It was the largest annual increase since 1984, when incomes went up by 9.5 percent.

The department also reported that last year, the average residential property value went up by 6.9 percent.

After Sept. 11, insurance premiums went up by 30 percent.

"This semester it went up by 3 percent," he reported.

The salaries of teachers already in the system went up by 14.25 percent.

In one year, the total went up by 5 percent.

"After 9/11, tourism went down by about 40 percent," he said.

"But it's a seller's market, and prices went up this year by 10 to 15 percent."

"There will be many people thinking it was a soft landing even though prices may have gone down in real terms by 40 percent."

In fact, no rate could go up or down by more than 5 percent annually without specific justification.