Some ugly but unsurprising data today. From Georgia down to 40th in per capita income at the Athens Banner-Herald:
Federal data shows Georgia is now 40th among the states. Georgia has been declining since measuring 25th in 2001. The Atlanta Journal-Constitution (http://bit.ly/10FJA0U) reports that Georgia now has the same ranking it did in 1979.
The actual income figure for Georgia grew to $36,869 last year. But the national figure grew faster to $42,693 and that lowered Georgia’s standing among the states. In recent years, Tennessee and North Carolina have moved ahead of Georgia, now 34th and 38th, respectively. Alabama has been slowly inching upward, now measuring two spots behind Georgia at 42nd. […]
Experts said Georgia enjoyed above average growth in per capita income from 1779 [sic! presumably it’s 1979] to 2001 due to new businesses and residents flocking to the state, but then Georgia was hit hard by the recession and housing bubble.
Some high-paying jobs remain down. For instance, Georgia had about 144,900 jobs in information technology in 2000. That’s down to about 105,000.
The drag in income growth in the state has also cut deeply into tax revenues. The resulting fiscal austerity at the state and local level has compounded the problem in multiple ways, especially by reducing spending on public education. We’re going to be paying for those cuts for a long time.