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Wichita personal income grows

Wichita personal income grew at a faster rate in 2018.

Statistics released today by the Bureau of Economic Analysis, an agency of the United States Department of Commerce, show personal income in the Wichita Metropolitan Statistical Area growing at an increasing rate.

The figures released today are through calendar year 2018. For that year, personal income in the Wichita MSA was $33,060.9 million, up 6.2 percent from $31,128.2 million the previous year. These are current dollars.

The figure for 2017 was adjusted from $30,801.3 million to $31,128.2 million.

In the nation’s metropolitan areas, personal income grew by 5.7 percent.

Per capita personal income in the Wichita MSA for 2018 was $51,854 in current dollars, up 6.2 percent from $48,818 in 2017. This growth rate ranked at position 26 among 384 metropolitan areas. For the nation, growth was 4.9 percent.

BEA offers these definitions:

Personal income is the income received by, or on behalf of, all persons from all sources: from participation as laborers in production, from owning a home or business, from the ownership of financial assets, and from government and business in the form of transfers. It includes income from domestic sources as well as the rest of world. It does not include realized or unrealized capital gains or losses.

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). Comparisons for different regions and time periods reflect changes in both the price and quantity components of regional personal income.

The estimate of personal income for the United States is the sum of the state estimates and the estimate for the District of Columbia; it differs slightly from the estimate of personal income in the national income and product accounts (NIPAs) because of differences in coverage, in the methodologies used to prepare the estimates, and in the timing of the availability of source data.

Per capita personal income is calculated as the total personal income of the residents of a given area divided by the population of the area. In computing per capita personal income, BEA uses Census Bureau mid-year population estimates.

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