Study: Norman among cities with fastest growing incomes
Consumer finance site NerdWallet crunched the numbers to find the cities with the fastest growing incomes and Norman came in at #5.
Workers in Norman have experienced a 19 percent increase in median earnings. Check out which other cities made the list.
Cities with significant median personal income growth over a longer period send a signal that the local economy is in an upward trend.
To find the cities with the fastest growing incomes, NerdWallet looked at the growth in median earnings for workers in the period between 2007 and 2011.
NerdWallet says that Norman’s location near two major federal and two state highways serves as a convenient access point for travel by road. Businesses in a diverse set of industries have offices in Norman, including Agio (IT services), PCI (software) and Albon Engineering and Manufacturing.
The University of Oklahoma, located in Norman, is a major employer in the city. The university’s Center for the Creation of Economic Wealth is an important partner in local and state economic development.
The Norman Economic Development Coalition combines the efforts of several local groups to improve the city’s economy, and the city’s Chamber of Commerce works to increase economic opportunities and innovative business projects in Norman. Norman saw 19 percent growth in earnings for workers between 2007 and 2011.
Cities with the Fastest Growing Incomes
1. Chico, California
Chico is known as a college town, and the local colleges serve as important economic stimuli for the city. California State University, Chico (CSU Chico) provides a large flow of students into the local labor force. Butte College’s Training Place, located in Chico, offers employee training to local companies, which helps increase the number of skilled workers in the area. Chico’s City Council pledged in 2007 to support and strengthen the city’s economy by increasing its value to job seekers. By working with local businesses, encouraging local investment and improving the physical conditions of the city, they are raising quality of life for the entire city. Earnings for workers grew an enormous 32 percent between 2007 and 2011.
2. Greeley, Colorado
3. Bellingham, Washington
4. Yorba Linda, California
5. Norman, Oklahoma
6. Gainesville, Florida
7. Brownsville, Texas
8. Syracuse, New York
9. New Orleans, Louisiana