Thursday, September 22, 2011

Montgomery's Median Income Drops

The median household income has dropped in Montgomery County, according to new Census information and reported in today’s Washington Post. We’re in good company—company that includes most of the country as well as our neighbor, Fairfax County. This doesn’t come as a surprise as we have experienced decreased income tax revenue for the past couple of years, due in large part to drops in capital gains for our residents. We also know that our unemployment rate has hovered at twice our historical average, although well below the national average.

Certainly we need to take this information seriously, and we need to be thoughtful about the conclusions we draw. We also need to remember that we have some forward-thinking, long-range economic development plans in place, and these plans will take advantage of our changing demographics as well as our changing landscape. They include tax credits for the bioscience industry, transit-centered master plans and zoning code changes.

With a median household income of $89,000, we’re still in great shape. What’s more, we are poised and ready for the future, so I remain confident in Montgomery County.

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