Let's Talk Business: Increasing Household Income

May 7, 2017

The Cape Girardeau area’s median household income has grown by 8.5% in the last three years, outpacing the state and the nation.

According to the most recently available U. S. Census data, the median household income for our area is $47,824. While the total number falls behind Missouri and the U. S., growth of 8.53% over the last year far outpaces both.

So why is this happening and what does it mean? Well, first and foremost, our population has increased over the same period. This means that the most likely reason for the growth is that more people are working and those who are working, are earning more money. For instance, statistics show that careers in general management have seen this exact scenario occur the last three years. Some industries are up, some are down, but as a whole, we are growing.

What this ultimately means is that there are more real dollars circulating in our economy. And that, of course, is a great thing.

Locally this week, the Cape Chamber is welcoming the Missouri Chamber to launch the "Dream It. Do It." program in Cape. This program focuses on improving the overall image of manufacturing in our region. We will have several manufacturers at the Chamber on Tuesday, May 9,  to move forward with this process. Additionally, we will be cutting a ribbon on Innovative Financial Solutions on North Kingshighway on Monday morning, May 8, 2017.