Wealth Index
The wealth index reflects the overall economic prosperity and financial well-being of a county's residents based on income levels, employment rates, and income inequality metrics.
Income Statistics Overview
| Metric | New Britain | Connecticut Avg | US Average |
|---|---|---|---|
| Median Household Income | $55,106 | $95,363 | $78,145 |
| Median Personal Income | $50,752 | $76,086 | $61,726 |
| Average income growth | 3.6% | 4.1% | 5.1% |
| Six-Figure Earners | 6.6% | 18.1% | 13.2% |
The median household income in New Britain is about 42% lower than in Connecticut. Income has been growing slower in New Britain (3.6%/yr) than in Connecticut (4.1%/yr).
About 7% of adults in New Britain earn six figures ($100,000 or more) a year, lower than the Connecticut average of 18%.
Median Household Income 2009–2023 Trend
Median Household Income Over Time
Median household income in New Britain, Connecticut grew by 31.4% from 2009 to 2023, reaching $55,106 in 2023. That's an average of about 3.6% per year.
Economic Inequality in New Britain | Gender Pay Gap | Gini Coefficient
| Metric | New Britain | Connecticut Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.537 | 0.555 | 0.570 |
| Male Median Income | $56,518 | $83,962 | $67,746 |
| Female Median Income | $46,298 | $68,602 | $54,793 |
| Gender Pay Gap | 18.1% | 18.3% | 19.1% |
The Gini coefficient measures how evenly income is shared between richer and poorer households, from 0 (everyone earns the same) to 1 (one household earns nearly everything). The lower the number, the more equally income is distributed. In New Britain, it is 0.537, lower than Connecticut's 0.555, so income is more evenly distributed here than there, and lower than the US's 0.570, so income is more evenly distributed here than there.
Men's income is about 22% more than women's income in New Britain, Connecticut. Over a 35-year career, a 22% wage gap accumulates to roughly $357,700 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in New Britain, Connecticut has widened from about 16% to 18% in 2023. In dollar terms, the gap has widened by $3,373 since 2009.
Employment
| Metric | New Britain | Connecticut Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 8.3% | 5.6% | 5.2% |
| Working from Home | 7.2% | 14.5% | 13.4% |
| Commute time (minutes) | 18 | 22 | 22 |
Approximately 3,046 people are unemployed in New Britain, Connecticut.
The average commute time in New Britain is 18 minutes, shorter than the 22 minutes in Connecticut.
Unemployment Rate Over Time
Since 2011, the unemployment rate in New Britain, Connecticut has fallen from 12.8% to 8.3% in 2023.
Conclusion
Considering all these factors, New Britain, Connecticut has an overall wealth index grade of D, making it somewhat worse than Connecticut, and somewhat worse than the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in New Britain, Connecticut.
How Rich Is New Britain, Connecticut?
New Britain has a wealth index grade of D. The wealth index grades areas from A+ (best) to F- by combining income levels, employment rates, and income inequality; a D grade means residents are somewhat worse off than the U.S. average. The median household income is $55,106, about 42% lower than the Connecticut average of $95,363.
What is the current median household income in New Britain, Connecticut?
As of 2023, the median household income in New Britain, Connecticut is $55,106.
What was the median household income in New Britain in 2023?
In 2023, the median household income in New Britain, Connecticut was $55,106.
What was the median household income in New Britain in 2020?
In 2020, the median household income in New Britain, Connecticut was $48,197.
What is the Gini coefficient in New Britain, Connecticut?
The Gini coefficient in New Britain is 0.537. It measures income inequality on a scale from 0 (everyone earns the same) to 1 (one household earns everything). That is lower than the US average of 0.570, so income is distributed more equally than in the country overall.
How has the income gap between men and women changed in New Britain, Connecticut?
Since 2009, the income gap between men and women in New Britain, Connecticut has widened from about 16% to 18% in 2023. In dollar terms, the gap has widened by $3,373 since 2009.