Florida vs. Washington
Comparative Trends Analysis:
Per Capita Personal Income Growth and Change, 1958-2021
Introduction
Florida vs. Washington
Florida:
2021 PCI = $62,270
2021 Rank = #20
Washington:
2021 PCI = $73,775
2021 Rank = #7
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, 1959-2021
Current vs. Constant Dollars
Florida Per Capita Personal Income, 1959-2021
Current vs. Constant Dollars
Figure 1.
Figure 1 depicts Florida's annual per capita personal income over 1959-2021 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 2,878.1%, from $2,091 in 1959 to $62,270 in 2021. When measured in constant 2012 dollars to adjust for inflation, it advanced 316.7%, from $12,926 in 1959 to $53,857 in 2021.
Real Per Capita Personal Income, 1958-2021
Real Per Capita Personal Income, 1958-2021
Figure 2.
Figure 2 tracks Florida's and Washington's annual real per capita personal income for the period 1958-2021 to illustrate real per capita personal income patterns over time. During this 64-year period, Florida's real per capita personal income rose from $12,340 in 1958 to $53,857 in 2021, for a net gain of $41,517, or 336.4%. In comparison, Washington's real per capita personal income increased from $14,907 in 1958 to $63,807 in 2021, for a net gain of $48,900, or 328.0%. Florida's real per capita personal income ranked 20th among the 51 states in 2021, Washington's ranked 7th.
In addition, the United States' real per capita personal income increased from $13,552 in 1958 to $55,477 in 2021, for a net gain of $41,925, or 309.4%.
Real Per Capita Personal Income Indices (1958=100): 1958-2021
Real Per Capita Personal Income Indices (1958=100): 1958-2021
Figure 3.
Figure 3 shows Florida's real per capita personal income growth in a broader context by offering direct comparisons across time with Washington, 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 336.4% over 1958-2021 outpaced Washington's increase of 328.0%, and topped the United States' increase of 309.4%.
Per Capita Personal Income as a Percent of the U.S. Average: 1958-2021
Per Capita Personal Income as a Percent of the U.S. Average: 1958-2021
Figure 4.
Figure 4 displays the trends for per capita personal income relative to the national average by tracing Florida and Washington per capita personal income as a percent of the national average over 1958-2021.
In 1958, Florida's per capita personal income amounted to 91.1% of the national average; in 2021, it approximated 97.1%. Similarly, in 1958, Washington's per capita personal income totaled 110.0% of the national average; in 2021, it consisted of 115.0%.
Florida Real Per Capita Personal Income:
Annual Percent Change, 1959-2021
Florida Real Per Capita Personal Income:
Annual Percent Change, 1959-2021
Figure 5.
Figure 5 highlights the short-run pattern of Florida's real per capita personal income growth by tracking the year-to-year percent change over 1959-2021. The average annual percent change for the entire 63-year period is also traced 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 2.40% over 1959-2021. The state recorded its highest growth in 1969 (7.40%) and posted its lowest growth in 2009 (-6.29%). In 2021, Florida's real per capita personal income grew by 4.48%
Florida Real Per Capita Personal Income:
Annual Percent Change and Decade Averages Over 1959-2021
Florida Real Per Capita Personal Income:
Annual Percent Change and Decade Averages Over 1959-2021
Figure 6.
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 6 again illustrates 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, 2010s, and 2020-2021.
During the 1960s, Florida's annual real per capita personal income growth rate averaged 3.88%. It averaged 2.50% in the 1970s, 2.75% throughout the 1980s, 1.46% throughout the 1990s, 0.79% during the 2000s, 2.42% during the 2010s, 4.17% thus far this decade (2020-2021).
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 7.
Figure 7 compares the decade average growth rates for Florida noted in the previous graph with the corresponding decade averages for Washington and the nation. As the chart reveals, Florida's average annual real per capita personal income growth registered above Washington's average throughout the 1960s (3.88% vs. 3.37%), lagged Washington's average throughout the 1970s (2.50% vs. 2.53%), outgained Washington's average in the 1980s (2.75% vs. 1.42%), trailed Washington's average during the 1990s (1.46% vs. 2.63%), fell below Washington's average in the 2000s (0.79% vs. 0.89%), lagged Washington's average in the 2010s (2.42% vs. 2.84%), and amounted to less than Washington's average over the 2 year period of the current decade, 2020-2021 (4.17% vs. 4.54%).
Finally, relative to nationwide real per capita personal income growth trends, Florida led the nation during the 1960s (3.88% vs. 3.49%), exceeded the nation over the 1970s (2.50% vs. 2.37%), outgained the nation over the 1980s (2.75% vs. 2.20%), recorded underneath the nation in the 1990s (1.46% vs. 2.04%), fell below the nation throughout the 2000s (0.79% vs. 1.08%), topped the nation during the 2010s (2.42% vs. 2.04%), and outgained the nation over 2020-2021 (4.17% vs. 4.13%).
   
 
Real* Per Capita Personal Income Growth:
Average Annual Percent Change
 
 
 
2.40
3.88
2.50
2.75
1.46
0.79
2.42
4.17
4.48
 
2.36
3.37
2.53
1.42
2.63
0.89
2.84
4.54
3.76
 
2.28
3.49
2.37
2.20
2.04
1.08
2.04
4.13
3.17
 
   

Interactive TableTip: 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, 1958-2021
 
1958
 
1,967
0.159
12,340
100.0
N
91.06
32
1959
 
2,091
0.162
12,926
104.7
4.75
92.52
27
1960
 
2,105
0.164
12,801
103.7
-0.97
90.68
31
1961
 
2,130
0.166
12,820
103.9
0.14
89.36
31
1962
 
2,209
0.168
13,143
106.5
2.53
88.42
34
1963
 
2,299
0.170
13,518
109.5
2.85
88.81
33
1964
 
2,449
0.173
14,192
115.0
4.98
89.53
31
1965
 
2,599
0.175
14,849
120.3
4.63
89.07
32
1966
 
2,781
0.179
15,499
125.6
4.38
88.74
32
1967
 
3,007
0.184
16,349
132.5
5.48
90.37
30
1968
 
3,355
0.191
17,550
142.2
7.35
92.75
27
1969
 
3,765
0.200
18,849
152.7
7.40
95.79
23
1970
 
4,131
0.209
19,755
160.1
4.81
98.40
20
1971
 
4,433
0.218
20,338
164.8
2.95
99.17
18
1972
 
4,860
0.225
21,560
174.7
6.01
100.07
17
1973
 
5,371
0.238
22,610
183.2
4.87
100.15
23
1974
 
5,757
0.262
21,950
177.9
-2.92
98.66
22
1975
 
6,107
0.284
21,494
174.2
-2.08
96.58
26
1976
 
6,557
0.300
21,874
177.3
1.77
95.37
27
1977
 
7,182
0.319
22,499
182.3
2.86
95.57
27
1978
 
8,064
0.341
23,616
191.4
4.96
96.50
27
1979
 
8,939
0.372
24,045
194.8
1.82
96.83
26
1980
 
10,145
0.412
24,635
199.6
2.46
99.66
20
1981
 
11,354
0.449
25,304
205.1
2.72
100.48
18
1982
 
11,942
0.474
25,215
204.3
-0.35
99.53
21
1983
 
12,846
0.494
26,016
210.8
3.18
101.17
18
1984
 
13,939
0.512
27,202
220.4
4.56
100.24
18
1985
 
14,829
0.530
27,963
226.6
2.80
100.51
19
1986
 
15,610
0.542
28,808
233.5
3.02
100.77
19
1987
 
16,436
0.559
29,426
238.5
2.14
100.90
19
1988
 
17,601
0.580
30,327
245.8
3.06
100.83
18
1989
 
19,081
0.606
31,502
255.3
3.87
102.17
16
1990
 
19,763
0.632
31,255
253.3
-0.78
100.72
19
1991
 
20,073
0.653
30,719
248.9
-1.71
100.21
20
1992
 
20,825
0.671
31,041
251.5
1.05
98.74
20
1993
 
21,641
0.688
31,474
255.1
1.39
99.58
20
1994
 
22,310
0.702
31,783
257.6
0.98
98.82
21
1995
 
23,496
0.717
32,783
265.7
3.15
99.53
21
1996
 
24,500
0.732
33,468
271.2
2.09
98.91
21
1997
 
25,378
0.745
34,075
276.1
1.81
97.63
22
1998
 
26,883
0.751
35,811
290.2
5.09
97.56
21
1999
 
27,689
0.762
36,354
294.6
1.52
96.50
22
2000
 
29,466
0.781
37,733
305.8
3.79
96.07
22
2001
 
30,418
0.797
38,186
309.4
1.20
96.21
23
2002
 
30,810
0.807
38,178
309.4
-0.02
96.77
23
2003
 
31,785
0.824
38,575
312.6
1.04
97.15
24
2004
 
33,778
0.844
40,001
324.2
3.70
98.54
22
2005
 
35,999
0.869
41,437
335.8
3.59
100.36
21
2006
 
38,386
0.893
42,974
348.3
3.71
100.70
20
2007
 
39,594
0.916
43,219
350.2
0.57
99.28
21
2008
 
39,401
0.943
41,772
338.5
-3.35
96.04
26
2009
 
36,818
0.941
39,142
317.2
-6.29
93.55
30
2010
 
38,872
0.957
40,598
329.0
3.72
95.55
27
2011
 
40,517
0.982
41,272
334.5
1.66
94.78
28
2012
 
41,540
1.000
41,540
336.6
0.65
93.25
29
2013
 
41,162
1.014
40,612
329.1
-2.23
91.88
31
2014
 
43,516
1.029
42,295
342.7
4.14
92.81
29
2015
 
45,659
1.031
44,280
358.8
4.69
93.71
28
2016
 
46,454
1.041
44,604
361.5
0.73
93.63
27
2017
 
49,055
1.061
46,254
374.8
3.70
95.16
25
2018
 
51,520
1.083
47,564
385.4
2.83
95.79
25
2019
 
54,560
1.099
49,630
402.2
4.34
97.00
22
2020
 
57,292
1.111
51,547
417.7
3.86
95.86
22
2021
 
62,270
1.156
53,857
436.4
4.48
97.08
20
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
September 2022
REAP_PI_SA1400_700_PSN
 
   

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

   
 
Washington:
Per Capita Personal Income, 1958-2021
 
1958
 
2,376
0.159
14,907
100.0
N
110.00
10
1959
 
2,480
0.162
15,328
102.8
2.83
109.71
10
1960
 
2,539
0.164
15,441
103.6
0.74
109.38
11
1961
 
2,640
0.166
15,894
106.6
2.93
110.79
12
1962
 
2,788
0.168
16,591
111.3
4.39
111.61
10
1963
 
2,841
0.170
16,702
112.0
0.67
109.73
12
1964
 
2,968
0.173
17,200
115.4
2.98
108.50
13
1965
 
3,190
0.175
18,227
122.3
5.97
109.34
11
1966
 
3,498
0.179
19,494
130.8
6.95
111.61
11
1967
 
3,689
0.184
20,057
134.5
2.89
110.87
11
1968
 
3,986
0.191
20,854
139.9
3.97
110.21
11
1969
 
4,258
0.200
21,317
143.0
2.22
108.34
12
1970
 
4,400
0.209
21,043
141.2
-1.29
104.82
13
1971
 
4,595
0.218
21,080
141.4
0.17
102.78
14
1972
 
4,955
0.225
21,981
147.5
4.28
102.02
15
1973
 
5,532
0.238
23,287
156.2
5.94
103.15
17
1974
 
6,152
0.262
23,455
157.3
0.72
105.42
14
1975
 
6,831
0.284
24,040
161.3
2.49
108.02
13
1976
 
7,424
0.300
24,768
166.2
3.03
107.98
12
1977
 
8,062
0.319
25,254
169.4
1.96
107.27
12
1978
 
9,101
0.341
26,653
178.8
5.54
108.91
11
1979
 
10,156
0.372
27,318
183.3
2.50
110.01
10
1980
 
11,130
0.412
27,027
181.3
-1.07
109.33
10
1981
 
12,133
0.449
27,039
181.4
0.05
107.37
13
1982
 
12,769
0.474
26,959
180.9
-0.30
106.41
14
1983
 
13,553
0.494
27,447
184.1
1.81
106.73
12
1984
 
14,373
0.512
28,049
188.2
2.19
103.35
16
1985
 
15,085
0.530
28,446
190.8
1.42
102.24
17
1986
 
15,917
0.542
29,377
197.1
3.27
102.76
17
1987
 
16,556
0.559
29,641
198.8
0.90
101.64
18
1988
 
17,613
0.580
30,348
203.6
2.38
100.91
17
1989
 
19,028
0.606
31,414
210.7
3.51
101.88
17
1990
 
20,222
0.632
31,982
214.5
1.81
103.07
16
1991
 
21,129
0.653
32,335
216.9
1.11
105.49
15
1992
 
22,237
0.671
33,146
222.4
2.51
105.44
15
1993
 
22,860
0.688
33,248
223.0
0.31
105.19
14
1994
 
23,600
0.702
33,622
225.5
1.13
104.54
15
1995
 
24,475
0.717
34,149
229.1
1.57
103.67
16
1996
 
25,898
0.732
35,378
237.3
3.60
104.55
16
1997
 
27,405
0.745
36,796
246.8
4.01
105.43
12
1998
 
29,513
0.751
39,313
263.7
6.84
107.10
10
1999
 
30,958
0.762
40,647
272.7
3.39
107.89
11
2000
 
32,723
0.781
41,904
281.1
3.09
106.69
12
2001
 
33,084
0.797
41,533
278.6
-0.88
104.64
15
2002
 
33,212
0.807
41,154
276.1
-0.91
104.31
15
2003
 
34,253
0.824
41,570
278.9
1.01
104.70
16
2004
 
36,378
0.844
43,080
289.0
3.63
106.12
14
2005
 
37,384
0.869
43,031
288.7
-0.11
104.23
17
2006
 
40,027
0.893
44,812
300.6
4.14
105.00
15
2007
 
42,819
0.916
46,738
313.5
4.30
107.36
12
2008
 
44,241
0.943
46,903
314.6
0.35
107.84
11
2009
 
41,591
0.941
44,217
296.6
-5.73
105.68
12
2010
 
42,348
0.957
44,229
296.7
0.03
104.09
15
2011
 
44,225
0.982
45,049
302.2
1.85
103.46
16
2012
 
47,320
1.000
47,320
317.4
5.04
106.22
14
2013
 
47,857
1.014
47,218
316.7
-0.22
106.83
13
2014
 
50,890
1.029
49,462
331.8
4.75
108.54
12
2015
 
53,083
1.031
51,479
345.3
4.08
108.94
12
2016
 
54,918
1.041
52,730
353.7
2.43
110.69
10
2017
 
57,265
1.061
53,996
362.2
2.40
111.09
9
2018
 
60,221
1.083
55,597
373.0
2.97
111.96
10
2019
 
64,189
1.099
58,389
391.7
5.02
114.12
8
2020
 
68,350
1.111
61,497
412.5
5.32
114.37
8
2021
 
73,775
1.156
63,807
428.0
3.76
115.02
7
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
September 2022
REAP_PI_SA1400_700_PSN
 
   

Interactive TableTip: 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, 1958-2021
 
1958
 
2,160
0.159
13,552
100.0
N
1959
 
2,260
0.162
13,971
103.1
3.10
1960
 
2,321
0.164
14,117
104.2
1.04
1961
 
2,383
0.166
14,346
105.9
1.62
1962
 
2,498
0.168
14,865
109.7
3.62
1963
 
2,589
0.170
15,221
112.3
2.40
1964
 
2,735
0.173
15,852
117.0
4.15
1965
 
2,918
0.175
16,670
123.0
5.16
1966
 
3,134
0.179
17,466
128.9
4.77
1967
 
3,328
0.184
18,091
133.5
3.58
1968
 
3,617
0.191
18,921
139.6
4.59
1969
 
3,931
0.200
19,677
145.2
3.99
1970
 
4,198
0.209
20,076
148.1
2.03
1971
 
4,471
0.218
20,510
151.3
2.16
1972
 
4,857
0.225
21,546
159.0
5.05
1973
 
5,363
0.238
22,575
166.6
4.78
1974
 
5,836
0.262
22,248
164.2
-1.45
1975
 
6,324
0.284
22,255
164.2
0.03
1976
 
6,875
0.300
22,937
169.3
3.06
1977
 
7,516
0.319
23,543
173.7
2.64
1978
 
8,356
0.341
24,472
180.6
3.95
1979
 
9,232
0.372
24,832
183.2
1.47
1980
 
10,180
0.412
24,720
182.4
-0.45
1981
 
11,300
0.449
25,183
185.8
1.87
1982
 
11,999
0.474
25,335
186.9
0.60
1983
 
12,698
0.494
25,716
189.8
1.50
1984
 
13,906
0.512
27,138
200.3
5.53
1985
 
14,755
0.530
27,823
205.3
2.52
1986
 
15,490
0.542
28,588
211.0
2.75
1987
 
16,289
0.559
29,163
215.2
2.01
1988
 
17,455
0.580
30,076
221.9
3.13
1989
 
18,676
0.606
30,833
227.5
2.52
1990
 
19,621
0.632
31,030
229.0
0.64
1991
 
20,030
0.653
30,653
226.2
-1.22
1992
 
21,090
0.671
31,437
232.0
2.56
1993
 
21,733
0.688
31,608
233.2
0.54
1994
 
22,575
0.702
32,162
237.3
1.75
1995
 
23,607
0.717
32,939
243.1
2.42
1996
 
24,771
0.732
33,838
249.7
2.73
1997
 
25,993
0.745
34,900
257.5
3.14
1998
 
27,557
0.751
36,708
270.9
5.18
1999
 
28,693
0.762
37,673
278.0
2.63
2000
 
30,672
0.781
39,278
289.8
4.26
2001
 
31,617
0.797
39,692
292.9
1.05
2002
 
31,839
0.807
39,452
291.1
-0.60
2003
 
32,717
0.824
39,706
293.0
0.64
2004
 
34,280
0.844
40,595
299.6
2.24
2005
 
35,868
0.869
41,286
304.7
1.70
2006
 
38,120
0.893
42,677
314.9
3.37
2007
 
39,883
0.916
43,534
321.2
2.01
2008
 
41,026
0.943
43,495
321.0
-0.09
2009
 
39,356
0.941
41,841
308.7
-3.80
2010
 
40,683
0.957
42,490
313.5
1.55
2011
 
42,747
0.982
43,544
321.3
2.48
2012
 
44,548
1.000
44,548
328.7
2.30
2013
 
44,798
1.014
44,200
326.2
-0.78
2014
 
46,887
1.029
45,571
336.3
3.10
2015
 
48,725
1.031
47,253
348.7
3.69
2016
 
49,613
1.041
47,637
351.5
0.81
2017
 
51,550
1.061
48,607
358.7
2.04
2018
 
53,786
1.083
49,656
366.4
2.16
2019
 
56,250
1.099
51,167
377.6
3.04
2020
 
59,765
1.111
53,772
396.8
5.09
2021
 
64,143
1.156
55,477
409.4
3.17
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
September 2022
REAP_PI_SA1400_700_PN
 
   
Copyright © 2022. Pacific Northwest Regional Economic Analysis Project (PNREAP). All Rights Reserved.

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