Florida vs. Washington
Comparative Trends Analysis:
Per Capita Personal Income Growth and Change, 1958-2015
Introduction
Florida:
2015 PCI = $44,429
2015 Rank = #29
Washington:
2015 PCI = $51,898
2015 Rank = #13
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.
BEA 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, 1958-2015
Current vs. Constant Dollars
Florida Per Capita Personal Income, 1958-2015
Current vs. Constant Dollars
Figure 1.
Figure 1 depicts Florida's annual per capita personal income over 1958-2015 in current and constant (2009) 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 2,165.4%, from $1,961 in 1958 to $44,429 in 2015. When measured in constant 2009 dollars to adjust for inflation, it advanced 251.5%, from $11,539 in 1958 to $40,563 in 2015.
Real Per Capita Personal Income, 1958-2015
Real Per Capita Personal Income, 1958-2015
Figure 2.
Figure 2 tracks Florida's and Washington's annual real per capita personal income for the period 1958-2015 to illustrate real per capita personal income patterns over time. During this 58-year period, Florida's real per capita personal income rose from $11,539 in 1958 to $40,563 in 2015, for a net gain of $29,023, or 251.5%. In comparison, Washington's real per capita personal income advanced from $13,877 in 1958 to $47,381 in 2015, for a net gain of $33,504, or 241.4%. Florida's real per capita personal income ranked 29th among the 51 states in 2015, Washington's ranked 13th.
In addition, the United States' real per capita personal income increased from $12,726 in 1958 to $43,925 in 2015, for a net gain of $31,198, or 245.1%.
Real Per Capita Personal Income Indices (1958=100): 1958-2015
Real Per Capita Personal Income Indices (1958=100): 1958-2015
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 251.5% over 1958-2015 outpaced Washington's increase of 241.4%, and outpaced the United States' increase of 245.1%.
Per Capita Personal Income as a Percent of the U.S. Average: 1958-2015
Per Capita Personal Income as a Percent of the U.S. Average: 1958-2015
Figure 4.
Figure 4 portrays 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 1958-2015.
In 1958, Florida's per capita personal income amounted to 90.7% of the national average; in 2015, it approximated 92.3%. Similarly, in 1958, Washington's per capita personal income totaled 109.0% of the national average; in 2015, it consisted of 107.9%.
Florida Real Per Capita Personal Income:
Annual Percent Change, 1959-2015
Florida Real Per Capita Personal Income:
Annual Percent Change, 1959-2015
Figure 5.
Figure 5 displays the short-run pattern of Florida's real per capita personal income growth by tracking the year-to-year percent change over 1959-2015. The average annual percent change for the entire 57-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 2.27% over 1959-2015. The state posted its highest growth in 1969 (7.90%) and recorded its lowest growth in 2009 (-6.47%). In 2015, Florida's real per capita personal income grew by 3.28%
Florida Real Per Capita Personal Income:
Annual Percent Change and Decade Averages Over 1959-2015
Florida Real Per Capita Personal Income:
Annual Percent Change and Decade Averages Over 1959-2015
Figure 6.
Over the past five decades some states have experienced extreme swings in growth, and often such swings have tended to coincide with the decades themselves. Figure 6 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 2010-2015.
During the 1960s, Florida's annual real per capita personal income growth rate averaged 3.99%. It averaged 2.49% throughout the 1970s, 2.82% in the 1980s, 1.47% throughout the 1990s, 0.77% throughout the 2000s, and 1.53% thus far this decade (2010 to 2015).
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 exceeded Washington's average in the 1960s (3.99% vs. 3.42%), topped Washington's average in the 1970s (2.49% vs. 2.47%), outperformed Washington's average during the 1980s (2.82% vs. 1.48%), lagged Washington's average in the 1990s (1.47% vs. 2.72%), fell below Washington's average in the 2000s (0.77% vs. 0.94%), and fell below Washington's average over the 6 year period of the last decade, 2010-2015 (1.53% vs. 2.11%).
Finally, relative to nationwide real per capita personal income growth trends, Florida recorded above the nation over the 1960s (3.99% vs. 3.48%), outperformed the nation over the 1970s (2.49% vs. 2.34%), recorded above the nation throughout the 1980s (2.82% vs. 2.21%), posted below the nation in the 1990s (1.47% vs. 2.05%), trailed the nation throughout the 2000s (0.77% vs. 1.12%), and trailed the nation over 2010-2015 (1.53% vs. 1.85%).
   
 
Florida:
Per Capita Personal Income, 1958-2015
 
1958
 
1,961
0.170
11,539
100.0
N
90.67
31
1959
 
2,081
0.173
12,064
104.5
4.55
92.01
27
1960
 
2,094
0.175
11,943
103.5
-1.00
90.15
31
1961
 
2,118
0.177
11,955
103.6
0.10
88.78
32
1962
 
2,196
0.179
12,249
106.2
2.46
87.86
34
1963
 
2,289
0.181
12,619
109.4
3.01
88.40
33
1964
 
2,441
0.184
13,265
115.0
5.12
89.22
31
1965
 
2,595
0.187
13,901
120.5
4.80
88.92
31
1966
 
2,781
0.191
14,530
125.9
4.52
88.71
32
1967
 
3,010
0.196
15,336
132.9
5.55
90.43
30
1968
 
3,360
0.204
16,477
142.8
7.44
92.91
26
1969
 
3,789
0.213
17,780
154.1
7.90
96.42
22
1970
 
4,160
0.223
18,644
161.6
4.86
99.14
18
1971
 
4,464
0.233
19,192
166.3
2.94
99.92
18
1972
 
4,891
0.241
20,335
176.2
5.95
100.80
17
1973
 
5,398
0.254
21,293
184.5
4.71
100.86
22
1974
 
5,790
0.280
20,684
179.3
-2.86
99.42
22
1975
 
6,160
0.303
20,309
176.0
-1.81
97.59
25
1976
 
6,594
0.320
20,610
178.6
1.48
96.18
26
1977
 
7,221
0.341
21,189
183.6
2.81
96.35
25
1978
 
8,122
0.365
22,276
193.0
5.13
97.41
27
1979
 
8,993
0.397
22,655
196.3
1.70
97.62
25
1980
 
10,181
0.440
23,159
200.7
2.23
100.27
18
1981
 
11,364
0.478
23,758
205.9
2.59
100.90
18
1982
 
11,963
0.505
23,698
205.4
-0.25
100.13
21
1983
 
12,953
0.527
24,601
213.2
3.81
102.38
17
1984
 
14,036
0.546
25,685
222.6
4.41
101.27
18
1985
 
15,007
0.566
26,522
229.8
3.26
101.96
16
1986
 
15,790
0.578
27,316
236.7
2.99
102.14
17
1987
 
16,620
0.597
27,863
241.5
2.00
102.18
17
1988
 
17,772
0.620
28,677
248.5
2.92
101.98
16
1989
 
19,319
0.646
29,886
259.0
4.22
103.57
16
1990
 
19,956
0.674
29,591
256.4
-0.99
101.86
17
1991
 
20,217
0.697
29,026
251.5
-1.91
101.16
19
1992
 
20,986
0.715
29,354
254.4
1.13
99.65
20
1993
 
21,847
0.733
29,814
258.4
1.57
100.69
19
1994
 
22,504
0.748
30,084
260.7
0.91
99.85
21
1995
 
23,686
0.764
31,021
268.8
3.11
100.50
19
1996
 
24,667
0.780
31,632
274.1
1.97
99.75
20
1997
 
25,551
0.793
32,210
279.1
1.83
98.46
21
1998
 
27,092
0.799
33,892
293.7
5.22
98.48
20
1999
 
27,995
0.811
34,515
299.1
1.84
97.79
20
2000
 
29,744
0.831
35,780
310.1
3.66
97.19
20
2001
 
30,790
0.847
36,336
314.9
1.56
97.62
20
2002
 
31,319
0.859
36,472
316.1
0.37
98.44
22
2003
 
32,144
0.876
36,706
318.1
0.64
98.32
23
2004
 
34,063
0.897
37,973
329.1
3.45
99.26
21
2005
 
36,268
0.923
39,310
340.7
3.52
101.01
20
2006
 
38,738
0.947
40,893
354.4
4.03
101.56
19
2007
 
39,788
0.971
40,975
355.1
0.20
99.92
21
2008
 
39,655
1.001
39,629
343.4
-3.29
96.53
25
2009
 
37,065
1.000
37,065
321.2
-6.47
94.13
27
2010
 
38,624
1.017
37,996
329.3
2.51
95.90
25
2011
 
40,476
1.041
38,864
336.8
2.28
95.34
28
2012
 
40,983
1.061
38,619
334.7
-0.63
92.58
29
2013
 
40,771
1.075
37,915
328.6
-1.82
91.70
29
2014
 
42,868
1.092
39,275
340.4
3.59
92.36
29
2015
 
44,429
1.095
40,563
351.5
3.28
92.35
29
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
November 2016
REAP_PI_SA1400_700_PSN
 
   
   
 
Washington:
Per Capita Personal Income, 1958-2015
 
1958
 
2,359
0.170
13,877
100.0
N
109.04
11
1959
 
2,460
0.173
14,257
102.7
2.74
108.73
11
1960
 
2,518
0.175
14,359
103.5
0.72
108.39
12
1961
 
2,622
0.177
14,800
106.7
3.07
109.91
12
1962
 
2,771
0.179
15,458
111.4
4.45
110.88
11
1963
 
2,824
0.181
15,571
112.2
0.73
109.08
12
1964
 
2,952
0.184
16,041
115.6
3.02
107.90
13
1965
 
3,177
0.187
17,015
122.6
6.07
108.84
11
1966
 
3,485
0.191
18,206
131.2
7.00
111.16
11
1967
 
3,676
0.196
18,730
135.0
2.88
110.45
11
1968
 
3,971
0.204
19,477
140.4
3.99
109.82
11
1969
 
4,244
0.213
19,915
143.5
2.25
107.99
13
1970
 
4,379
0.223
19,626
141.4
-1.45
104.36
13
1971
 
4,571
0.233
19,652
141.6
0.14
102.32
14
1972
 
4,929
0.241
20,491
147.7
4.27
101.58
15
1973
 
5,501
0.254
21,697
156.4
5.89
102.77
17
1974
 
6,116
0.280
21,849
157.4
0.70
105.01
14
1975
 
6,783
0.303
22,365
161.2
2.36
107.47
13
1976
 
7,376
0.320
23,054
166.1
3.08
107.58
12
1977
 
8,009
0.341
23,505
169.4
1.96
106.87
12
1978
 
9,051
0.365
24,822
178.9
5.60
108.55
11
1979
 
10,065
0.397
25,355
182.7
2.15
109.25
11
1980
 
11,022
0.440
25,073
180.7
-1.11
108.56
10
1981
 
12,066
0.478
25,225
181.8
0.61
107.13
13
1982
 
12,660
0.505
25,079
180.7
-0.58
105.97
15
1983
 
13,409
0.527
25,467
183.5
1.55
105.98
14
1984
 
14,248
0.546
26,073
187.9
2.38
102.80
16
1985
 
14,939
0.566
26,403
190.3
1.26
101.50
18
1986
 
15,803
0.578
27,338
197.0
3.54
102.22
16
1987
 
16,480
0.597
27,627
199.1
1.06
101.32
18
1988
 
17,526
0.620
28,280
203.8
2.36
100.57
17
1989
 
18,954
0.646
29,322
211.3
3.69
101.61
17
1990
 
20,162
0.674
29,896
215.4
1.96
102.91
16
1991
 
21,052
0.697
30,224
217.8
1.10
105.34
15
1992
 
22,139
0.715
30,966
223.1
2.45
105.12
15
1993
 
22,745
0.733
31,038
223.7
0.23
104.82
15
1994
 
23,495
0.748
31,409
226.3
1.19
104.25
15
1995
 
24,358
0.764
31,901
229.9
1.57
103.35
16
1996
 
25,782
0.780
33,062
238.3
3.64
104.26
15
1997
 
27,297
0.793
34,411
248.0
4.08
105.19
13
1998
 
29,424
0.799
36,809
265.3
6.97
106.96
11
1999
 
31,045
0.811
38,275
275.8
3.98
108.45
10
2000
 
32,839
0.831
39,502
284.7
3.21
107.31
12
2001
 
33,170
0.847
39,145
282.1
-0.90
105.17
14
2002
 
33,505
0.859
39,017
281.2
-0.33
105.31
15
2003
 
34,471
0.876
39,363
283.7
0.89
105.44
15
2004
 
36,660
0.897
40,869
294.5
3.83
106.83
13
2005
 
37,759
0.923
40,927
294.9
0.14
105.17
16
2006
 
40,357
0.947
42,603
307.0
4.10
105.80
13
2007
 
43,192
0.971
44,481
320.5
4.41
108.46
12
2008
 
44,794
1.001
44,765
322.6
0.64
109.04
11
2009
 
41,844
1.000
41,844
301.5
-6.53
106.27
12
2010
 
42,195
1.017
41,509
299.1
-0.80
104.76
14
2011
 
44,197
1.041
42,437
305.8
2.23
104.11
17
2012
 
47,324
1.061
44,595
321.4
5.09
106.91
13
2013
 
47,778
1.075
44,431
320.2
-0.37
107.46
13
2014
 
50,357
1.092
46,135
332.5
3.83
108.50
12
2015
 
51,898
1.095
47,381
341.4
2.70
107.87
13
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
November 2016
REAP_PI_SA1400_700_PSN
 
   
   
 
United States:
Per Capita Personal Income, 1958-2015
 
1958
 
2,163
0.170
12,726
100.0
N
1959
 
2,262
0.173
13,112
103.0
3.03
1960
 
2,323
0.175
13,248
104.1
1.04
1961
 
2,386
0.177
13,465
105.8
1.63
1962
 
2,499
0.179
13,942
109.5
3.54
1963
 
2,589
0.181
14,274
112.2
2.39
1964
 
2,736
0.184
14,867
116.8
4.15
1965
 
2,919
0.187
15,633
122.8
5.16
1966
 
3,135
0.191
16,378
128.7
4.76
1967
 
3,328
0.196
16,958
133.2
3.54
1968
 
3,616
0.204
17,735
139.4
4.58
1969
 
3,930
0.213
18,441
144.9
3.98
1970
 
4,196
0.223
18,806
147.8
1.98
1971
 
4,468
0.233
19,208
150.9
2.14
1972
 
4,853
0.241
20,173
158.5
5.02
1973
 
5,352
0.254
21,112
165.9
4.66
1974
 
5,824
0.280
20,806
163.5
-1.45
1975
 
6,312
0.303
20,812
163.5
0.03
1976
 
6,856
0.320
21,429
168.4
2.97
1977
 
7,494
0.341
21,993
172.8
2.63
1978
 
8,338
0.365
22,867
179.7
3.97
1979
 
9,212
0.397
23,207
182.4
1.49
1980
 
10,153
0.440
23,096
181.5
-0.48
1981
 
11,262
0.478
23,546
185.0
1.95
1982
 
11,947
0.505
23,666
186.0
0.51
1983
 
12,652
0.527
24,029
188.8
1.53
1984
 
13,860
0.546
25,364
199.3
5.56
1985
 
14,719
0.566
26,013
204.4
2.56
1986
 
15,459
0.578
26,743
210.1
2.81
1987
 
16,265
0.597
27,268
214.3
1.96
1988
 
17,426
0.620
28,119
220.9
3.12
1989
 
18,653
0.646
28,857
226.7
2.62
1990
 
19,591
0.674
29,050
228.3
0.67
1991
 
19,985
0.697
28,692
225.5
-1.23
1992
 
21,060
0.715
29,457
231.5
2.66
1993
 
21,698
0.733
29,610
232.7
0.52
1994
 
22,538
0.748
30,130
236.7
1.75
1995
 
23,568
0.764
30,866
242.5
2.45
1996
 
24,728
0.780
31,711
249.2
2.74
1997
 
25,950
0.793
32,712
257.0
3.16
1998
 
27,510
0.799
34,415
270.4
5.20
1999
 
28,627
0.811
35,294
277.3
2.56
2000
 
30,602
0.831
36,812
289.3
4.30
2001
 
31,540
0.847
37,221
292.5
1.11
2002
 
31,815
0.859
37,049
291.1
-0.46
2003
 
32,692
0.876
37,332
293.3
0.76
2004
 
34,316
0.897
38,255
300.6
2.47
2005
 
35,904
0.923
38,916
305.8
1.73
2006
 
38,144
0.947
40,266
316.4
3.47
2007
 
39,821
0.971
41,010
322.2
1.85
2008
 
41,082
1.001
41,055
322.6
0.11
2009
 
39,376
1.000
39,376
309.4
-4.09
2010
 
40,277
1.017
39,622
311.3
0.63
2011
 
42,453
1.041
40,762
320.3
2.88
2012
 
44,267
1.061
41,714
327.8
2.34
2013
 
44,462
1.075
41,348
324.9
-0.88
2014
 
46,414
1.092
42,523
334.1
2.84
2015
 
48,112
1.095
43,925
345.1
3.30
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
November 2016
REAP_PI_SA1400_700_PN
 
   
Copyright © 2016. Pacific Northwest Regional Economic Analysis Project (PNREAP). All Rights Reserved.

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