Wednesday, December 21, 2005

still #1

(however it's my personal opinion the wealth of this state is NOT spread around, it's held by a very few)

State Still Richest In U.S. In Income Growth, Though, It's 37th
Courant Staff Writer December 21 2005

For all the concern over the high-paying jobs lost in the past few years, new data released Tuesday show that Connecticut is still far and away the richest state in the nation in average income per person.The numbers aren't even close. For the July-through-September quarter, the gap between Connecticut and No. 2 Massachusetts - nearly $4,000 - was greater than the differences between any other two states, except in the case of Louisiana, which was knocked to the bottom of the list, a distant 50th place, because of Hurricane Katrina.But Connecticut residents shouldn't be smug, economists warn.Yes, the income numbers are a sign of a stronger economy than the state is generally given credit for. And yes, the $47,978 earned, on average, by the state's residents reflects prosperity beyond just a few scandalously high-paid hedge fund managers.The funny thing about numbers is that they can tell more than one tale. And in the case of how fast personal income has grown during the past year, Connecticut ranks closer to the bottom than the top.State residents' $168 billion in total personal income - which includes wages, investment earnings and rental income earned by all residents - grew 5.3 percent during the past year, according to data from the U.S. Bureau of Economic Analysis.That's half the rate of growth in Nevada, where total personal income rose by 10.6 percent during the past 12 months, the fastest in the country. Overall, Connecticut ranks 37th in the nation in total income growth - the measure of wealth overall, not necessarily for typical families...........

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