Utah income rises
Per capita figures for 2005 show 5.5% increase over 2004
Utah's per capita income for 2005 was $28,061, up 5.5 percent from $26,603 in 2004, according to statistics released Tuesday by the Bureau of Economic Analysis, part of the U.S. Department of Commerce. That put Utah 45th among states in the income rankings, moving up one rung from 2004.
And when it comes to growth, the state outpaced the nation, which had 4.6 percent year-over-year growth.
"Per capita measures of income are always a little bit distorted when you talk about places like Utah or Idaho, mainly because we have substantially more children per adult," said Jeff Thredgold, an economic consultant to Zions Bank. "We have in Utah 50 percent more children per adult than the national average, so any per capita or per-person measure of income, we'll always be on the low side."
Overall average income also is skewed in Utah because of the preponderance of high school and college students working part time, he said.
A better measure of the state, he said, is the average full-time wage. The latest figure put Utah at about 95 percent of the national average, and the state's cost of living is 90 percent to 95 percent of the national figure. "Those numbers, when you compare apples to apples, are a more reasonable comparison," Thredgold said.
Other figures in Tuesday's report:
- Utah's per capita income moved it up to 81 percent of the nation's per capita income figure of $34,586. A year ago, Utah's income was 80 percent of the nationwide figure.
- Utah's growth rate of 5.5 percent year-over-year put it 16th among states.
- Utah's total income was $69.3 billion, and its growth rate of 7.6 percent placed it fifth-best among states. Its 2004 figure was $64.4 billion.
Thredgold noted that Utah is fourth among states in job growth, on a 4.4 percent pace. Leading the way is Nevada, followed by Arizona, Idaho and Utah.
"So our region is leading the nation, as it typically does, and the numbers are very, very strong," he said. "The 7.6 percent growth in total personal income in Utah reflects two things. One is that there are more people working, and the second one is a gain in the average wage of people working. It's a combination of two factors."
Overall, Thredgold described Utah's economy as "running on all eight cylinders."
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