Real Estate Roundup: U.S. Annual Income Growth Climbs to 50-Year High
September 19, 2016HOUSEHOLD INCOME GROWTH SEES SIGNIFICANT ANNUAL GAIN
The average American worker got a much-needed monetary boost last year, though incomes have not yet returned to their prerecession highs.
Citing data from the U.S. Census Bureau, The Wall Street Journal reports that the median household income increased by 5.2 percent from 2014 to 2015 to $56,516. That’s the largest annual gain since 1967 but still 2.4 percent below the record high U.S. incomes of 1999. Incomes are 1.6 percent below their precession levels of 2007 and may surpass them next year at the current growth rate.
The news comes on the heels of an analysis by CNBC, which found that incomes in Silicon Valley grew by more than 20 percent from 2009 to 2014. The Bay Area is home to most of the highest-paying companies in the nation, with the overwhelming majority in the technology sector.