"We're Not in Kansas Anymore"

[Karried]

Finally, we are catching up with some of the big boys: We can now boast higher income and yet our housing is still affordable - perfect combination for a nice lifestyle. Now if the interest rates stable a bit instead of spike, we'll be in great shape.

"Growth in metro area personal income is expected to rebound from a 2.7 percent average gain in 2002 and 2003 to 4.4 percent in 2004 and 5.2 percent in 2005. Similarly, per capita personal income is expected to rebound, with growth accelerating from 1.8 percent in 2003 to 3.4 percent in 2004. In comparison, the nation is expecting 4.3 percent growth in per capita personal income in 2004, expanding the income gap as measured by the relative per capita income. The metro area made significant gains in closing this gap prior to the 2001 recession and continued to do so during the first two years of the recovery, but the expected sharp increase in national income in 2004 will temporarily reverse this trend.

The 2005 forecast for per capita personal income anticipates further gains for the metro area relative to the nation, raising relative per capita income from 89 percent in 2004 to 90 percent in 2005. Gains in income are expected to support consumer spending, as projections of taxable retail sales in the metro area reflect this with expected growth in 2004 and 2005 of 4.0 percent and 4.1 percent, respectively. "