Incomes are on the rise across the country, as median household income jumped by 2% overall, a new government survey has found.
Residents in 42 of the 50 states saw an average increase in household median income between 2015 and 2016, as income fell overall in just seven states and Washington D.C., According to the U.S. Census annual American Community Survey.
Here are the states where income is growing the fastest:
Increase in median household income: 5.9%
Idaho was the No. 1 state for income growth in the nation — jumping from a median income of $50,007 to $52,997 — which may have been driven by a leap in local employment opportunities during 2016 as supply and demand forced employers to offer more to the limited local workforce, according to Business Insider.
Increase in median household income: 5.3%
Massachusetts came in No. 2, jumping from a median household income of $73,161 to $77,026. But the change may not do much to assuage residents concerned about the states above-average cost of living, particularly in areas including housing and healthcare, as well as those who are opposed to a proposed tax increase for the wealthiest residents.
Increase in median household income: 4.9%
Oregon saw its median household income rise from $56,090 to $58,853, according to ACS.
“So what is driving Oregon’s stronger income growth? Pretty much everything,” Josh Lehner of the Oregon Office of Economic Analysis wrote in 2016, “The biggest component here are wages, which have been consistently growing 6 or 7% annually in recent years. Withholdings out of paychecks have been even stronger, which matters for our revenue forecast. Right now Oregon’s total wages are increasing at the 6th fastest pace nationwide.”
4. North Carolina
Increase in median household income: 4.4%
The state saw incomes rise from $49,546 to $51,746, coming on the heels of a small but increased income the year before, according to reports . Still, the growth was behind the national average, and reflected the gap between rural and urban economies, experts said at the time.
“Big metro areas are booming and small towns and rural areas are struggling. It will take a major revitalization of rural North Carolina to change this,” Mike Walden, a North Carolina State University economist, told North Carolina Public radio in 2015.
Increase in median household income: 4.2%
The median household income jumped from $43,501 to $45,532, which may have stemmed from a sharp jump in farming-related earnings, according to the Arkansas Economist, a forum of the University of Arkansas at Little Rock.
“In addition to farm income, the fastest growing industry groups included mining, construction, real estate, educational services, and administrative and waste management services,” the group wrote.
6. New Jersey
Increase in median household income: 4%
The median household income is one of the highest on the list, going from $77,813 in 2015 to $77,874 in 2016 but the jump in income may not come as a relief to residents who face some of the nation’s highest costs of living.
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