Chapter 3 • Corridor Growth Review
3.3.4 Per Capita Personal Income Personal income indicates the relative affluence of a region’s residents. Real per capita income includes the sum of wages and salaries, other labor income, proprietors’ income, rental income of persons, dividend income, personal interest income, and transfer payments, less personal contributions for government social insurance, on a per-person basis. Real (above inflation) increases in per capita income can lead to an increased willingness to pay tolls. Historical Historical real personal income per capita, in constant 2024$ 4 , is presented in Table 3-7 , from WP25. Per capita personal income nationally increased from $58,859 in 2014 to $72,098 in 2024, or 2.0% CAGR. In the Mid-Atlantic and South Atlantic, the CAGRs were 1.9% and 2.2%, respectively. Maryland’s growth was 1.5%. In Maryland’s regions, historical growth was lower than the nation, ranging from 1.1% in Lower Eastern Shore and Washington Suburban to 2.3% in the Upper Eastern Shore. While historical growth was relatively slower in Maryland than nationally, the absolute real income per capita was relatively higher. At $78,038, Maryland’s per capita personal income was 8.2% higher than the Nation, and 13.7% higher than the South Atlantic in 2024. The Washington Suburban region, at $81,401 in 2024, was 12.9% higher than the nation, and Baltimore’s $79,811 was 10.7% higher.
Table 3-7 Historical Real Personal Income Per Capita (2024$)
Geography
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 '14-'24
Total Real Personal Income/Capita (2024$) United States
58,859 61,000 61,535 62,991 64,518 66,297 69,768 73,043 70,302 71,151 72,098 13,239 67,069 69,499 70,745 72,790 74,107 75,803 79,417 81,885 78,361 79,488 80,639 13,570 55,313 57,663 58,354 59,919 61,178 62,997 65,839 69,035 66,753 67,698 68,636 13,323 67,509 69,868 71,146 71,949 72,524 73,650 76,526 78,236 75,531 76,817 78,038 10,530
Mid Atlantic South Atlantic
Maryland
Baltimore 66,890 68,962 69,952 70,983 71,857 73,611 77,209 79,300 76,760 78,343 79,811 12,921 Lower Eastern Shore 50,042 52,442 51,851 52,827 52,442 52,538 55,486 58,122 56,066 54,556 56,074 6,032 Southern Maryland 65,139 67,378 68,202 68,454 68,790 70,086 73,489 73,268 70,291 71,726 73,214 8,075 Upper Eastern Shore 60,555 62,426 63,792 64,924 65,801 68,130 71,141 74,247 72,026 72,910 75,654 15,099 Washington Suburban 73,242 76,108 77,970 78,535 78,766 79,065 80,882 82,232 79,346 80,617 81,401 8,159 Western Maryland 48,826 50,007 51,047 51,332 52,360 53,294 56,659 58,489 55,039 55,727 55,914 7,088 Annual Percent Change United States 2.8% 3.6% 0.9% 2.4% 2.4% 2.8% 5.2% 4.7% -3.8% 1.2% 1.3% 2.0% Mid Atlantic 1.9% 3.6% 1.8% 2.9% 1.8% 2.3% 4.8% 3.1% -4.3% 1.4% 1.4% 1.9% South Atlantic 3.0% 4.2% 1.2% 2.7% 2.1% 3.0% 4.5% 4.9% -3.3% 1.4% 1.4% 2.2% Maryland 0.9% 3.5% 1.8% 1.1% 0.8% 1.6% 3.9% 2.2% -3.5% 1.7% 1.6% 1.5% Baltimore 1.7% 3.1% 1.4% 1.5% 1.2% 2.4% 4.9% 2.7% -3.2% 2.1% 1.9% 1.8% Lower Eastern Shore 2.8% 4.8% -1.1% 1.9% -0.7% 0.2% 5.6% 4.7% -3.5% -2.7% 2.8% 1.1% Southern Maryland 0.5% 3.4% 1.2% 0.4% 0.5% 1.9% 4.9% -0.3% -4.1% 2.0% 2.1% 1.2% Upper Eastern Shore 1.3% 3.1% 2.2% 1.8% 1.3% 3.5% 4.4% 4.4% -3.0% 1.2% 3.8% 2.3% Washington Suburban -0.3% 3.9% 2.4% 0.7% 0.3% 0.4% 2.3% 1.7% -3.5% 1.6% 1.0% 1.1% Western Maryland 3.0% 2.4% 2.1% 0.6% 2.0% 1.8% 6.3% 3.2% -5.9% 1.3% 0.3% 1.4%
4 WP25 provides real income per capita in 2017$, per current BEA data conventions; dollars in inflated to 2024$ using WP25’s PCE index.
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