Incomes Growing in the Roanoke Region
Roanoke’s median household income growth between 2010 and 2013 puts it in the top 100 of US metro areas, according to new figures from the US Census Bureau. This news, coming on the heels of news that Roanoke’s economy was the second leading metro in the Commonwealth for real gross metropolitan product growth between 2012 and 2013, suggests Roanoke’s economy is gaining steam.
Roanoke’s median household income grew by 4 percent between 2010 and 2013, according to the American Community Survey’s three-year estimates program. Nationally, median household income grew by 1.9 percent over this period. Roanoke’s rank puts it in the top 30 percent of U.S. metro areas and ahead of several competing southern metros.
When ranked on 2013 estimated median household income, Roanoke ranks 158th out of 354 metros, putting it in the top half of U.S. metros, but still slightly below the national median household income of $52,176. However, when cost of living is factored in, Roanoke’s median household income is at the level of the national median household income.
Growing incomes support growing service businesses including a greater variety of retail and dining establishments and portend future development as disposable income increases.
Median Household Income, Change 2010-2013
