MORRISTOWN REPORTED AMONG THE TOP IN THE COUNTRY FOR INCOME GROWTH
As a recent study, USA Today reported on the top 25 US cities where incomes are growing the fastest. Morristown made the list at number 5.
Across the country, incomes have seen an increase in the past few years. Unemployment rates have reached the lowest the country has seen in recent history. The economy has seen positive growth, and Morristown has been fortunate to see evidence of that.
Many of the cities that made the list are heavy manufacturing communities. Manufacturing was hard hit during the Recession. The fact that these are the communities now showing growth shows the rebound of US manufacturing. Morristown industry has thrived in recently years with many existing industries expanding and new ones locating to our community. The unemployment rate in Morristown is reported at 3.6%, lower than the national average of 3.8%. Per capita income growth in 2016 was 4.1% with a 5-year per capita income growth showing 9.7%.
Per capita income for Morristown still falls below the national average, but low cost of living and no state income tax means that income can stretch a little further. With the coming of Van Hool, Iatric, and industrial expansions, Morristown hopes to see continued economic growth in our community.
Click HERE to read the full USA Today article.