Income growth in metro Denver lost momentum last year but remained ahead of inflation, according to a report Thursday from the U.S. Bureau of Economic Analysis.
Per-capita personal incomes rose 3.9 percent in metro Denver last year to $46,439. That trails 2006’s 5.2 percent local increase and the 5.1 percent pace averaged in metro areas nationally in 2007. But income growth was ahead of the 2.2 percent consumer inflation rate recorded in the metro area last year.
“The slowdown in the economy has definitely affected wage growth. That will continue to trickle through,” said Jeff Romine, an economist with Denver’s Office of Economic Development.
Other Colorado areas that lagged behind the U.S. average for per-capita personal-income growth included Colorado Springs, Fort Collins and Greeley.
But per-capita income growth accelerated in Grand Junction, up 6.9 percent, and Pueblo, up 5.3 percent.
And many cities in the state continue to rank high in per-capita income. Denver ranks 21st and Boulder ninth out of 363 metro areas.
Personal income includes wages, rental income, dividends, interest and government payments. Income is divided by population to come up with per- capita figures.
Personal incomes last year grew the fastest in metro areas rebuilding from the devastation of Hurricane Katrina in 2005 and in areas like Grand Junction that are seeing a boom from higher oil and natural-gas prices.
Aldo Svaldi: 303-954-1410 or asvaldi@denverpost.com
