Find out how personal income changed in the Lima region in 2022 by looking at trends and comparing the per capita income levels of different counties. This was done by examining data from the Bureau of Economic Analysis.
Bureau of Economic Analysis: A Look at How Personal Income Has Changed in the Lima Region (Canva/Rachelle J)
Understanding the Impact of Economic Shifts on Local Incomes
The start of the decade witnessed significant changes in citizens’ personal incomes, particularly benefiting middle- and lower-income groups. The implementation of stimulus checks and pandemic welfare programs contributed to increased household incomes through tax credits.
A transformative period in the workforce known as the Great Resignation led to a notable shift, with one in three workers seeking better benefits, fulfillment, and compensation. In 2022, inflation skyrocketed to record highs, hitting around 9%. This became a real concern as it jeopardized the buying strength that the working class had managed to build up.
The growth of personal income slowed down significantly in 2022, especially in big cities, where the increase was only about 1.7%, compared to the 8.9% growth in 2021. Similarly, in smaller towns and rural areas, personal income only went up by 1.2%, a considerable drop from the 8.9% growth observed in the previous year.
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In a published article from Lima Ohio’s official website, Stacker examined Allen County personal income changes and comparisons to state and national levels using Bureau of Economic Analysis data. Income goes beyond salaries and hourly payments. Passive income from stock holdings, 401(k), commissions, and bonuses is income.
Personal income in Allen County was $50,195 per capita in 2022, BEA data shows. That was up 0.6% from 2021. Allen County had the #42 highest income per capita out of 88 counties in the state included in the data. Allen County’s typical personal income level was $7,582 below that of the state and $15,275 below that of the country.
Personal income in Auglaize County was $55,857 per capita in 2022, BEA data shows. That was up 0.9% from 2021. Auglaize County had the #22 highest income per capita out of 88 counties in the state included in the data. Auglaize County’s typical personal income level was $1,920 below that of the state and $9,613 below that of the country.
Personal income in Putnam County was $59,510 per capita in 2022, BEA data shows. That was up 1.0% from 2021. Putnam County had the #14 highest income per capita out of 88 counties in the state included in the data. Putnam County’s typical personal income level was $1,733 above that of the state and $5,960 below that of the country.
This data analysis report from the Bureau of Economic Analysis shows Lima’s dynamic personal income changes, revealing the economy’s effects on people and households. Understanding the broader context of economic changes, their community impacts, and their impact on future economic policies is crucial as we manage these adjustments.
