Real Personal Income Estimates Shake Things Up
The Bureau of Economic Analysis (BEA) has been doing work that compares the cost of living among states. In late April, BEA released a report that puts its “regional price parity” data to use. Specifically, it adjusts each state’s per capita personal income to account for differences in price levels among the states. The results are interesting, and the impact of applying them to an existing grant program is stunning.