real per capita personal income increased 1.7 percent in 2019, according to the U.S. Bureau of Economic Analysis.
“A steady and uninterrupted growth in income during long periods of time, like we observed during the last expansion that ended with COVID-19, induces favorable outcomes, such as a strong housing market,” said Real Estate Center Research Economist Dr. Luis Torres.
Victoria had the largest increase in real per capita income in Texas, growing 3.9 percent last year. It was followed by Abilene (3.5 percent) and Wichita Falls (3 percent).
Nationally, real per capita personal income grew 1.9 in 2019.
Real per capita personal income grew in all U.S. states and the District of Columbia. Maine had the fastest growth at 3.7 percent.
This national and statewide income growth will not be sustained in 2020.
“During a recession, income falls as people are laid off,” said Torres. “The government transfers enacted due to the COVID-19 pandemic have helped mitigate that decline, but as the federal economic recovery payments wind down, personal income should decrease.
“Around 10.7 million people nationwide and 979,000 people statewide remain unemployed, causing income to fall in 2020.”
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