|
Comprehensive Plan Economic Development Element
<br />household income increased from $55,500 in 2006 to $58,300 in 2009. Among other factors, this
<br />increase in the county's median household income can be attributed to the continued influx of
<br />wealthier retirees to the county.
<br />Source: United States Department of Commerce, Bureau of Economic Analysis, Regional Economic Information System (REIS), 1969-2007,
<br />Internet site ligp://www.bea.gov/regional/reis/default.cfm?selTable=CAI-3§ion=2 (accessed December 28, 2009)
<br />As defined, per capita income is the mean average income computed for every man, woman, and
<br />child in a particular area. It is derived by dividing the total income of a particular area by the total
<br />population in that area. Table 5.12 shows that between 2006 and 2007 the county's per capita
<br />income level increased by 6.45%.
<br />In Indian River County, retail and service establishments benefit from the high per capita income
<br />and high median household income levels. Generally, higher income levels enhance economic
<br />development by increasing the potential for more retail sales and higher value services.
<br />Economic Development Trends
<br />Citrus Industry
<br />In recent years, the County's citrus industry has suffered significant losses due to the spreading of
<br />citrus canker and citrus greening. While citrus canker is a bacterial disease that causes premature
<br />leaf and fruit drop, citrus greening is a bacterial disease that causes citrus trees to produce bitter
<br />misshaped fruit and kills trees over the course of a couple of years. In recent years, citrus greening
<br />has been spread by an insect called the Asian citrus psyllid. Citrus canker, on the other hand, was
<br />widely spread throughout the southern portion of the state from the winds of the 2004 hurricanes.
<br />In 2006, there were 40,191 acres within the County dedicated to growing citrus. At that time, there
<br />were also 12 packing houses within the County. Due to the spreading of citrus canker and citrus
<br />greening, it is expected that citrus acreage and the number of packing houses will decline even
<br />further.
<br />Community Development Department Indian River County 19
<br />Table 5.12: Indian River County Income Levels
<br />Year
<br />Median Household
<br />Income
<br />% Change
<br />Per Capita % Change
<br />Income
<br />2006
<br />$55,500
<br />$55,817
<br />2007
<br />$54,100
<br />-2.52%
<br />$59,419 6.45%
<br />2008
<br />$57,000 1
<br />5.36%
<br />NA
<br />2009
<br />$58,300
<br />2.28%
<br />NA
<br />NA = Not Available
<br />Source: United States Department of Commerce, Bureau of Economic Analysis, Regional Economic Information System (REIS), 1969-2007,
<br />Internet site ligp://www.bea.gov/regional/reis/default.cfm?selTable=CAI-3§ion=2 (accessed December 28, 2009)
<br />As defined, per capita income is the mean average income computed for every man, woman, and
<br />child in a particular area. It is derived by dividing the total income of a particular area by the total
<br />population in that area. Table 5.12 shows that between 2006 and 2007 the county's per capita
<br />income level increased by 6.45%.
<br />In Indian River County, retail and service establishments benefit from the high per capita income
<br />and high median household income levels. Generally, higher income levels enhance economic
<br />development by increasing the potential for more retail sales and higher value services.
<br />Economic Development Trends
<br />Citrus Industry
<br />In recent years, the County's citrus industry has suffered significant losses due to the spreading of
<br />citrus canker and citrus greening. While citrus canker is a bacterial disease that causes premature
<br />leaf and fruit drop, citrus greening is a bacterial disease that causes citrus trees to produce bitter
<br />misshaped fruit and kills trees over the course of a couple of years. In recent years, citrus greening
<br />has been spread by an insect called the Asian citrus psyllid. Citrus canker, on the other hand, was
<br />widely spread throughout the southern portion of the state from the winds of the 2004 hurricanes.
<br />In 2006, there were 40,191 acres within the County dedicated to growing citrus. At that time, there
<br />were also 12 packing houses within the County. Due to the spreading of citrus canker and citrus
<br />greening, it is expected that citrus acreage and the number of packing houses will decline even
<br />further.
<br />Community Development Department Indian River County 19
<br />
|