Nevada vs. United States
Comparative Trends Analysis:
Per Capita Personal Income Growth and Change, 1958-2023
Introduction
Nevada vs. United States
Nevada:
2023 PCI = $66,238
U.S.:
2023 PCI = $69,810
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.
Nevada Per Capita Personal Income, 1959-2023
Current vs. Constant Dollars
Nevada Per Capita Personal Income, 1959-2023
Current vs. Constant Dollars
Figure 1.
Figure 1 depicts Nevada's annual per capita personal income over 1959-2023 in current and constant (2017) dollars. Constant dollar measurements remove the effects of inflation. They allow for comparison of changes in the real purchasing power of Nevada over time.
When measured in current dollars, Nevada's per capita personal income increased 2,159.10%, from $2,932 in 1959 to $66,238 in 2023. When measured in constant 2017 dollars to adjust for inflation, it advanced 186.67%, from $19,176 in 1959 to $54,973 in 2023.
Real Per Capita Personal Income Indices (1958=100): 1958-2023
Real Per Capita Personal Income Indices (1958=100): 1958-2023
Figure 2.
Figure 2 shows Nevada'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.
Nevada's overall real per capita personal income growth was 197.97% over 1958-2023 trailed the United States' increase of 304.14%.
Per Capita Personal Income as a Percent of the U.S. Average: 1958-2023
Per Capita Personal Income as a Percent of the U.S. Average: 1958-2023
Figure 3.
Figure 3 displays the trends for per capita personal income relative to the national average by tracing Nevada per capita personal income as a percent of the national average over 1958-2023.
In 1958, Nevada's per capita personal income amounted to 128.69% of the national average; in 2023, it approximated 94.88%.
Nevada Real Per Capita Personal Income:
Annual Percent Change, 1959-2023
Nevada Real Per Capita Personal Income:
Annual Percent Change, 1959-2023
Figure 4.
Figure 4 shows the short-run pattern of Nevada's real per capita personal income growth by tracking the year-to-year percent change over 1959-2023. The average annual percent change for the entire 65-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, Nevada's real per capita personal income grew at an annual rate of 1.73% over 1959-2023. The state posted its highest growth in 1968 (8.28%) and recorded its lowest growth in 2009 (-6.25%). In 2023, Nevada's real per capita personal income grew by 2.18%
Nevada Real Per Capita Personal Income:
Annual Percent Change and Decade Averages Over 1959-2023
Nevada Real Per Capita Personal Income:
Annual Percent Change and Decade Averages Over 1959-2023
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 Nevada'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 2020-2023.
During the 1960s, Nevada's annual real per capita personal income growth rate averaged 2.78%. It averaged 2.20% in the 1970s, 0.99% during the 1980s, 2.08% in the 1990s, -0.29% in the 2000s, 2.16% throughout the 2010s, 2.38% thus far this decade (2020-2023).
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 Nevada noted in the previous graph with the corresponding decade averages for the nation.
Relative to nationwide real per capita personal income growth trends, Nevada recorded underneath the nation throughout the 1960s (2.78% vs. 3.49%), recorded underneath the nation during the 1970s (2.20% vs. 2.37%), fell below the nation during the 1980s (0.99% vs. 2.19%), led the nation throughout the 1990s (2.08% vs. 2.01%), recorded underneath the nation during the 2000s (-0.29% vs. 1.10%), led the nation throughout the 2010s (2.16% vs. 1.97%), and outperformed the nation over 2020-2023 (2.38% vs. 1.99%).
   
 
Real* Per Capita Personal Income Growth:
Average Annual Percent Change
 
 
 
1.73
2.78
2.20
0.99
2.08
-0.29
2.16
2.38
2.18
 
2.19
3.49
2.37
2.19
2.01
1.10
1.97
1.99
1.55
 
   

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

   
 
Nevada:
Per Capita Personal Income, 1958-2023
 
1958
 
2,780
0.151
18,449
100.0
N
128.69
1959
 
2,932
0.153
19,176
103.9
3.94
129.74
1960
 
3,079
0.155
19,814
107.4
3.33
132.68
1961
 
3,153
0.157
20,079
108.8
1.34
132.30
1962
 
3,369
0.159
21,207
114.9
5.62
134.86
1963
 
3,350
0.161
20,838
112.9
-1.74
129.42
1964
 
3,388
0.163
20,771
112.6
-0.32
123.86
1965
 
3,480
0.165
21,033
114.0
1.26
119.27
1966
 
3,656
0.170
21,551
116.8
2.46
116.64
1967
 
3,857
0.174
22,181
120.2
2.92
115.90
1968
 
4,340
0.181
24,017
130.2
8.28
119.99
1969
 
4,747
0.189
25,140
136.3
4.67
120.77
1970
 
5,191
0.198
26,263
142.4
4.47
123.66
1971
 
5,501
0.206
26,697
144.7
1.65
123.04
1972
 
5,847
0.213
27,440
148.7
2.79
120.39
1973
 
6,381
0.225
28,416
154.0
3.55
118.98
1974
 
6,746
0.248
27,208
147.5
-4.25
115.60
1975
 
7,331
0.269
27,293
147.9
0.31
115.92
1976
 
7,994
0.283
28,213
152.9
3.37
116.27
1977
 
8,815
0.302
29,213
158.3
3.54
117.29
1978
 
10,045
0.323
31,122
168.7
6.53
120.21
1979
 
10,942
0.351
31,136
168.8
0.05
118.52
1980
 
11,949
0.389
30,696
166.4
-1.41
117.34
1981
 
12,975
0.424
30,590
165.8
-0.34
114.91
1982
 
13,332
0.448
29,778
161.4
-2.65
111.19
1983
 
13,893
0.467
29,764
161.3
-0.05
109.38
1984
 
14,741
0.484
30,432
164.9
2.25
106.13
1985
 
15,553
0.501
31,026
168.2
1.95
105.47
1986
 
16,295
0.512
31,814
172.4
2.54
105.25
1987
 
17,009
0.528
32,214
174.6
1.25
104.82
1988
 
18,443
0.549
33,615
182.2
4.35
105.74
1989
 
19,632
0.573
34,285
185.8
1.99
105.22
1990
 
20,512
0.598
34,316
186.0
0.09
104.55
1991
 
21,250
0.618
34,400
186.5
0.24
105.98
1992
 
22,540
0.634
35,541
192.6
3.32
106.94
1993
 
23,337
0.650
35,902
194.6
1.02
107.48
1994
 
24,306
0.664
36,630
198.5
2.03
107.78
1995
 
25,339
0.678
37,398
202.7
2.10
107.47
1996
 
26,608
0.692
38,449
208.4
2.81
107.61
1997
 
27,464
0.704
39,008
211.4
1.46
105.94
1998
 
29,256
0.710
41,225
223.4
5.68
106.41
1999
 
30,301
0.720
42,084
228.1
2.08
105.97
2000
 
31,858
0.738
43,155
233.9
2.54
104.28
2001
 
32,418
0.753
43,051
233.3
-0.24
102.76
2002
 
32,180
0.763
42,181
228.6
-2.02
101.19
2003
 
33,136
0.779
42,540
230.6
0.85
101.46
2004
 
35,173
0.798
44,062
238.8
3.58
102.90
2005
 
37,907
0.821
46,156
250.2
4.75
106.27
2006
 
39,437
0.844
46,704
253.1
1.19
104.21
2007
 
39,870
0.866
46,036
249.5
-1.43
100.71
2008
 
38,640
0.892
43,333
234.9
-5.87
94.58
2009
 
36,125
0.889
40,626
220.2
-6.25
91.90
2010
 
37,288
0.905
41,196
223.3
1.40
91.94
2011
 
38,589
0.928
41,581
225.4
0.94
90.48
2012
 
39,671
0.945
41,965
227.5
0.92
89.68
2013
 
39,319
0.958
41,050
222.5
-2.18
88.55
2014
 
41,112
0.971
42,330
229.4
3.12
88.82
2015
 
43,783
0.973
44,998
243.9
6.30
91.10
2016
 
44,700
0.983
45,480
246.5
1.07
91.28
2017
 
46,977
1.000
46,977
254.6
3.29
92.11
2018
 
49,278
1.020
48,290
261.7
2.79
92.44
2019
 
51,937
1.035
50,177
272.0
3.91
93.47
2020
 
54,676
1.046
52,251
283.2
4.13
92.48
2021
 
60,805
1.090
55,798
302.4
6.79
94.33
2022
 
62,467
1.161
53,800
291.6
-3.58
94.30
2023
 
66,238
1.205
54,973
298.0
2.18
94.88
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 2024
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, 1958-2023
 
1958
 
2,160
0.151
14,336
100.0
N
1959
 
2,260
0.153
14,781
103.1
3.10
1960
 
2,321
0.155
14,934
104.2
1.04
1961
 
2,383
0.157
15,177
105.9
1.63
1962
 
2,498
0.159
15,725
109.7
3.61
1963
 
2,589
0.161
16,101
112.3
2.39
1964
 
2,735
0.163
16,770
117.0
4.16
1965
 
2,918
0.165
17,636
123.0
5.16
1966
 
3,134
0.170
18,477
128.9
4.77
1967
 
3,328
0.174
19,137
133.5
3.57
1968
 
3,617
0.181
20,017
139.6
4.59
1969
 
3,931
0.189
20,816
145.2
3.99
1970
 
4,198
0.198
21,238
148.1
2.03
1971
 
4,471
0.206
21,697
151.3
2.16
1972
 
4,857
0.213
22,793
159.0
5.05
1973
 
5,363
0.225
23,883
166.6
4.78
1974
 
5,836
0.248
23,537
164.2
-1.45
1975
 
6,324
0.269
23,544
164.2
0.03
1976
 
6,875
0.283
24,265
169.3
3.07
1977
 
7,516
0.302
24,906
173.7
2.64
1978
 
8,356
0.323
25,889
180.6
3.95
1979
 
9,232
0.351
26,271
183.2
1.47
1980
 
10,184
0.389
26,160
182.5
-0.42
1981
 
11,291
0.424
26,621
185.7
1.76
1982
 
11,990
0.448
26,781
186.8
0.60
1983
 
12,701
0.467
27,210
189.8
1.61
1984
 
13,889
0.484
28,674
200.0
5.38
1985
 
14,746
0.501
29,417
205.2
2.59
1986
 
15,482
0.512
30,227
210.8
2.75
1987
 
16,228
0.528
30,733
214.4
1.67
1988
 
17,442
0.549
31,790
221.7
3.44
1989
 
18,658
0.573
32,584
227.3
2.50
1990
 
19,619
0.598
32,821
228.9
0.73
1991
 
20,050
0.618
32,457
226.4
-1.11
1992
 
21,077
0.634
33,234
231.8
2.39
1993
 
21,713
0.650
33,405
233.0
0.51
1994
 
22,552
0.664
33,986
237.1
1.74
1995
 
23,577
0.678
34,798
242.7
2.39
1996
 
24,725
0.692
35,729
249.2
2.67
1997
 
25,925
0.704
36,822
256.8
3.06
1998
 
27,493
0.710
38,740
270.2
5.21
1999
 
28,592
0.720
39,711
277.0
2.51
2000
 
30,551
0.738
41,384
288.7
4.21
2001
 
31,548
0.753
41,895
292.2
1.23
2002
 
31,801
0.763
41,684
290.8
-0.50
2003
 
32,659
0.779
41,928
292.5
0.59
2004
 
34,183
0.798
42,821
298.7
2.13
2005
 
35,669
0.821
43,432
303.0
1.43
2006
 
37,843
0.844
44,816
312.6
3.19
2007
 
39,588
0.866
45,710
318.8
1.99
2008
 
40,854
0.892
45,816
319.6
0.23
2009
 
39,307
0.889
44,204
308.3
-3.52
2010
 
40,557
0.905
44,808
312.5
1.36
2011
 
42,649
0.928
45,956
320.6
2.56
2012
 
44,237
0.945
46,795
326.4
1.83
2013
 
44,401
0.958
46,357
323.4
-0.94
2014
 
46,287
0.971
47,659
332.4
2.81
2015
 
48,060
0.973
49,394
344.5
3.64
2016
 
48,971
0.983
49,826
347.6
0.88
2017
 
51,004
1.000
51,004
355.8
2.36
2018
 
53,309
1.020
52,240
364.4
2.42
2019
 
55,566
1.035
53,682
374.5
2.76
2020
 
59,123
1.046
56,501
394.1
5.25
2021
 
64,460
1.090
59,153
412.6
4.69
2022
 
66,244
1.161
57,052
398.0
-3.55
2023
 
69,810
1.205
57,938
404.1
1.55
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 2024
REAP_PI_SA1400_700_PN
 
   
Copyright © 2024. Pacific Northwest Regional Economic Analysis Project (PNREAP). All Rights Reserved.

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