The U.S. Census Bureau released on Wednesday new data from its 2016 annual population survey — with largely positive findings. Most notable among the survey’s findings is the significant increase in U.S. median household income between 2014 and 2016 — more than in any two-year period on record.
Not only did incomes go up nationwide, but the share of uninsured Americans and the share of Americans facing serious financial hardship declined. This year’s data release marks the first time in nearly three decades that income, health insurance coverage, and poverty all improved for two consecutive years.
> Median household income: $73,433
> Population: 3,576,452 (22nd lowest)
> 2016 Unemployment rate: 5.1% (16th highest)
> Poverty rate: 9.8% (4th lowest)
In Connecticut, high educational attainment and a large number of advanced, high-paying jobs have likely contributed to a high concentration of wealth. Some 38.6% of adults in Connecticut have a bachelor’s degree, the fourth highest share of any state. An estimated 8.8% of the state’s workforce is employed in generally high paying finance and insurance jobs, and 2.3% are in information, the second and fifth largest shares in the country. The typical Connecticut household earns $73,433 annually, far more than the $57,617 national median income.
Despite such improvements on the national scale, income inequality in the U.S. remains high and incomes vary dramatically from state to state. 24/7 Wall St. ranked all 50 states according to the newly released median household income figures. Many of the poorest states in the country are concentrated in the South, while many of the wealthiest are coastal states in the West, mid-Atlantic, and Northeast regions. The typical household in the wealthiest state earns over $37,000 more a year than the typical household in the poorest state.