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Income and Earnings Per Capita Income Growth Definition: Per capita income is the average income per person in Redwood City. Personal income is the income received by, or on behalf of, all per- sons from all sources: from participation as la- borers in production, from owning a home or unincorporated business, from the ownership of financial assets, and from government and business in the form of transfer receipts. Non- cash government benefits are not included. Why is it important? Income is the income that is available to per- sons for consumption expenditures, taxes, in- terest payments, transfer payments to govern- ments and the rest of the world, or for sav- ing. As such, it is an important indicator of eco- nomic well-being in a community. How are we doing? In 2015, per capital personal income in Red- wood City was $51,865. At that time, there were only 10 cities in California that had higher per capita personal income. Not surprisingly, six of those 10 cities are located in Silicon Val- ley or the Bay Area more broadly. Palo Alto, just to the south of Redwood City had the high- est recorded per capita income in 2015 at just under $82 thousand. Figure 13:Redwood City Real Per Capita Income Ranking In 2015, the residents of Redwood City experi- enced an enormous increase in per capita in- come. Per capita income is total income in the City divided by the total population. The Census Bureau reports that the population increased from 2014 to 2015 at about the same rate that it had been for the last several years, or even a bit faster, but aggregate income increased enor- mously. Between 2014 and 2015, aggregate in- come in the City increased from $3.5 billion to $4.4 billion, or by about 25%. The source of this increase is unknown and its veracity will only be known when the 2016 data are released in September, 2017. Income growth in Redwood City has historically outpaced the broader Bay Area region, Califor- 9