How’d that boom work out for you?
The data are in and most Phoenicians have to show for the Great Real Estate Boom…not much. The federal Bureau of Economic Analysis this week released its comprehensive survey of per-capita personal income for metro areas and counties in 2007. It's the gold standard yardstick for measuring how the average person was actually doing after the Bush "boom" and as the nation prepared to slide into recession.
In metro Phoenix, per-capita personal income totaled $35,185, an increase of 1 percent from 2006 vs. the national average of 4.9 percent. From 1997 to 2007, income growth was 3.9 percent, vs. 4.3 percent nationally. More context: Phoenix's 2007 income was only 91 percent of the national average. Although Phoenix is the nation's 13th most populous metro area, it ranks 134th among metros in per-capita personal income. In 1997, it ranked 126th. This should be astonishing, if any one takes note.
Let's drill down deeper. Phoenix doesn't compete for talent and capital against the national average that includes Mississippi and Alabama. It competes against other big cities (here and abroad), whether it wants to or not. How did its competitors do?
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