South Carolinians saw their household incomes rise in 2015 – but not as fast as the rest of the country.
Real median household income for South Carolinians grew by 4.3 percent, the equivalent of $1,944 in income, the White House said on Thursday. According to new census data, the national figure was $2,800, or 5.2 percent per household.
4.3 percent Growth in real median household income in South Carolina in 2015
5.2 percent Growth in real median household income nationwide in 2015
That’s the first time annual real income growth exceeded 5 percent since 1967, when the Census Bureau began reporting household income data, the White House said.
The Sumter metro area had the fastest growth in South Carolina last year, with the typical household income rising 12.2 percent. The second fastest was the Myrtle Beach area, where income grew by 7.6 percent.
At the same time, the poverty rate fell by 1.3 percentage points in the state. In the last year, 53,100 people were lifted out of poverty in South Carolina, according to the new census data.
The unemployment rate in South Carolina was hovering around 5.1 percent as of August, the lowest it has been since 2001. During the recession the unemployment rate peaked at 11.7 percent in December 2009. Since 2010, the state’s economy has added 266,200 jobs, the White House said.
Thursday’s report also showed that the number of South Carolinians without health insurance fell from 15.8 percent to 10.9 percent from 2013 to 2015 as major provisions of the Affordable Care Act took effect.
Nationwide, the fastest income growth occurred in lower- and middle-income households, and the White House said the data so far in 2016 indicated it would continue to climb this year due to solid employment and real wage growth.
Vera Bergengruen: 202-383-6036, @verambergen
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