Median family income on the rise in Nashua, city officials told
NASHUA — On Tuesday, city officials were presented with data indicating that family incomes throughout the city are finally on the rise after a slight decrease two years ago.
According to information provided by John Griffin, chief financial officer for the city, the median family income last year in Nashua was $76,612 compared to $75,999 in 2011.
“You will note that incomes are slowly rising, and as we are preparing the fiscal year 2013 (comprehensive annual financial report), the median family income value will also increase to $81,905,” Griffin said in a memo to the Board of Aldermen.
A chart distributed to aldermen on Tuesday highlighted the median family income in Nashua since 2003, when it was calculated at $77,800. The median income steadily increased from 2003 until it topped at $84,011 in 2008. Since then, the numbers continued to decline until 2012 when the median family income noticed its first increase in four years.
Since fiscal year 2012, incomes have been slowly increasing while the number of unemployed residents is on the decline.
According to Griffin’s data, in the last decade the city’s unemployment rate was its highest in 2010 when it was calculated at 7.2 percent with 3,550 residents out of work. This past year, the unemployment rate was closer to 5.9 percent with 2,926 residents out of work.
Several aldermen said Tuesday they were relieved to learn family incomes were increasing.
“It is currently headed in the right direction,” said Brian McCarthy, president of the Board of Aldermen.
Alderman-at-Large James Donchess echoed those sentiments, saying he hopes the figure continues to rise to a median family income of $84,000 or $86,000 as the economy continues to improve.
“I think we should see it go up,” said Alderman Kathy Vitale.
Alderman-at-Large Mark Cookson said it would have been helpful if Griffin could have attended Tuesday’s Board of Aldermen meeting to further elaborate on the documents, specifically since there was some confusion about median household incomes and median family incomes and how they were documented in recent years.
Also included in the demographic statistics presented on Tuesday was the population of the Gate City for the past decade. In 2003 there were 86,931 residents in Nashua, which hit a high in 2009 at 87,555 residents compared to last year’s figure of 86,704.