Affluence ticks up
More Fairfield County households, including Wilton, are earning at least $200,000 than from before the 2008 recession.
U.S. Census data shows 20.4% of households in Fairfield County are earning at least $200,000 a year. That’s more than 16.8% in 2008, when the recession began, according to the data.
Town-by-town breakouts were not provided in the data, but the median Wilton household income was reported at $179,844.
It’s a positive sign for the local economy, said Steven Glazer, economics professor at Norwalk Community College.
“The fact that more households are earning this amount is a positive sign for the local economy, since it indicates more of a general higher standard of living for this area,” Glazer said.
One thing that needs to be put into context here is comparing the rate of increase in incomes to the rate of inflation, to ensure that purchasing power has risen during this period, Glazer said.
Regardless, knowing that all of these households have more disposable income will typically lead to them increasing their overall level of spending, he said.
“As for the long-term health of the region, this also serves as a positive sign, because it should boost business optimism to want to operate in this area and also encourage more development as we see taking place,” Glazer said.
All in all, this increased income should serve as a boon to the area, Glazer predicted.