Triangle's personal income growth beats average

Feeling flush?

Figures released Thursday showed total personal income in the Triangle last year grew at a faster rate than the U.S. average.

In the Raleigh-Cary metropolitan statistical area, which includes Wake, Johnston and Franklin counties, it rose 8.7 percent, according to the U.S. Bureau of Economic Analysis.

In the Durham MSA, which includes Durham, Chatham, Orange and Person counties, personal income rose 8.4 percent.

Both outpaced the average performance of 363 regions reviewed by the government. On average, personal income -- defined as the money received by all people from all sources in a place -- grew 6.2 percent in the nation's metro areas.

Per capita personal income growth was smaller than the growth rate of total income.

The numbers for total personal income represent "economic well-being," said Mark Vitner, an economist with Wachovia in Charlotte. "The strong growth that we saw reflects the strong economic growth we saw in 2007."

Don't expect similar performance this year. With an economic slowdown afflicting the nation, 2008 personal income growth in the Triangle could be half the rate logged last year, Vitner said.

Keep in mind that personal income is but one piece of a broader economic picture. The figures don't take inflation into account, and they can be skewed for a variety of reasons -- an influx of younger residents, for instance.

That could be why per-capita personal income growth in the Triangle wasn't as robust as growth for the total number. Younger people typically earn less than older people, and a growing population of lower-income residents pulls down figures on a per-person basis.