Boone Co. Household Income Sees Increase
COLUMBIA - While various other regions in the country are still trying to advance economically after the recession, Boone County is standing-out among the rest.
Fanny Mae recently reported Boone County's median household income for 2011-12 is expected to be $65,100. This is surprising since the Missouri Department of Economic Development reported this same statistic to be $46,439 back in 2009.
This is an increase of $18,661 since the start of the pull out of the recession.
Dr. Robert Weagley is an Associate Professor and Department Chair for the MU Department of Personal Financial Planning, and he believes there are many factors that contribute to a booming economy.
"I think we're going to continue to find: agriculture provides part of it, tourism provides part of it, education, and healthcare," Weagley said. "We have got a pretty good combination here in the central part of the state of Missouri."
The Bureau of Economic Analysis agrees with Weagley. The BEA's latest report on Septmeber 22, 2011 speculated the large economic growth in this region is due to the increase in professional services and the large agriculture industry.
Missouri has long been exporting much of its agricultural products, such as soy beans, to countries overseas - most particularly the rising international economic giant itself, China.
Weagley anticipates the rate of growth in the community will not slow down anytime soon.