Connecticut #1 for Income & Income Inequality
Connecticut continues to be number one when it comes to per capita income—but the state is also number one when it comes to income inequality.
The U.S. Bureau of Economic Analysis reports that in 2014 Connecticut had a per capita income of $64,864. That average, however, is skewed by a small group of high income earners.
The Economic Policy Institute (EPI) found that in 2012 members of the 1% in Connecticut earned an average income of $2,683,600, while the bottom 99% earned an average of $52,603.
From 2009 to 2012 the income of the top 1% grew by 35% while the bottom 99%’s income went down by 5.4%.
“Clearly what’s stands out about Connecticut is that it has had a huge amount of growth among high-earners, not only since the recovery but in the last 35 years and that’s because of the financial sector,” said Mark Price, an author of the EPI report.
He expects that trend, which he called “the most extreme of what we’ve seen,” to continue.