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New Yorkers' average personal income up 3.7 percent in 2014

New Yorkers' average personal income climbed 3.7 percent

New Yorkers' average personal income climbed 3.7 percent last year, almost triple the inflation rate. Credit: iStock

New Yorkers' average personal income -- a broad measure that includes more than wages -- climbed 3.7 percent last year, more than the inflation rate.

The federal Bureau of Economic Analysis said Wednesday that residents of New York State, on average, had income of $56,231 in 2014.

Besides wages, the figure includes interest and dividend payments from investments, rental income and government payments such as Social Security and Medicare.

The inflation rate for the metropolitan region was 1.3 percent last year, and it was 1.4 percent for the Northeast, according to the federal Bureau of Labor Statistics. Similar data for New York State weren't available.

The 3.7 percent increase in personal income in 2014 lagged behind national growth of 3.9 percent. Nationwide, income rose to $46,129, on average, last year.

New York State's average personal income was the nation's fourth highest, behind Connecticut's $62,467, Massachusetts' $59,182 and New Jersey's $56,807.

Some economists said Wednesday that income gains in New York trailed the national gains because low-wage jobs have replaced high-wage jobs lost here in the 2007-09 recession.

"The kinds of jobs being created, particularly in this area, are lower-paying, and that's having an effect on personal income," said Irwin L. Kellner, a Port Washington resident and chief economist at the MarketWatch financial news service. "The recovery hasn't been as robust as recoveries from previous recessions . . . People aren't doing so well."

In New York State, 63 percent of the typical resident's income is derived from wages, 19 percent from dividends, interest, rents or other investment earnings, and 18 percent from government checks for unemployment insurance, retirement or health care.

Most of last year's gain -- 2.7 percent -- was in wages, followed by 0.6 percent in investment earnings and 0.4 percent in government payments, according to the analysis bureau.

In 2013, New Yorkers' average personal income rose 1.1 percent, while incomes nationally rose 2 percent that year.


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