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Topic: median household income

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October 6, 2014 at 6:34 AM

Washington’s economy makes gains while household incomes were better off in 1999

Talking about the “good old days” often seems like a waste of time to me, but when looking at household incomes, it turns out the days past were actually better.

Fifteen years ago, households in Washington made more money: the state’s median household income dropped to $58,977 in 2013, an 8 percent decrease compared with $64,009 in 1999 (adjusted for inflation), according to the U.S. Census Bureau.

During the same period, Washington’s per capita gross domestic product, which measures economic output based on population, rose to $54,654 per person in 2013 from $50,472 in 1999, according to the Bureau of Economic Analysis. That represents an 8.3 percent increase with various fluctuations over the years.

The top chart shows how median household income for Washington residents has fluctuated since peaking in 1999.  The bottom chart shows how the rate changes year to year. SOURCE: WASHINGTON BUSINESS ALLIANCE.

The top chart shows how median household income for Washington residents has fluctuated since peaking in 1999. The bottom chart shows how the rate changes year to year. SOURCE: WASHINGTON BUSINESS ALLIANCE.

The point is that the state economy is doing better now than in 1999, but pocketbooks are not.

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