Inflation Adjusted Real Per Capita Personal Income Decreases for Second Consecutive Year

The Real GDP (chained to 2017 dollars) in the Albany-Schenectady-Troy MSA increased from $67,717 million in 2022 to $69,401 million in 2023, representing a growth of 2.49%. This marks a modest improvement from the previous year and continues the upward trend in the region’s total economic output.

Real Per Capita Personal Income (chained to 2017 dollars) in the Capital Region Metropolitan Statistical Area (MSA) declined from $61,336 in 2022 to $60,717 in 2023, representing a 1.02% decrease. Although this annual drop is smaller than in previous years, it continues a downward trend that began after the region reached a peak in 2021. Despite recent declines, real per capita income, reflecting the average inflation-adjusted earnings of individuals in the Albany-Schenectady-Troy MSA, remains higher than in 2017, indicating overall long-term growth.

Per Capita Personal Income (in current dollars) showed a more significant increase, climbing from $67,858 in 2022 to $71,972 in 2023. This 6.02% rise indicates nominal gains in individual earnings before adjusting for inflation.

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