College students enjoy the outdoors at the University of Southern California campus in Los Angeles, March 1, 2022. The U.S. grew wealthier, better educated, young adults moved less and poverty declined during the second half of the last decade, according to new data released Thursday, March 17, 2022 by the U.S. Census Bureau.
The luxury, residential skyscraper buildings of “Billionaire’s Row” in Manhattan are visible from Central Park in New York City, Feb. 20, 2022. The U.S. grew wealthier, better educated, young adults moved less and poverty declined during the second half of the last decade, according to new data released Thursday, March 17, 2022 by the U.S. Census Bureau.
The U.S. grew wealthier, better educated, less impoverished and less transient during the second half of the last decade, according to data released Thursday by the U.S. Census Bureau.
Median household income for the nation, which had been almost $54,000 from 2011 to 2015, rose to almost $65,000 during the 2016 to 2020 period, which was the final stretch of the longest expansion in the history of U.S. business cycles, according to American Community Survey 5-year estimates.
With the exception of Colorado, the states with the biggest gains in household income were primarily on the coasts. The Rocky Mountain state joined the District of Columbia, California, Massachusetts and Washington with household jumps ranging from $15,000 to $20,000. The smallest gains, of $6,000 or less, were in Alaska, Louisiana and Puerto Rico.
The data released Thursday capture the second half of a decadelong expansion in the U.S. economy that followed the Great Recession. The expansion ended in spring 2020 as the coronavirus started spreading throughout the U.S., forcing businesses to close and workers to be laid off. The data captured only a small part of the initial impact from the pandemic, according to the Census Bureau.
The nation’s poverty rate dropped significantly in the last half of the decade, going from 15.5% in the 2011 to 2015 period, in the aftermath of the Great Recession, to 12.8% in the 2016 to 2020 period. With the exception of Alaska, where its change wasn’t statistically significant, poverty decreased in 49 states, the District of Columbia and Puerto Rico.
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