In a companion blog, we examined Gross Domestic Product (GDP) trends across counties in the Tampa Bay Region. Alas, rapid GDP growth does not necessarily lead to higher incomes. In this post, we explore per capita personal income (PCPI) and how it has changed over time. Interestingly, the counties with the fastest GDP growth have not necessarily seen the highest PCPI gains.

Key Takeaways

1. Hillsborough County’s PCPI grew 11% since 2018, reaching $63,640.
2. The Tampa Bay Region’s PCPI increased by 12% over the same period, reaching $60,187.
3. Sarasota County has the highest PCPI in the region at $85,157—8th highest in Florida.
4. Pasco County experienced the fastest PCPI growth in Tampa Bay at 13.01% since 2018.
5. Statewide, Florida’s PCPI grew by 10% since 2018, reaching $68,703.

Understanding Per Capita Personal Income

Per capita personal income (PCPI) represents the average income per person in a specific area, such as a county, state, or country. It is calculated by dividing the total personal income of all residents by the total population.

The data in this analysis comes from the Bureau of Economic Analysis’ CAINC1 County and MSA Personal Per Capita Personal Income (PCPI) Summary. All figures are adjusted for inflation and presented in constant 2023 dollars. This blog focuses on PCPI trends over five- and ten-year periods (2013, 2018, and 2023) to provide a broader picture of economic change. For the Tampa Bay Region, PCPI was calculated as the median of the eight counties in the region.

Florida is the top destination for high net worth individuals[i].  As may become apparent, the counties with the fastest growth in PCPI are those counties attracting these high net worth individuals.

Lastly, as you review these income figures, kindly remember that we have experienced significant inflation.  In 2013-2018, consumer prices in southern states have increased 7.05%[i].  In 2018-2023, they increased an additional 22.74%.  Cumulatively, since 2013, consumer prices in southern states have increased 31.40%.

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Tampa Bay Region Counties

In 2013, PCPI in the Tampa Bay Region ranged from $41,483 (Hernando) to $65,964 (Sarasota), with a regional average of $49,849. Between 2013 and 2018, PCPI grew in all counties, with increases ranging from 5.69% (Citrus) to 23.79% (Sarasota), averaging 12.08%. By 2018, regional PCPI had risen to an average of $56,277.

Between 2018 and 2023, PCPI growth slowed in most counties, except for Hillsborough and Pasco, where growth accelerated. During this period, PCPI increases ranged from just 0.51% (Polk) to 13.04% (Pasco), averaging 7.05%. By 2023, regional PCPI had reached $60,289, with Sarasota maintaining the highest PCPI in the region.

When comparing five-year periods, PCPI growth in Tampa Bay was nearly identical between 2013-2018 (11.74%) and 2018-2023 (11.69%). However, over the ten-year period (2013-2023), Tampa Bay’s PCPI grew slightly slower than Florida’s (24.80% vs. 29.01%).

In relation to inflation, in the period 2013-2018, only Citrus and Polk had PCPI grow slower than consumer prices (7.05%). However, in the period 2018-2023, there was significant inflation resulting from the pandemic. Thus, growth in PCPI fell significantly short than inflation (22.74%). 

Table 1. Tampa Bay Region Counties – 2013, 2018, and 2023 Per Capita Personal Income in Constant 2023 Dollars

Area	2013	2018	2023	2013-2018 Percent Change	2018-2023 Percent Change	2013-2023 Percent Change
Citrus	$43,399	$45,868	$47,178	5.69%	2.86%	8.71%
Hernando	$41,483	$45,507	$49,176	9.70%	8.06%	18.54%
Hillsborough	$52,875	$57,590	$63,640	8.92%	10.50%	20.36%
Manatee	$51,323	$59,481	$64,096	15.89%	7.76%	24.89%
Pasco	$45,133	$50,189	$56,734	11.20%	13.04%	25.71%
Pinellas	$56,844	$65,719	$71,904	15.61%	9.41%	26.49%
Polk	$41,768	$44,206	$44,430	5.84%	0.51%	6.37%
Sarasota	$65,964	$81,657	$85,157	23.79%	4.29%	29.10%
Tampa Bay Region	$48,228	$53,889	$60,187	11.74%	11.69%	24.80%
Florida	$53,256	$62,290	$68,703	16.97%	10.29%	29.01%

Figure 1a. Citrus, Hernando, Hillsborough, and Manatee Counties – 2013, 2018, and 2023 Per Capita Personal Income in Constant 2023 Dollars

Figure 1b. Pasco, Pinellas, Polk, and Sarasota Counties – 2013, 2018, and 2023 Per Capita Personal Income in Constant 2023 Dollars

Figure 1c. Hillsborough County, Tampa Bay Region, and Florida – 2013, 2018, and 2023 Per Capita Personal Income in Constant 2023 Dollars

Figure 1d. Tampa Bay Region Counties –2023 Per Capita Personal Income in Constant 2023 Dollars and 2018-2023 PCPI Growth

Florida Counties

Across Florida’s 67 counties, PCPI in 2013 ranged from $23,570 (Union) to $90,946 (Collier), with a statewide average of $45,873. Between 2013 and 2018, PCPI increased in every county, with growth ranging from 1.68% (Hendry) to 36.90% (Collier), averaging 14.08%. Sarasota and Pinellas Counties were the only Tampa Bay counties ranking in the top 10 for PCPI growth.

In 2018, PCPI ranged from $25,360 (Union) to $124,506 (Collier), with a statewide average of $52,981.  From 2018-2023, PCPI increased in 66 of 67 counties, with growth rates ranging from 3.93% (Bradford) to 104.75% (Liberty), averaging 25.91%. One exception was Glades County, where PCPI declined slightly (-1.34%).

By 2023, Florida’s PCPI ranged from $28,946 (Union) to $134,527 (Collier), averaging $57,666. Over the full ten-year period (2013-2023), PCPI grew in every county, with growth rates ranging from 4.86% (Hendry) to 61.11% (Monroe), averaging 23.89%.

While several Tampa Bay Region counties saw PCPI rise by over 20% in the last decade, none ranked among Florida’s ten fastest-growing counties.

Figure 2a. Florida Counties – 2013 Per Capita Personal Income in Constant 2023 Dollars

Figure 2b. Florida Counties – 2013-2018 Percent Growth in Personal Per Capita Income

Figure 3a. Florida Counties – 2018 Per Capita Personal Income in Constant 2023 Dollars

Figure 3b. Florida Counties – 2018-2023 Percent Growth in Personal Per Capita Income

Figure 4a. Florida Counties – 2023 Per Capita Personal Income in Constant 2023 Dollars

Figure 4b. Florida Counties – 2013-2023 Percent Growth in Personal Per Capita Income

Conclusion

Hillsborough County’s PCPI reached $63,640 in 2023, marking an 11% increase since 2018 and a 20% rise since 2013. Despite this growth, Hillsborough ranks fourth in the Tampa Bay Region behind Sarasota, Pinellas, and Manatee Counties.

Over the past decade, PCPI in the Tampa Bay Region grew at a slightly slower pace than the state average (24.80% vs. 29.01%).

Comparing these trends to our blog on GDP growth, some counties—like Sumter and Walton—experienced both high GDP and high PCPI growth. However, in the Tampa Bay Region, no county with high GDP growth also had high PCPI growth. This suggests that while economic output has increased, income distribution may not be keeping pace, possibly due to differences in industry growth, population shifts, or job quality.

Lastly, unfortunately, gains in income have not kept up with high inflation in the period 2018-2023. Thus, many residents may feel that they have fallen behind in economic terms.

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[i] Thomas, Jade. “People Making $200,000 or More Are Flocking to These 10 States: Florida Is No. 1.” CNBC, 12 Aug. 2024, www.cnbc.com/2024/08/12/high-income-people-are-flocking-to-florida-other-states.html.

[i] 2013-2023 Consumer Price Index All Urban Consumers (CPI-U). Bureau of Labor Statistics.  All items in South urban, all urban consumers, not seasonally adjusted. South. All Items 1982-1984 = 100. Series Id: CUUR0300SA0, CUUS0300SA0.