Minnesota vs. United States
Comparative Trends Analysis:
Per Capita Personal Income Growth and Change, 1958-2021
Introduction
Minnesota vs. United States
Minnesota:
2021 PCI = $66,280
U.S.:
2021 PCI = $64,143
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.
Minnesota Per Capita Personal Income, 1959-2021
Current vs. Constant Dollars
Minnesota Per Capita Personal Income, 1959-2021
Current vs. Constant Dollars
Figure 1.
Figure 1 depicts Minnesota'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 Minnesota over time.
When measured in current dollars, Minnesota's per capita personal income increased 3,071.4%, from $2,090 in 1959 to $66,280 in 2021. When measured in constant 2012 dollars to adjust for inflation, it advanced 343.7%, from $12,920 in 1959 to $57,325 in 2021.
Real Per Capita Personal Income Indices (1958=100): 1958-2021
Real Per Capita Personal Income Indices (1958=100): 1958-2021
Figure 2.
Figure 2 portrays Minnesota'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.
Minnesota's overall real per capita personal income growth was 346.9% over 1958-2021 outpaced 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 3.
Figure 3 portrays the trends for per capita personal income relative to the national average by tracing Minnesota per capita personal income as a percent of the national average over 1958-2021.
In 1958, Minnesota's per capita personal income amounted to 94.6% of the national average; in 2021, it approximated 103.3%.
Minnesota Real Per Capita Personal Income:
Annual Percent Change, 1959-2021
Minnesota Real Per Capita Personal Income:
Annual Percent Change, 1959-2021
Figure 4.
Figure 4 highlights the short-run pattern of Minnesota'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 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, Minnesota's real per capita personal income grew at an annual rate of 2.44% over 1959-2021. The state recorded its highest growth in 1973 (10.72%) and posted its lowest growth in 2009 (-4.56%). In 2021, Minnesota's real per capita personal income grew by 2.37%
Minnesota Real Per Capita Personal Income:
Annual Percent Change and Decade Averages Over 1959-2021
Minnesota Real Per Capita Personal Income:
Annual Percent Change and Decade Averages Over 1959-2021
Figure 5.
Over the past nine decades some states have experienced extreme swings in growth, and often such swings have tended to coincide with the decades themselves. Figure 5 again illustrates the annual percent change in Minnesota'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, Minnesota's annual real per capita personal income growth rate averaged 4.04%. It averaged 2.82% in the 1970s, 2.25% in the 1980s, 2.44% throughout the 1990s, 0.96% during the 2000s, 2.01% throughout the 2010s, 3.76% 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 6.
Figure 6 compares the decade average growth rates for Minnesota noted in the previous graph with the corresponding decade averages for the nation.
Relative to nationwide real per capita personal income growth trends, Minnesota outgained the nation in the 1960s (4.04% vs. 3.49%), surpassed the nation over the 1970s (2.82% vs. 2.37%), led the nation in the 1980s (2.25% vs. 2.20%), led the nation over the 1990s (2.44% vs. 2.04%), fell under the nation in the 2000s (0.96% vs. 1.08%), fell under the nation in the 2010s (2.01% vs. 2.04%), and recorded underneath the nation over 2020-2021 (3.76% vs. 4.13%).
   
 
Real* Per Capita Personal Income Growth:
Average Annual Percent Change
 
 
 
2.44
4.04
2.82
2.25
2.44
0.96
2.01
3.76
2.37
 
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.

   
 
Minnesota:
Per Capita Personal Income, 1958-2021
 
1958
 
2,044
0.159
12,826
100.0
N
94.65
1959
 
2,090
0.162
12,920
100.7
0.73
92.47
1960
 
2,182
0.164
13,269
103.4
2.70
93.99
1961
 
2,263
0.166
13,624
106.2
2.68
94.97
1962
 
2,356
0.168
14,021
109.3
2.91
94.32
1963
 
2,486
0.170
14,620
114.0
4.27
96.05
1964
 
2,566
0.173
14,875
116.0
1.74
93.84
1965
 
2,808
0.175
16,046
125.1
7.87
96.25
1966
 
3,023
0.179
16,846
131.3
4.98
96.45
1967
 
3,211
0.184
17,458
136.1
3.63
96.50
1968
 
3,493
0.191
18,273
142.5
4.67
96.57
1969
 
3,829
0.200
19,166
149.4
4.89
97.41
1970
 
4,117
0.209
19,691
153.5
2.74
98.08
1971
 
4,353
0.218
19,968
155.7
1.41
97.36
1972
 
4,714
0.225
20,913
163.0
4.73
97.06
1973
 
5,500
0.238
23,154
180.5
10.72
102.56
1974
 
5,903
0.262
22,505
175.5
-2.80
101.15
1975
 
6,340
0.284
22,314
174.0
-0.85
100.26
1976
 
6,801
0.300
22,688
176.9
1.68
98.92
1977
 
7,612
0.319
23,843
185.9
5.09
101.28
1978
 
8,487
0.341
24,857
193.8
4.25
101.57
1979
 
9,360
0.372
25,175
196.3
1.28
101.38
1980
 
10,282
0.412
24,967
194.7
-0.83
101.00
1981
 
11,321
0.449
25,229
196.7
1.05
100.18
1982
 
12,070
0.474
25,485
198.7
1.01
100.59
1983
 
12,696
0.494
25,711
200.5
0.89
99.98
1984
 
14,351
0.512
28,006
218.3
8.93
103.20
1985
 
15,143
0.530
28,554
222.6
1.96
102.63
1986
 
15,937
0.542
29,413
229.3
3.01
102.89
1987
 
16,878
0.559
30,217
235.6
2.74
103.62
1988
 
17,556
0.580
30,250
235.8
0.11
100.58
1989
 
18,992
0.606
31,354
244.4
3.65
101.69
1990
 
19,935
0.632
31,528
245.8
0.55
101.60
1991
 
20,322
0.653
31,099
242.5
-1.36
101.46
1992
 
21,581
0.671
32,169
250.8
3.44
102.33
1993
 
21,947
0.688
31,919
248.9
-0.77
100.99
1994
 
23,242
0.702
33,112
258.2
3.74
102.95
1995
 
24,320
0.717
33,933
264.6
2.48
103.02
1996
 
25,932
0.732
35,424
276.2
4.39
104.68
1997
 
27,087
0.745
36,370
283.6
2.67
104.21
1998
 
29,162
0.751
38,846
302.9
6.81
105.83
1999
 
30,303
0.762
39,786
310.2
2.42
105.61
2000
 
32,448
0.781
41,552
324.0
4.44
105.79
2001
 
33,490
0.797
42,043
327.8
1.18
105.92
2002
 
33,955
0.807
42,075
328.0
0.08
106.65
2003
 
35,293
0.824
42,832
333.9
1.80
107.87
2004
 
37,211
0.844
44,067
343.6
2.88
108.55
2005
 
38,065
0.869
43,815
341.6
-0.57
106.12
2006
 
39,667
0.893
44,409
346.2
1.36
104.06
2007
 
41,655
0.916
45,468
354.5
2.38
104.44
2008
 
43,161
0.943
45,758
356.7
0.64
105.20
2009
 
41,079
0.941
43,672
340.5
-4.56
104.38
2010
 
42,724
0.957
44,622
347.9
2.18
105.02
2011
 
45,323
0.982
46,168
359.9
3.46
106.02
2012
 
47,726
1.000
47,726
372.1
3.38
107.14
2013
 
47,838
1.014
47,199
368.0
-1.10
106.79
2014
 
49,967
1.029
48,565
378.6
2.89
106.57
2015
 
51,985
1.031
50,414
393.0
3.81
106.69
2016
 
52,596
1.041
50,501
393.7
0.17
106.01
2017
 
54,266
1.061
51,168
398.9
1.32
105.27
2018
 
56,539
1.083
52,198
407.0
2.01
105.12
2019
 
58,543
1.099
53,253
415.2
2.02
104.08
2020
 
62,240
1.111
55,998
436.6
5.16
104.14
2021
 
66,280
1.156
57,325
446.9
2.37
103.33
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
 
   

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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