Affordable Housing, Community Development, Reports and Publications

New Report Finds CT Ranks at the Top for Income Inequality

Economic Analysis and Research Network
 

A new report by the Economic Analysis and Research Network looks at the change in income inequality by state from 1917 to 2012. Sadly, all 50 states have shown increases in income inequality over the past few decades. The Increasingly Unequal States of America takes a deep dive into all 50 states and not surprisingly, Connecticut was included in many of the findings where the top 1% captured a majority of income growth.

  • The ratio of the income of the top 1% to the bottom 99% in Connecticut is 51.0. Translated into dollar amounts, this means that the average income of the top 1% is $2,683,600 while the average income of the bottom 99% is $53,603.
  • Connecticut and New York are tied for the largest gaps between the top 1% and the bottom 99% with the top 1% earning on average over 48x the income of the bottom 99% in 2012.
  • Connecticut was one of the states where all income growth between 2009 and 2012 accrued to the top 1%.
  • Between 1979 and 2007, Connecticut was one of 15 states where the top 1% capture between half and 84% of all income growth. Specifically it ranked number one as the top 1% gained a 414% increase while the bottom 99% saw a 29% increase.
  • From 2009 to 2012 Connecticut’s top 1% experienced 35% income growth while the bottom 99% experienced -5.4% income growth.

Click here to view the full report. 

 
 

Filter News By