Tag: Economics

  • Sedgwick is a red county in a pink state

    Translation: Sedgwick County is bleeding income.

    This is according to IRS and U.S. Census Bureau data examined by Travis Brown and presented online at HowMoneyWalks.com. This is a website that is companion to the book How Money Walks — How $2 Trillion Moved Between the States, and Why It Matters.

    According to the publisher:

    Between 1995 and 2010, millions of Americans moved between the states, taking with them over $2 trillion in adjusted gross incomes. Two trillion dollars is equivalent to the GDP of California, the ninth largest in the world. It’s a lot of money. Some states, like Florida, saw tremendous gains ($86.4 billion), while others, like New York, experienced massive losses ($58.6 billion). People moved, and they took their working wealth with them. The question is, why? Why did Americans move so much of their income from state to state? Which states benefited and which states suffered? And why does it matter? Using official statistics from the IRS, How Money Walks explores the hows, whys, and impact of this massive movement of American working wealth.

    sedgwick-county-money walks-2013-07

    Kansas, as a state, lost $3.15 billion in income during the period covered by the book. That colors Kansas a moderate shade of pink on a map of all states. Pink, or red, in this case, means like it does in accounting: A loss of money.

    Looking at a map of Kansas counties, we see that Sedgwick County is a bright shade of red. From 1992 to 2010, Sedgwick County lost $1.12 billion in annual AGI (adjusted gross income).

    To put these numbers in perspective, in 2009 AGI in Kansas was $61.7 billion, and in Sedgwick County, $10.6 billion. So Sedgwick County has lost some ten percent of its income. And that’s on an annual basis.

  • Where is the downtown Wichita tax base?

    There’s been much investment in downtown Wichita, we’re told, but the goal of increasing the tax base is farther away rather than closer.

    Wichita city leaders have promoted public investment in downtown Wichita as wise because it will increase the tax base.

    In his State of the City Address for 2013, Wichita Mayor Carl Brewer told the audience (based on his prepared remarks):

    As you know, revitalizing downtown has been a key part of growing our community in recent years, recognizing that a healthy and thriving downtown improves our ability to attract new business, keep our young people here, and expand our tax base. With $100 million in completed downtown projects in 2012 and another $115 million starting this year, we’ve made extraordinary progress toward having the downtown that Wichitans have dreamed of. … As development continues downtown, we are closer to reaching our goals of increased pride, an increased tax base, and bringing more businesses and jobs to Wichita.

    ssmid-investment-quote-2013

    In its report on the economics of downtown Wichita redevelopment, the Wichita Downtown Development Corporation says:

    The Downtown SSMID (Self Supported Municipal Improvement District — shown above) has seen a ten-year total amount of $396,850,538 in public investment and $564,776,159 in private investment. SSMID property values have increased over $300 million in the last ten years.

    The Wichita Downtown Development Corporation sold the planning process to Wichitans by making the argument that “it will grow existing tax base revenues.”

    Wichita downtown self-supporting municipal improvement district (SSMID) boundary map

    To evaluate the success of the city’s efforts, we might look at the change in assessed property valuation in downtown Wichita over past years. A way to do that is to look at the valuations for property in the Wichita downtown self-supporting municipal improvement district (SSMID). This is a region of the city that pays an additional property tax to fund the activities of the Wichita Downtown Development Corporation. Its boundaries are roughly the Arkansas River east to Washington, and Kellogg north to Central.

    Assessed valuation is the basis for levying property tax. The process starts with an appraised value, which is targeted to be fair market value for the property. Then, that is multiplied by 25 percent for commercial property, or by 11.5 percent for residential property. This produces the assessed value. Multiply that by the sum of the several mill levy rates that apply to the property, and you have the total property tax for that property.

    With all the new projects coming online in downtown Wichita, we should expect that the assessed valuation is rising. As someone converts an old, dilapidated property into something more valuable, appraised and assessed values should rise. As new buildings are built, new appraised and assessed value is created where before there was none (or very little). This process is the success story that Mayor Brewer and boosters of public investment in downtown trumpet, as the mayor did twice in one paragraph in his State of the City Address.

    So what has happened to the assessed valuation of property in downtown Wichita, using the SSMID as a surrogate?

    The answer is that after a period of increasing values, the assessed value of property in downtown has has been declining. The peak was in 2008. The nearby table holds the figures.

    This is the opposite of what we’ve been promised. We’ve been told that public investment in downtown Wichita builds up the tax base.

    Some might excuse this performance by noting there’s been a recession. That’s true. But according to presentations, there has been much activity in downtown Wichita. Hundreds of millions of dollars in worth, we are told.

    So why isn’t the assessed valuation rising? Why is it falling during the time of huge successes?

    Wichita downtown self-supporting municipal improvement district (SSMID) assessed property valuation

    Data can be viewed here.

  • Wichita flight count continues decline

    In the economic sphere an act, a habit, an institution, a law produces not only one effect, but a series of effects. Of these effects, the first alone is immediate; it appears simultaneously with its cause; it is seen. The other effects emerge only subsequently; they are not seen; we are fortunate if we foresee them.
    — Frederic Bastiat

    A program designed to bring low air fares to Wichita appears to meet that goal, but the unintended and inevitable consequences of the program are not being recognized. In particular, the number of flights available at the Wichita airport continues to decline.

    Of particular note is that over the past two or three years, the trend of flights nationally is level, while the trend of flights available in Wichita is declining. The gap between Wichita and the nation is increasing.

    According to Regional Economic Area Partnership, the goal of the Kansas Affordable Airfares Program (KAAP) is “to provide more air flight options, more competition for air travel, and affordable airfares for Kansas.”

    Is the Affordable Airfares program meeting its goals? If we look at “air flight options,” and if we consider the number of monthly departing flights as a measurement, Wichita isn’t doing well compared to the nation. The chart at the end of this article illustrates.

    In its Kansas Affordable Airfares Program Fiscal Year 2011 Report, REAP addresses the goal of “more air flight options” and reports:

    “Air service through Wichita Mid-Continent Airport addresses the statutory objective of more flight options, as follows: A total of 11 airlines provide service from Wichita to seven nonstop destinations with connecting service and four nonstop destinations with no connecting service. Overall, there are on average 38 daily (with 40 on weekdays) nonstop or one-stop flights by commercial air carriers, providing access to 4,989 U.S. and international destinations.”

    This statement simply addresses the current situation. But the goal is more flight options. Which is better evidence of meeting the statutory goal: A simple recitation of what’s available today, or looking at the trend, especially comparing Wichita to the nation? REAP’s statement provides very little information as to whether the program is meeting its stated goals, or whether the program is desirable. We should ask that REAP recognize the data and its implications.

    This trend is an example of unintended consequences of government intervention and regulation. The Affordable Airfares program imposes a rough form of price control on airfares in Wichita. If the program didn’t do that — and it appears it succeeds at this goal — then there would be no point in having the program.

    The inevitable effect of price controls is that less is supplied, compared to what would have been supplied. This economic phenomenon is reliable and predictable.

    While travelers prefer low air fares to high, this is not the only consideration. For those who need to travel on short notice, the availability of flights is very important, and on this measure, Wichita is doing much worse than the nation.

    Data is through March 2013, from Bureau of Transportation Statistics. Since this data is highly seasonal, I present a 12-month moving average, so that each point plotted is the average of the previous 12 months data. Also, I index January 2000 to 100.

    Monthly flights, Wichita Airport and nationally.
  • Wichita employment trends by industry

    Here’s an interactive visualization of employment in Wichita by industry. Employment in some industries rises over time, and in others it falls. Government employment has generally grown, and rapidly.

    Explore the data yourself by using the visualization below, or click here to open it in a new window, which may work better for some people. Data is from Bureau of Labor Statistics. Visualization created by myself using Tableau Public.

  • Minimum wage laws: Helpful or harmful?

    A version of the following appeared in the Wichita Eagle (Wage hike isn’t that simple, September 8, 2007).

    minimum-wage-poster

    Will raising the minimum wage help or harm low-wage earners? And are the policy goals — taken in their entirety — of the groups pressing for a higher minimum wage in the best interest of workers?

    The great appeal of a higher minimum wage mandated by an act of the legislature is that it seems like a wonderfully magical way to increase the wellbeing of low-wage workers. Those who were earning less than the new lawful wage and keep their jobs after the increase are happy. They are grateful to the lawmakers, labor leaders, newspaper editorialists, and others who pleaded for the higher minimum wage. News stories will report their good fortune.

    That’s the visible effect of raising the minimum wage. But to understand the entire issue, we must look for the unseen effects.

    The not-so-visible effect of the higher wage law is that demand for labor will be reduced. Those workers whose productivity, as measured by the give and take of supply and demand, lies below the new lawful wage rate are in danger of losing their jobs. The minimum wage law says if you hire someone you must pay them a certain amount. The law can’t compel you to hire someone, nor can it compel employers to keep workers on the payroll.

    The difficulty is that people with lose their jobs in dribs and drabs. A few workers here; a few there. They may not know who is to blame. Newspaper and television reporters will not seek these people, as they are largely invisible, especially so in the case of the people who are not hired because of the higher wage law.

    If we are truly concerned about the plight of low-wage workers we can face some harsh realities and deal with them openly. The simple fact is that some people are not able to produce output that our economy values very much. They are not very productive. Passing a law that requires employers to pay them more doesn’t change the fact that their productivity is low. But there are ways to increase productivity.

    One way to increase workers’ productivity is through education. Unfortunately, there is ample evidence that our public education system is failing badly.

    Capital — another way to increase wages — may be a dirty word to some. But as the economist Walter E. Williams says, ask yourself this question: who earns the higher wage: a man digging a ditch with a shovel, or a man digging a ditch using a power backhoe? The difference between the two is that the man with the backhoe is more productive. That productivity is provided by capital — the savings that someone accumulated (instead of spending on immediate consumption or taxes) and invested in a piece of equipment that increased the output of workers and our economy.

    Education and capital accumulation are the two best ways to increase the productivity and the wages of workers. Ironically, the people who are most vocal about raising wages through legislative fiat are also usually opposed to meaningful education reform and school choice, insisting on more resources being poured into the present system. They also usually support higher taxes on both individuals and business, which makes it harder to accumulate capital. These organizations should examine the effects of the policies they promote, as they are not in alignment with their stated goals.

  • The candlemakers’ petition

    candleThe arguments presented in the following essay by Frederic Bastiat, written in 1845, are still in use in city halls, county courthouses, school district boardrooms, state capitals, and probably most prominently and with the greatest harm, Washington.

    A PETITION

    From the Manufacturers of Candles, Tapers, Lanterns, Sticks, Street Lamps, Snuffers, and Extinguishers, and from Producers of Tallow, Oil, Resin, Alcohol, and Generally of Everything Connected with Lighting.

    To the Honourable Members of the Chamber of Deputies.
    Open letter to the French Parliament, originally published in 1845

    Gentlemen:

    You are on the right track. You reject abstract theories and have little regard for abundance and low prices. You concern yourselves mainly with the fate of the producer. You wish to free him from foreign competition, that is to reserve the domestic market for domestic industry.

    We come to offer you a wonderful opportunity for your — what shall we call it? Your theory? No, nothing is more deceptive than theory. Your doctrine? Your system? Your principle? But you dislike doctrines, you have a horror of systems, as for principles, you deny that there are any in political economy; therefore we shall call it your practice — your practice without theory and without principle.

    We are suffering from the ruinous competition of a rival who apparently works under conditions so far superior to our own for the production of light that he is flooding the domestic market with it at an incredibly low price; for the moment he appears, our sales cease, all the consumers turn to him, and a branch of French industry whose ramifications are innumerable is all at once reduced to complete stagnation.

    This rival, which is none other than the sun, is waging war on us so mercilessly we suspect he is being stirred up against us by perfidious Albion (excellent diplomacy nowadays!), particularly because he has for that haughty island a respect that he does not show for us

    We ask you to be so good as to pass a law requiring the closing of all windows, dormers, skylights, inside and outside shutters, curtains, casements, bull’s-eyes, deadlights, and blinds — in short, all openings, holes, chinks, and fissures through which the light of the sun is wont to enter houses, to the detriment of the fair industries with which, we are proud to say, we have endowed the country, a country that cannot, without betraying ingratitude, abandon us today to so unequal a combat.

    Be good enough, honourable deputies, to take our request seriously, and do not reject it without at least hearing the reasons that we have to advance in its support.

    First, if you shut off as much as possible all access to natural light, and thereby create a need for artificial light, what industry in France will not ultimately be encouraged?

    If France consumes more tallow, there will have to be more cattle and sheep, and, consequently, we shall see an increase in cleared fields, meat, wool, leather, and especially manure, the basis of all agricultural wealth.

    If France consumes more oil, we shall see an expansion in the cultivation of the poppy, the olive, and rapeseed. These rich yet soil-exhausting plants will come at just the right time to enable us to put to profitable use the increased fertility that the breeding of cattle will impart to the land.

    Our moors will be covered with resinous trees. Numerous swarms of bees will gather from our mountains the perfumed treasures that today waste their fragrance, like the flowers from which they emanate. Thus, there is not one branch of agriculture that would not undergo a great expansion.

    The same holds true of shipping. Thousands of vessels will engage in whaling, and in a short time we shall have a fleet capable of upholding the honour of France and of gratifying the patriotic aspirations of the undersigned petitioners, chandlers, etc.

    But what shall we say of the specialities of Parisian manufacture?Henceforth you will behold gilding, bronze, and crystal in candlesticks, in lamps, in chandeliers, in candelabra sparkling in spacious emporia compared with which those of today are but stalls.

    There is no needy resin-collector on the heights of his sand dunes, no poor miner in the depths of his black pit, who will not receive higher wages and enjoy increased prosperity.

    It needs but a little reflection, gentlemen, to be convinced that there is perhaps not one Frenchman, from the wealthy stockholder of the Anzin Company to the humblest vendor of matches, whose condition would not be improved by the success of our petition.

    We anticipate your objections, gentlemen; but there is not a single one of them that you have not picked up from the musty old books of the advocates of free trade. We defy you to utter a word against us that will not instantly rebound against yourselves and
    the principle behind all your policy.

    Will you tell us that, though we may gain by this protection, France will not gain at all, because the consumer will bear the expense?

    We have our answer ready:

    You no longer have the right to invoke the interests of the consumer. You have sacrificed him whenever you have found his interests opposed to those of the producer. You have done so in order to encourage industry and to increase employment. For the same reason you ought to do so this time too.

    Indeed, you yourselves have anticipated this objection. When told that the consumer has a stake in the free entry of iron, coal, sesame, wheat, and textiles, “Yes,” you reply, “but the producer has a stake in their exclusion.” Very well, surely if consumers have a stake in the admission of natural light, producers have a stake in its interdiction.

    “But,” you may still say, “the producer and the consumer are one and the same person. If the manufacturer profits by protection, he will make the farmer prosperous. Contrariwise, if agriculture is prosperous, it will open markets for manufactured goods.” Very well, If you grant us a monopoly over the production of lighting during the day, first of all we shall buy large amounts of tallow, charcoal, oil, resin, wax, alcohol, silver, iron, bronze, and crystal, to supply our industry; and, moreover, we and our numerous suppliers, having become rich, will consume a great deal and spread prosperity into all areas of domestic industry.

    Will you say that the light of the sun is a gratuitous gift of Nature, and that to reject such gifts would be to reject wealth itself under the pretext of encouraging the means of acquiring it?

    But if you take this position, you strike a mortal blow at your own policy; remember that up to now you have always excluded foreign goods because and in proportion as they approximate gratuitous gifts. You have only half as good a reason for complying with the demands of other monopolists as you have for granting our petition, which is in complete accord with your established policy; and to reject our demands precisely because they are better founded than anyone else’s would be tantamount to accepting the equation: + x + = -; in other words, it would be to heap absurdity upon absurdity.

    Labour and Nature collaborate in varying proportions, depending upon the country and the climate, in the production of a commodity. The part that Nature contributes is always free of charge; it is the part contributed by human labour that constitutes value and is paid for.

    If an orange from Lisbon sells for half the price of an orange from Paris, it is because the natural heat of the sun, which is, of course, free of charge, does for the former what the latter owes to artificial heating, which necessarily has to be paid for in the market.

    Thus, when an orange reaches us from Portugal, one can say that it is given to us half free of charge, or, in other words, at half price as compared with those from Paris.

    Now, it is precisely on the basis of its being semigratuitous (pardon the word) that you maintain it should be barred. You ask: “How can French labour withstand the competition of foreign labour when the former has to do all the work, whereas the latter has to do only half, the sun taking care of the rest?” But if the fact that a product is half free of charge leads you to exclude it from competition, how can its being totally free of charge induce you to admit it into competition? Either you are not consistent, or you should, after excluding what is half free of charge as harmful to our domestic industry, exclude what is totally gratuitous with all the more reason and with twice the zeal.

    To take another example: When a product — coal, iron, wheat, or textiles — comes to us from abroad, and when we can acquire it for less labour than if we produced it ourselves, the difference is a gratuitous gift that is conferred up on us. The size of this gift is proportionate to the extent of this difference. It is a quarter, a half, or three-quarters of the value of the product if the foreigner asks of us only three-quarters, one-half, or one-quarter as high a price. It is as complete as it can be when the donor, like the sun in providing us with light, asks nothing from us. The question, and we pose it formally, is whether what you desire for France is the benefit of consumption free of charge or the alleged advantages of onerous production. Make your choice, but be logical; for as long as you ban, as you do, foreign coal, iron, wheat, and textiles, in proportion as their price approaches zero, how inconsistent it would be to admit the light of the sun, whose price is zero all day long!

    Frédéric Bastiat (1801-1850), Sophismes économiques, 1845

  • How to grow the Kansas economy

    In this 14 minute video from April, Art Hall, who is Director of Center for Applied Economics at Kansas University, talks about how to grow the Kansas economy.

    An important takeaway is that our targeted economic development strategies can’t handle the volume needed to create a lot of jobs in Kansas. We need policies that apply uniformly, so that we can generate as many business start-ups as possible. Of these start-ups, some will grow rapidly, but we don’t know the identities of these companies in advance.

    For more about these ideas, see Hall’s paper Embracing Dynamism: The Next Phase in Kansas Economic Development Policy.

  • Kansas taxes, the debate

    Seal of the State of KansasKansans are not being helped by their stable of newspaper editorial boards. We’ve seen this before (Kansas editorial writers aren’t helping), and the conclusion of the legislative session provides more examples.

    An example is the editorial Why are these Kansas politicians celebrating? in the Kansas City Star. A quote is this: “Lawmakers had to go into overtime in the 2013 session trying to figure out how to climb out of the ditch they created last year when they gave away $3.7 billion in income tax cuts without figuring out how to offset them.”

    This quotation serves to illustrate much of what’s wrong with Kansas newspaper editorial writing, and also with a large group of Kansas politicians.

    A first problem is ideological. When you read words like they gave away income tax cuts, you know the writer believes that a certain portion of your income belongs not to you, but to the state. If the portion going to the state is reduced, the state is giving away something. What the state is giving away must be offset or paid for in some way, according to this ideology.

    Private sector job growth, Kansas and selected states

    A second problem is the presumption that the Kansas economy has been humming along smoothly, and that efforts to reduce taxes (and therefore government spending) are a change for the worse — the “ditch” that the Star referred to. But I would ask anyone who believes Kansas has been doing well to acquaint themselves with the facts about our economy. An example is the nearby chart (click for larger version) of private sector job growth in Kansas and surrounding states for the past two decades. For most of this period Kansas government has been in the hands of “moderates,” both Republican and Democratic. How would you say cumulative job growth in Kansas compares to our peer states?

    Anyone who defends the recent decades of moderation must confront this and similar statistics. If private sector job growth doesn’t convince you, how about personal income growth? An interactive visualization of data from the U.S. Bureau of Economic Analysis is here. The pre-configured view shows income in Kansas growing slower than our peer states, the Plains states, and the United States.

    If people are not aware of the dismal performance of the Kansas economy, ask them why they don’t know the facts. If they know the facts, ask them why they defend the status quo. Ask them why they want to deny Kansans the level of economic opportunity that people in, say, Oklahoma have.

    But, editorial writers would rather complain about what the legislature did to “pay for Brownback’s perilous tax experiment.” (H. Edward Flentje : Is Kansas on the right track? Wichita Eagle)

    Echoing the sentiment of the left-wing editorial boards, Flentje, a professor at Wichita State University with much practical experience in state and local government, also wrote that the legislature had to “clean up the mess” created by last year’s “financial debacle,” that being the income tax cuts. He also used the “pay for” line of thinking — several times for good measure — as well as tossing in “perilous tax experiment.” (I think I mentioned that earlier, but it bears repeating.)

    This left-wing ideology is the prevailing breeze that propels Kansas newspaper editorial boards, along with others like Flentje who ought to know better. For those who disagree, I ask them to defend the record of the Kansas economy under the leadership of coalition of moderate Republicans and Democrats. (For more background, see Kansas traditional Republicans: The record.)

    While it’s good that Kansas reduced income tax rates, it’s bad that on the balance, more tax revenue will flow to Topeka. In particular, raising the sales tax (or preventing its reduction, whichever you prefer) was a bad move, and particularly the sales tax on food. Writing in the Wichita Eagle, Kansas Senate President Susan Wagle wrote that Kansas has moved towards more of a “FairTax” model Susan Wagle : Kansas is on the path to prosperity. That’s true in some respects. But an important part of the FairTax model is the “prebate.” This is a monthly advance refund of sales tax on necessities up to the poverty level. Its purpose is to mitigate the regressive nature of consumption, or sales, taxes.

    Kansas, however, taxes the sale of food. Furthermore, on July 1 the sales tax on food will be higher than it would be under current law. The new tax law restores a portion of the food sales tax credit program, but this is a clunky measure that will benefit very few people.

    The biggest failure of the Kansas legislature this year was that little or nothing was done to reduce spending. In 2011 three bills passed the House that would take a long-term approach to reducing the cost of Kansas government. None of these bills were considered this year. (See In Kansas, there are ways to reduce the cost of government.)

    Kansas Policy Institute has also prepared ways that Kansas can save money. See Kansas can cut spending, if we want.

    Cutting government spending is important if we want to grow Kansas. See States that Spend Less, Tax Less — and Grow More and To boost jobs and prosperity, Kansas should cut spending.

  • Wichita and peer GDP growth

    Compared to its peers, the government sector in Wichita is growing fairly quickly, but the private sector is growing slowly.

    One of the benchmarks used by Visioneering Wichita to gauge the growth of the Wichita-area economy may not be the best measure, and its interpretation requires caution.

    The measure is per-capita personal income. Its presentation may be seen here. Some of the issues with per capita measures are explained by Dave Trabert of Kansas Policy Institute:

    Per-capita income is a bad measurement because it rewards cities that are losing people due to domestic migration and punishes those who are gaining.

    Even without the per-capita issue, personal income is not a clean measure. Personal income can increase because federal transfer payments grew, employers had to spend more to provide health care benefits, and other items that have nothing to do with measuring relative economic growth.

    Better measurements would be private sector jobs, private sector GDP and private sector wage and salary disbursements. Unless the point of Visioneering is to grow government, the measurements should only be of private sector elements.

    Last year KPI explained how the mathematics of per-capita measures can produce results that seem paradoxical. The current edition of Rich States, Poor States has a section devoted to these problems. Here’s an explanation of a scenario that requires caution to interpret:

    Further, the residents of a state can be better off even if that state’s per-capita or median income decreases. If, for example, 50,000 low income agriculture workers move into Texas, those workers’ incomes almost surely rise (or else they would not have moved there). The residents and business owners in Texas who benefit from their labor services are better off, and the final result is that no one is worse off. But the per-capita income in Texas may actually go down if the low income agricultural workers earn less than the state’s average wage.

    To help better understand economic growth in Wichita and its peers, I’ve gathered gross domestic product (GDP) figures for the Wichita metropolitan area and the peer metropolitan areas Visioneering has selected. GDP is value of all the finished products and services produced, and is the most comprehensive measure of economic activity. I’ve also looked at private sector GDP and government GDP.

    wichita-gdp-government-sector-visioneering-2013-06-06

    To the left, we see growth in GDP for the government sector. (Click for a larger version.) This data is indexed, so that each area starts at the same relative level and we can compare the relative growth over a period of years. Wichita, the brown line, is not far from the top, meaning that value produced in government jobs has grown faster than in most of our peers.

    wichita-gdp-private-sector-visioneering-2013-06-06

    Next, is a chart of growth in GDP for the private sector. (Click for a larger version.) It is here that we see how poorly the Wichita-area economy has performed. The private sector is growing very slowly in Wichita, compared to our peers.

    When we couple slow growth of the private sector with faster growth of government, we’re setting the stage for even slower growth of the type of jobs that produce prosperity. Those are, of course, private sector jobs.

    When we compare the per-capita figures with the absolute figures, we see that while Wichita performs poorly on a per-capita basis, it performs even worse on an absolute basis.

    Explore the data yourself by using the visualization below, or click here to open it in a new window, which may work better for some people. Use Ctrl+Click to highlight metropolitan areas for comparison. Data is from U.S. Bureau of Economic Analysis. Visualization created by myself using Tableau Public.