Income
Tuesday, 30 June 2009 12:00 Written by Administrator Last Updated on Tuesday, 30 June 2009 16:57
Personal Income: According to the most recent data released by the BEA 2005, Cooke County's total personal income, excluding farm, was $1,160,094,000 which represented an increase of $107,461,000 when compared to the 2004 total personal income, excluding farm, of $ 1,052,633,000. For Statewide personal income, the total of $686,943,289,000 for 2004 and $741,099,703,000 for the year 2004, shows an increase of $54,156,414,000. This indicates that Cooke County has a personal income showing a rate change of 10.2 percent compared to the statewide income at a rate change of 7.9 percent for the same period. Income from all government and government enterprises for the area was a total of $114,229,000 for the year 2005. This was an increase of 5.6 percent from the 2004 figure of $108,127,000. Texas statewide had an increase of 5.7 percent for government income. Military income, excluding federal civilian income, for 2005 was $3,545,000 compared to $3,143,000 in 2004 for the study area. This was an increase of 12.8 percent compared to a statewide change of no change percent for the same period. For further information link to: http://www.bea.gov/bea/regional/reis.
Per Capita Income: Total personal income is a widely used measure of regional economic health while per capita income is generally used to compare the relative well-being of residents across areas (not accounting for differences in area cost of living). The per capita personal income for 2005 was $29,771 in Cooke County while Texas statewide had a per capita income of $32,460. For more information on this data, please go to http://www.bea.gov/bea/regional/reis.
Government Transfer Payments: The Cooke County region received over $189,116,000 in transfer of payments in FY2005 which reflected a $4,866 per capita transfer payment compared to the Texas per capita payment of $4,194. Transfer payments includes the total amount of government allocations to people who qualify for income assistance. This consists largely of supplemental security income payments, family assistance, general assistance payments, food stamp payments, and other assistance payments, including emergency assistance. For more information on this data, please go to http://www.bea.gov/bea/regional/reis.
Average Weekly Wage: TWC reported an average weekly wage during 1st quarter 2007 for all covered wages and salaried employment in the Cooke County region to be $597.09. Average weekly wages for 1st quarter 2008 was $669.12, an increase of 12.1 percent. This is compared to an increase of 5.5 percent statewide for the same period of time. The Texas statewide average weekly wage in the 1st quarter of 2008 was $871.46. These wage data are the result of the reported quarterly wages and salaries paid by employers divided by 13 weeks. For the most current information, link to: http://www.tracer2.com/cgi/dataanalysis/AreaSelection.asp?tableName=Industry
Personal Income by Place of Residence: Personal income by place of residence, based on the 2000 Bureau of Economic Analysis (BEA) estimates was roughly $62,908 for the Cooke County region. This compares to $78,626 statewide. This figure is much higher than the per capita income level because it includes all wage earners living within a single household. Also, income data from BEA will be different than income data from other agencies due to that fact the BEA includes other sources of income such as farm wages, dividends, interest, rent and transfer payments. For more information on this data, please go to http://www.bea.gov/bea/regional/reis.
Poverty Population: The U.S. Department of Census estimated a 2002 poverty population for the Cooke County region for people of all ages at 4,885 persons. That figure represents 12.9 percent of the non-institutional population compared to a Texas percentage of 15.4 percent for people of all ages. The estimated number of people under the age of 18 in the study area in poverty was 1,962 in 1999. This figure was 6.1 percent of all people under 18 in the study area compared to Texas statewide which was 6.0 percent of all people under 18 as estimated in 1999. According to the 2000 Census, the number of families living below poverty status in 1999 were 1,098 which was 10.9 percent of all families in the study area. This compared to 12.0 percent of all families statewide living in poverty status in 1999. The total number of individuals living below poverty status was 5,020 in 1999 which was 13.8 percent of all individuals in the study area. This compared to 15.0 percent of all individuals living below poverty status statewide. For the most recent Poverty information, see: http://www.census.gov/hhes/www/saipe/county.html .