The Rich and the Poor. As per the records of the World Bank, the US holds the position as the 9th richest country in the world. Recently following the recession in 2008, the job market has improved, though cost of education health care, real estate and commodities in general seem to be on the rise. That is why it is not surprising to note that the ever -existing divide between the affluent and the mediocre/poor has become even wider.
As is expected, periods of economic doom and boom reflect on the wealth of the country though not much difference is expected in the metropolitan areas, both affluent and impoverished. As mentioned before the wealth gap widens. This is measured in terms of GMP- gross metropolitan product. GMP is a measure in terms of money in relation to the value of goods/ services within a metropolitan area during a specific period of time, but is masked by the population in surge and out surge. The US median household income in 2014 was lower than that in 2009 after adjusting for inflation.
Silicon Valley, where the technological headquarters is located, is in Northern California. Subsequent to the changing economy, the title of the richest city in the US had been awarded to SanJose California and this is owing to the recent surge in the tech market. This boom gave the upswing to the US economy as well. Real estate market in Northern California showed an upswing with hike in the rent rates.
As per the records of US bureau of economic analysis published in 2014, the GMP per capita here is $105,482, which amounts to twice the national average. Bridgeport Connecticut stands a somewhat close second with a value of $94,489. Third position is held by SanFransisco at$80,643. Seattle and Boston stand neck to neck in the subsequent positions at $75,874 and $74746 respectively. Closely behind in line are Durham ($73593), Washington ($72191), New York ($70830) and Houston ($70 097). Other cities worth mentioning are DesMoines, Dallas, Portland , Hartford , Madison, Minneapolis , Denver, LosAngeles, Saltlakecity, Philadelphia and SanDiego, in that order. It is noteworthy to mention here that Seattle's per capita has shown a growth of 7.9% since 2009. This could have been assisted by online companies like Amazon Inc. and Zulily Inc. Also other cities like Portland, Washington and Boston which is hub for biotechnology have also improved their positions since 2008.
These technical hubs are populated by educated crowd holding white collared, scientific and technical jobs and they draw high income as per the latest statistics. This could explain the reason behind surge in the rate of return to college for higher education. This significant difference in the pay packet between the graduate degree holder and a high school diploma holder is another one of trending emergences of this economy. The economists only hope that this expansion of the technological centres will continue through the future years.