The new Census figures for 2016 were recently released from the American Community Survey. According to the Survey, conditions in LA County are improving.
From our Institute for Applied Economics (IAE):
- Household income in LA County grew by 3.7% in 2016, compared to an average rate of 3.1% in the previous 4 years, and finally topped $60,000 (as a symbolic reference point).
- Mean household income grew by 4.1% in 2016. The mean is skewed by the higher-income households so it’s usually a neglected statistic, but it is important for businesses because it suggests the growth in LA County’s buying-power.
- Per capita income growth was a bit higher at 4.8% in 2016.
“I’m still digesting the data because there is so much and we won’t really get a chance to review well until we are utilizing it in reports. However I did take a look at changes in households by income bracket because I’ve been concerned about the region’s housing affordability issues, more so recently as home prices have been growing”, said Rafael deAnda, Economist, IAE.
- The number of LA County households with incomes over $100,000 grew by 5.6% in 2016. Good, but not as good as California or U.S. at 6.9% and 6.2% respectively.
- Low income (under $35,000) and middle income ($35,000 to $100,000) households in LA County both declined by 1.7%, suggesting that households are moving up.
For more reports from IAE, visit our Reports page.