Florida vs. United States
Comparative Trends Analysis:
Per Capita Personal Income Growth and Change, 1958-2018
Introduction
Florida:
2018 PCI = $49,417
U.S.:
2018 PCI = $53,712
Per Capita Income (PCI) is one of the most widely used indicators for gauging the economic performance and changing fortunes of local economies. It is used as a yardstick to assess the economic well being of a region's residents and the quality of consumer markets. It serves as a barometer for calibrating the economic performance of a region over time and to judge differences in relative economic prosperity between regions. Shifting trends in local per capita income growth have important social and political ramifications and significant implications in formulating local economic development strategies and initiatives.
Data Definition:
Personal income is the income that is received by persons from all sources. It is calculated as the sum of wage and salary disbursements, supplements to wages and salaries, proprietors' income with inventory valuation and capital consumption adjustments, rental income of persons with capital consumption adjustment, personal dividend income, personal interest income, and personal current tranfer receipts, less contributions for government social insurance. This measure of income is calculated as the personal income of the residents of a given area divided by the resident population of the area. In computing per capita personal income, BEA uses the Census Bureau's annual midyear population estimates.
Personal income is measured as a flow throughout the year, while the measurement of population is at one point in mid-year. Therefore, per capita income is distorted if a significant change in population occurs during the year.
For smaller states in particular, per capita income in any given year may be exceptionally high or low for the short run because of unusual local conditions, such as a bumper crop, a catastrophe, or a major construction project as the building of a dam or nuclear power plant.
Farm incomes are notorious for being especially volatile year-to-year, owing to changing weather, commodity market conditions, and alterations in government programs. Therefore, the per capita income of farm-dependent states may exhibit sharp fluctuations over time.
The presence of large institutional populations--such as residents attending a local college or the residents of a local prison or state mental institution--can significantly lower the per capita income estimates of an area. Such results may not reflect the relative economic well being of the non-institutional population and may mislead if care is not given to their interpretation.
Florida Per Capita Personal Income, 1958-2018
Current vs. Constant Dollars
Florida Per Capita Personal Income, 1958-2018
Current vs. Constant Dollars
Figure 1.
Figure 1 depicts Florida's annual per capita personal income over 1958-2018 in current and constant (2012) dollars. Constant dollar measurements remove the effects of inflation. They allow for comparison of changes in the real purchasing power of Florida over time.
When measured in current dollars, Florida's per capita personal income increased 2,412.6%, from $1,967 in 1958 to $49,417 in 2018. When measured in constant 2012 dollars to adjust for inflation, it advanced 270.7%, from $12,316 in 1958 to $45,659 in 2018.
Real Per Capita Personal Income Indices (1958=100): 1958-2018
Real Per Capita Personal Income Indices (1958=100): 1958-2018
Figure 2.
Figure 2 shows Florida's real per capita personal income growth in a broader context by offering direct comparisons across time with the United States. The growth indices shown here express each region's real per capita personal income in 1958 as a base figure of 100, and the real per capita personal incomes in later years as a percentage of the 1958 base figure. This method allows for more direct comparison of differences in real per capita personal income growth between regions that may differ vastly in size.
Florida's overall real per capita personal income growth was 270.7% over 1958-2018 outpaced the United States' increase of 266.9%.
Per Capita Personal Income as a Percent of the U.S. Average: 1958-2018
Per Capita Personal Income as a Percent of the U.S. Average: 1958-2018
Figure 3.
Figure 3 depicts the trends for per capita personal income relative to the national average by tracing Florida per capita personal income as a percent of the national average over 1958-2018.
In 1958, Florida's per capita personal income amounted to 91.1% of the national average; in 2018, it approximated 92.0%.
Florida Real Per Capita Personal Income:
Annual Percent Change, 1959-2018
Florida Real Per Capita Personal Income:
Annual Percent Change, 1959-2018
Figure 4.
Figure 4 highlights the short-run pattern of Florida's real per capita personal income growth by tracking the year-to-year percent change over 1959-2018. The average annual percent change for the entire 60-year period is also illustrated on this chart to provide a benchmark for gauging periods of relative high--and relative low--growth against the backdrop of the long-term average.
On average, Florida's real per capita personal income grew at an annual rate of 2.24% over 1959-2018. The state posted its highest growth in 1969 (7.40%) and posted its lowest growth in 2009 (-6.69%). In 2018, Florida's real per capita personal income grew by 1.53%
Florida Real Per Capita Personal Income:
Annual Percent Change and Decade Averages Over 1959-2018
Florida Real Per Capita Personal Income:
Annual Percent Change and Decade Averages Over 1959-2018
Figure 5.
Over the past six decades some states have experienced extreme swings in growth, and often such swings have tended to coincide with the decades themselves. Figure 5 again traces the annual percent change in Florida's real per capita personal income since 1959, but this time they are displayed with average growth rates for the decade of the 1960s, 1970s, 1980s, 1990s, 2000s, and 2010-2018.
During the 1960s, Florida's annual real per capita personal income growth rate averaged 3.88%. It averaged 2.50% during the 1970s, 2.75% throughout the 1980s, 1.44% during the 1990s, 0.77% during the 2000s, and 1.83% thus far this decade (2010 to 2018).
Real Per Capita Personal Income Growth:
Average Annual Percent Change by Decade
Real Per Capita Personal Income Growth:
Average Annual Percent Change by Decade
Figure 6.
Figure 6 compares the decade average growth rates for Florida noted in the previous graph with the corresponding decade averages for the nation.
Relative to nationwide real per capita personal income growth trends, Florida outpaced the nation during the 1960s (3.88% vs. 3.49%), surpassed the nation in the 1970s (2.50% vs. 2.37%), outgained the nation over the 1980s (2.75% vs. 2.20%), trailed the nation throughout the 1990s (1.44% vs. 2.03%), recorded underneath the nation over the 2000s (0.77% vs. 1.09%), and trailed the nation over 2010-2018 (1.83% vs. 1.95%).
   
 
Real* Per Capita Personal Income Growth:
Average Annual Percent Change
 
 
 
2.24
3.88
2.50
2.75
1.44
0.77
1.83
1.53
 
2.21
3.49
2.37
2.20
2.03
1.09
1.95
1.76
 
   

Tip: To augment your analysis click on the column headers in the following table to rank and/or sort the data.

   
 
Florida:
Per Capita Personal Income, 1958-2018
 
1958
 
1,967
0.160
12,316
100.0
N
91.06
1959
 
2,091
0.162
12,901
104.8
4.75
92.52
1960
 
2,105
0.165
12,776
103.7
-0.97
90.68
1961
 
2,130
0.166
12,795
103.9
0.15
89.36
1962
 
2,209
0.168
13,117
106.5
2.52
88.42
1963
 
2,299
0.170
13,492
109.5
2.85
88.81
1964
 
2,449
0.173
14,164
115.0
4.98
89.53
1965
 
2,599
0.175
14,820
120.3
4.63
89.07
1966
 
2,781
0.180
15,468
125.6
4.38
88.74
1967
 
3,007
0.184
16,317
132.5
5.48
90.37
1968
 
3,355
0.192
17,516
142.2
7.35
92.75
1969
 
3,765
0.200
18,812
152.7
7.40
95.79
1970
 
4,131
0.210
19,716
160.1
4.81
98.40
1971
 
4,433
0.218
20,298
164.8
2.95
99.17
1972
 
4,860
0.226
21,518
174.7
6.01
100.07
1973
 
5,371
0.238
22,566
183.2
4.87
100.15
1974
 
5,757
0.263
21,907
177.9
-2.92
98.66
1975
 
6,107
0.285
21,452
174.2
-2.08
96.58
1976
 
6,557
0.300
21,832
177.3
1.77
95.37
1977
 
7,182
0.320
22,455
182.3
2.85
95.57
1978
 
8,064
0.342
23,570
191.4
4.97
96.50
1979
 
8,939
0.373
23,997
194.8
1.81
96.83
1980
 
10,145
0.413
24,587
199.6
2.46
99.66
1981
 
11,354
0.450
25,255
205.1
2.72
100.48
1982
 
11,942
0.475
25,165
204.3
-0.36
99.53
1983
 
12,846
0.495
25,965
210.8
3.18
101.17
1984
 
13,939
0.513
27,149
220.4
4.56
100.24
1985
 
14,829
0.531
27,909
226.6
2.80
100.51
1986
 
15,610
0.543
28,752
233.5
3.02
100.77
1987
 
16,436
0.560
29,369
238.5
2.14
100.90
1988
 
17,601
0.582
30,268
245.8
3.06
100.83
1989
 
19,081
0.607
31,440
255.3
3.87
102.17
1990
 
19,763
0.634
31,193
253.3
-0.79
100.72
1991
 
20,073
0.655
30,659
248.9
-1.71
100.21
1992
 
20,825
0.672
30,981
251.5
1.05
98.74
1993
 
21,641
0.689
31,412
255.1
1.39
99.58
1994
 
22,310
0.703
31,721
257.6
0.98
98.82
1995
 
23,496
0.718
32,719
265.7
3.15
99.53
1996
 
24,500
0.733
33,403
271.2
2.09
98.91
1997
 
25,378
0.746
34,009
276.1
1.81
97.63
1998
 
26,833
0.752
35,674
289.7
4.90
97.37
1999
 
27,649
0.763
36,219
294.1
1.53
96.42
2000
 
29,355
0.782
37,522
304.7
3.60
95.75
2001
 
30,300
0.797
38,000
308.5
1.27
95.92
2002
 
30,713
0.808
38,016
308.7
0.04
96.48
2003
 
31,646
0.824
38,424
312.0
1.07
96.83
2004
 
33,744
0.844
39,976
324.6
4.04
98.52
2005
 
35,962
0.868
41,425
336.3
3.62
100.31
2006
 
38,414
0.892
43,078
349.8
3.99
100.79
2007
 
39,545
0.914
43,248
351.1
0.39
99.25
2008
 
39,240
0.942
41,665
338.3
-3.66
95.93
2009
 
36,580
0.941
38,876
315.7
-6.69
93.12
2010
 
38,513
0.957
40,241
326.7
3.51
94.98
2011
 
40,128
0.981
40,893
332.0
1.62
93.90
2012
 
40,976
1.000
40,976
332.7
0.20
91.88
2013
 
40,627
1.013
40,088
325.5
-2.17
90.58
2014
 
43,227
1.029
42,022
341.2
4.82
91.86
2015
 
45,452
1.031
44,077
357.9
4.89
92.79
2016
 
46,208
1.042
44,330
359.9
0.58
92.63
2017
 
47,701
1.061
44,970
365.1
1.44
92.21
2018
 
49,417
1.082
45,659
370.7
1.53
92.00
Source: Calculations by the United States Regional Economic Analysis Project (US-REAP)
with data provided by the U.S. Department of Commerce, Bureau of Economic Analysis
May 2019
REAP_PI_SA1400_700_PN
 
   

Tip: To augment your analysis click on the column headers in the following table to rank and/or sort the data.

   
 
United States:
Per Capita Personal Income, 1958-2018
 
1958
 
2,160
0.160
13,526
100.0
N
1959
 
2,260
0.162
13,945
103.1
3.10
1960
 
2,321
0.165
14,089
104.2
1.04
1961
 
2,383
0.166
14,318
105.9
1.62
1962
 
2,498
0.168
14,835
109.7
3.61
1963
 
2,589
0.170
15,191
112.3
2.40
1964
 
2,735
0.173
15,822
117.0
4.15
1965
 
2,918
0.175
16,638
123.0
5.16
1966
 
3,134
0.180
17,432
128.9
4.77
1967
 
3,328
0.184
18,056
133.5
3.58
1968
 
3,617
0.192
18,885
139.6
4.59
1969
 
3,931
0.200
19,638
145.2
3.99
1970
 
4,198
0.210
20,037
148.1
2.03
1971
 
4,471
0.218
20,469
151.3
2.16
1972
 
4,857
0.226
21,504
159.0
5.05
1973
 
5,363
0.238
22,532
166.6
4.78
1974
 
5,836
0.263
22,205
164.2
-1.45
1975
 
6,324
0.285
22,212
164.2
0.03
1976
 
6,875
0.300
22,893
169.3
3.06
1977
 
7,516
0.320
23,496
173.7
2.64
1978
 
8,356
0.342
24,425
180.6
3.95
1979
 
9,232
0.373
24,784
183.2
1.47
1980
 
10,180
0.413
24,672
182.4
-0.45
1981
 
11,300
0.450
25,134
185.8
1.87
1982
 
11,999
0.475
25,285
186.9
0.60
1983
 
12,698
0.495
25,666
189.8
1.51
1984
 
13,906
0.513
27,085
200.3
5.53
1985
 
14,755
0.531
27,769
205.3
2.52
1986
 
15,490
0.543
28,532
210.9
2.75
1987
 
16,289
0.560
29,106
215.2
2.01
1988
 
17,455
0.582
30,017
221.9
3.13
1989
 
18,676
0.607
30,773
227.5
2.52
1990
 
19,621
0.634
30,970
229.0
0.64
1991
 
20,030
0.655
30,593
226.2
-1.22
1992
 
21,090
0.672
31,376
232.0
2.56
1993
 
21,733
0.689
31,546
233.2
0.54
1994
 
22,575
0.703
32,099
237.3
1.75
1995
 
23,607
0.718
32,874
243.1
2.42
1996
 
24,771
0.733
33,773
249.7
2.73
1997
 
25,993
0.746
34,833
257.5
3.14
1998
 
27,557
0.752
36,637
270.9
5.18
1999
 
28,675
0.763
37,564
277.7
2.53
2000
 
30,657
0.782
39,186
289.7
4.32
2001
 
31,589
0.797
39,616
292.9
1.10
2002
 
31,832
0.808
39,401
291.3
-0.54
2003
 
32,681
0.824
39,681
293.4
0.71
2004
 
34,251
0.844
40,576
300.0
2.26
2005
 
35,849
0.868
41,295
305.3
1.77
2006
 
38,114
0.892
42,742
316.0
3.50
2007
 
39,844
0.914
43,575
322.2
1.95
2008
 
40,904
0.942
43,431
321.1
-0.33
2009
 
39,284
0.941
41,750
308.7
-3.87
2010
 
40,546
0.957
42,366
313.2
1.47
2011
 
42,735
0.981
43,549
322.0
2.79
2012
 
44,599
1.000
44,599
329.7
2.41
2013
 
44,851
1.013
44,255
327.2
-0.77
2014
 
47,060
1.029
45,748
338.2
3.37
2015
 
48,985
1.031
47,503
351.2
3.84
2016
 
49,883
1.042
47,856
353.8
0.74
2017
 
51,731
1.061
48,769
360.6
1.91
2018
 
53,712
1.082
49,628
366.9
1.76
Source: Calculations by the United States Regional Economic Analysis Project (US-REAP)
with data provided by the U.S. Department of Commerce, Bureau of Economic Analysis
May 2019
REAP_PI_SA1400_700_PN
 
   
Copyright © 2019. Pacific Northwest Regional Economic Analysis Project (PNREAP). All Rights Reserved.

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