TYLER, Texas (KLTV) -- If you’re living in Tyler, you’re probably bringing in more income than other parts of the country.
A new report is giving national attention to Tyler for having the fourth fastest growing income in the U.S.
The growing income in metro Tyler is catching economists’ attention. Tom Mullins, President and CEO, Tyler Economic and Development Council, tells KLTV “The economy drives everything. If people don’t have jobs they don’t live in your town, they go somewhere else where the jobs are. "
The per capita personal income of Tyler residents is among the fourth fastest in the nation according to new data released by Bloomberg.
The study revealed per capita personal income in Tyler climbed 9.3% in 2018 to $55,229. In 2016 it was $46,218.
"That is a strong indicator that people are getting more disposable income. When they have more disposable income they can move out of an apartment, get into a house, they get rid of that junker they’ve been having to drive,” says Mullins.
The city of Tyler’s Economic and Development Council’s President and CEO boasts the income gains.
“Employers are going to have to increase the starting wages, add benefits which improves the household and per capita income of the population,” explains Mullins.
Mullins credits the growth to a strong economy and low unemployment rates.
“This gets your attention. This is a healthy economy that’s growing with good paying jobs and there are going to be some people who want to find out more about that,” says Mullins.
Mullins says Tyler’s economy is among the most diverse thanks to a variety of strong industries including higher education, medical sector, retail hub, and tourism.
“All of those items bring new dollars into our economy which gives us that healthy glow if you will in terms of economic strength.”
Mullins hopes this study will draw business confidence in the future.
“Companies they we’ve suddenly come on their radar screen and their curious about Tyler, they have a project in mind that they might be thinking about expanding their operations in this part of the country.”
Odessa and Midland were among the other two cities in the nation to reach the top five for outpacing metro areas in per capita personal income.