Analysis of the Effect of Labor, Investment, and Per Capita Income in North Sumatra Province, 2015–2024
Keywords:
Per capita income, Labor, Investment, Education, Economic growth, North Sumatra.Abstract
Per capita income is frequently used as a concise indicator to describe the average level of economic welfare of a region’s population. Within the framework of neoclassical growth theory, movements in per capita income are influenced by capital accumulation (investment), labor input dynamics, and the quality of human capital (education) that enhances productivity. This study aims to empirically examine the effects of labor, investment, and education on per capita income in North Sumatra Province during the period 2015–2024. This research employs a quantitative approach using multiple linear regression analysis, with classical assumption testing as well as partial and simultaneous significance tests, based on secondary data obtained from Statistics Indonesia (BPS) for the years 2015–2024. The estimation results indicate that labor and education have a positive and statistically significant effect on per capita income, whereas investment (FDI and DDI) does not show a statistically significant partial effect. Simultaneously, the three variables significantly affect per capita income, with a high coefficient of determination (R²), indicating that the model has strong explanatory power.These findings suggest that improving the quality of human resources through education and optimizing labor productivity play a strategic role in increasing per capita income in North Sumatra. Investment policies should be directed toward productive and labor-intensive sectors to generate a greater multiplier effect on community welfare. The results of this study are expected to provide policy implications for strengthening a productive investment climate, enhancing human capital through education, and expanding employment absorption to sustainably increase per capita income.
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