As reported by the St. Mary’s County Enterprise, St. Mary’s County’s median household income has declined by 9% in one year, dropping from $86,358 in 2012 to $ 78,233 in 2013.
Four years ago, the median household income in St. Mary’s County was $88,444, according to the U.S. Census Bureau. That was also the fourth-highest increase in the country from 2007 to 2010.
By 2013, though, that St. Mary’s figure had dropped to $78,233, the lowest in Southern Maryland, according to figures released by the Census Bureau on Thursday.
County officials indicate the economy and sequestration are affecting the median household income.
“This is economic reality now,” said St. Mary’s County Commissioner Todd Morgan (R), a program manager for a defense contractor.
The economic driver in St. Mary’s is Patuxent River Naval Air Station. Its 22,000 jobs are said to account for as much as 85 percent of the local economy.
“2010 was our high-water mark” in median household income, said Robin Finnacom, acting director of the St. Mary’s County Department of Economic Development. With the latest figure at $78,233, “I think it’s the earliest indication of the impact of sequestration. It should be expected,” she said.