Introduction
Montana vs. United States
Montana:
2022 Earnings = $42,527,835K
2022 Percent of U.S. = 0.28%
U.S.:
2022 Earnings = $15,207,952,000K
Industry earnings are incomes received by people who are directly involved with producing goods and services. Earnings, referred to also as "labor and proprietors income", include (1) wage and salary disbursements, (2) other labor income such as employer contributions to private retirement and medical insurance programs, and (3) the net incomes of proprietors (i.e., the owners of unincorporated enterprises).
In contrast to the more frequently cited employment data, earnings data more accurately reflect qualitative differences in labor's contributions toward the production of goods and services, namely the productivity differences reflected in variations in earnings per job. Earnings data, therefore, are better for comparing and tracking long-term trends and identifying short-run shifts in the level and composition of economic activity within and among states.
Just like the employment data compiled by BEA, earnings data are reported on a place-of-work, or more accurately on a place-where-earned, basis.
Note: the BEA earnings data presented and discussed here in the context of comparing and assessing the economic growth and performance of state and regional economies are entirely separate and apart from--and should not be confused with--corporate earnings, which are compiled from the balance sheets of individual private corporations.
Page 2 of 11
Montana Total Industry Earnings, 1959-2022
Current vs. Constant Dollars (Millions)
Montana Total Industry Earnings, 1959-2022
Current vs. Constant Dollars (Millions)
Figure 1.
Figure 1 depicts Montana's annual total industry earnings over 1959-2022 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 Montana over time.
When measured in current dollars, Montana's total industry earnings increased 3,707.49%, from $1,117M in 1959 to $42,528M in 2022. When measured in constant 2017 dollars to adjust for inflation, it advanced 401.68%, from $7,305M in 1959 to $36,648M in 2022.
Page 3 of 11
Real Total Industry Earnings Indices (1958=100): 1958-2022
Real Total Industry Earnings Indices (1958=100): 1958-2022
Figure 2.
Figure 2 portrays Montana's real total industry earnings 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 total industry earnings in 1958 as a base figure of 100, and the real total industry earningss in later years as a percentage of the 1958 base figure. This method allows for more direct comparison of differences in real total industry earnings growth between regions that may differ vastly in size.
Montana's overall real total industry earnings growth was 376.96% over 1958-2022 trailed the United States' increase of 531.93%.
Page 4 of 11
Total Industry Earnings as a Percent of the United States Total: 1958-2022
Total Industry Earnings as a Percent of the United States Total: 1958-2022
Figure 3.
Another interesting and insightful way of highlighting the total industry earnings growth of Montana is to trace its individual percentage contributions to the United States' total total industry earnings over time, as shown in Figure 3. A rising share means a region's total industry earnings grew faster, or declined less, than the United States' total industry earnings, while a declining share shows it grew more slowly.
In 1958, Montana's total industry earnings totaled 0.37% of the United States' total industry earnings, while in 2022 it equated to 0.28% thereby yielding a -0.09% share-shift.
   
 
Total Industry Earnings Share-Shift
2022 vs. 1958
 
Share-
Shift*
 
2022
vs.
1958
-0.09%
=
0.28%
-
0.37%
 
   
Page 5 of 11
Montana Real Total Industry Earnings:
Annual Percent Change, 1959-2022
Montana Real Total Industry Earnings:
Annual Percent Change, 1959-2022
Figure 4.
Figure 4 highlights the short-run pattern of Montana's real total industry earnings growth by tracking the year-to-year percent change over 1959-2022. The average annual percent change for the entire 64-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, Montana's real total industry earnings grew at an annual rate of 2.55% over 1959-2022. The state recorded its highest growth in 1962 (18.26%) and recorded its lowest growth in 1959 (-4.93%). In 2022, Montana's real total industry earnings grew by 3.62%
Page 6 of 11
Montana Real Total Industry Earnings:
Annual Percent Change and Decade Averages Over 1959-2022
Montana Real Total Industry Earnings:
Annual Percent Change and Decade Averages Over 1959-2022
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 depicts the annual percent change in Montana's real total industry earnings since 1959, but this time they are overlayed with average growth rates for the decade of the 1960s, 1970s, 1980s, 1990s, 2000s, 2010s, and 2020-2022.
During the 1960s, Montana's annual real total industry earnings growth rate averaged 3.27%. It averaged 3.68% throughout the 1970s, -0.01% throughout the 1980s, 3.09% in the 1990s, 3.01% throughout the 2000s, 2.42% during the 2010s, 4.55% thus far this decade (2020-2022).
Page 7 of 11
Real Total Industry Earnings Growth:
Average Annual Percent Change by Decade
Real Total Industry Earnings Growth:
Average Annual Percent Change by Decade
Figure 6.
Figure 6 compares the decade average growth rates for Montana noted in the previous graph with the corresponding decade averages for the nation.
Relative to nationwide real total industry earnings growth trends, Montana posted below the nation over the 1960s (3.27% vs. 4.72%), exceeded the nation in the 1970s (3.68% vs. 3.13%), fell below the nation in the 1980s (-0.01% vs. 2.62%), lagged the nation in the 1990s (3.09% vs. 3.43%), outperformed the nation throughout the 2000s (3.01% vs. 1.47%), lagged the nation during the 2010s (2.42% vs. 2.53%), and topped the nation over 2020-2022 (4.55% vs. 1.48%).
   
 
Real* Total Industry Earnings Growth:
Average Annual Percent Change
 
 
 
2.55
3.27
3.68
-0.01
3.09
3.01
2.42
4.55
3.62
 
2.95
4.72
3.13
2.62
3.43
1.47
2.53
1.48
0.05
 
   
Page 8 of 11

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

   
 
Montana:
Total Industry Earnings, 1958-2022
 
1958
 
1,157,633
0.151
7,683,745
100.0
N
0.37
1959
 
1,116,953
0.153
7,305,121
95.1
-4.93
0.33
1960
 
1,172,927
0.155
7,547,307
98.2
3.32
0.34
1961
 
1,168,777
0.157
7,443,491
96.9
-1.38
0.32
1962
 
1,398,422
0.159
8,802,858
114.6
18.26
0.36
1963
 
1,385,050
0.161
8,615,102
112.1
-2.13
0.34
1964
 
1,395,243
0.163
8,555,049
111.3
-0.70
0.32
1965
 
1,493,374
0.165
9,026,680
117.5
5.51
0.32
1966
 
1,616,411
0.170
9,529,601
124.0
5.57
0.32
1967
 
1,620,165
0.174
9,317,183
121.3
-2.23
0.30
1968
 
1,700,564
0.181
9,411,500
122.5
1.01
0.29
1969
 
1,873,921
0.189
9,923,852
129.2
5.44
0.29
1970
 
2,045,607
0.198
10,349,120
134.7
4.29
0.30
1971
 
2,169,624
0.206
10,529,600
137.0
1.74
0.29
1972
 
2,557,335
0.213
12,001,760
156.2
13.98
0.31
1973
 
2,979,658
0.225
13,269,463
172.7
10.56
0.32
1974
 
3,170,700
0.248
12,788,690
166.4
-3.62
0.32
1975
 
3,409,995
0.269
12,695,439
165.2
-0.73
0.32
1976
 
3,644,033
0.283
12,861,444
167.4
1.31
0.31
1977
 
3,909,661
0.302
12,956,194
168.6
0.74
0.30
1978
 
4,664,031
0.323
14,450,462
188.1
11.53
0.32
1979
 
4,924,780
0.351
14,013,545
182.4
-3.02
0.30
1980
 
5,227,899
0.389
13,429,662
174.8
-4.17
0.29
1981
 
5,788,716
0.424
13,647,804
177.6
1.62
0.30
1982
 
5,885,709
0.448
13,146,253
171.1
-3.67
0.29
1983
 
6,165,828
0.467
13,209,847
171.9
0.48
0.28
1984
 
6,435,926
0.484
13,286,662
172.9
0.58
0.26
1985
 
6,440,756
0.501
12,848,620
167.2
-3.30
0.25
1986
 
6,767,052
0.512
13,211,996
171.9
2.83
0.24
1987
 
7,030,218
0.528
13,314,302
173.3
0.77
0.23
1988
 
7,258,317
0.549
13,229,412
172.2
-0.64
0.22
1989
 
7,984,527
0.573
13,944,093
181.5
5.40
0.23
1990
 
8,428,822
0.598
14,100,915
183.5
1.12
0.23
1991
 
9,178,614
0.618
14,858,377
193.4
5.37
0.24
1992
 
9,827,016
0.634
15,495,137
201.7
4.29
0.24
1993
 
10,820,733
0.650
16,647,282
216.7
7.44
0.26
1994
 
11,023,628
0.664
16,612,858
216.2
-0.21
0.25
1995
 
11,347,490
0.678
16,748,074
218.0
0.81
0.24
1996
 
11,805,788
0.692
17,059,648
222.0
1.86
0.24
1997
 
12,202,186
0.704
17,330,927
225.6
1.59
0.23
1998
 
13,071,043
0.710
18,418,480
239.7
6.28
0.23
1999
 
13,569,468
0.720
18,846,222
245.3
2.32
0.22
2000
 
14,256,331
0.738
19,311,765
251.3
2.47
0.22
2001
 
14,822,813
0.753
19,684,488
256.2
1.93
0.22
2002
 
15,505,266
0.763
20,323,847
264.5
3.25
0.22
2003
 
16,611,443
0.779
21,325,703
277.5
4.93
0.23
2004
 
18,097,136
0.798
22,670,445
295.0
6.31
0.24
2005
 
19,611,354
0.821
23,879,302
310.8
5.33
0.24
2006
 
20,887,711
0.844
24,736,749
321.9
3.59
0.25
2007
 
22,294,972
0.866
25,742,691
335.0
4.07
0.25
2008
 
22,995,278
0.892
25,788,133
335.6
0.18
0.26
2009
 
22,481,428
0.889
25,282,473
329.0
-1.96
0.26
2010
 
23,519,609
0.905
25,984,499
338.2
2.78
0.26
2011
 
24,929,846
0.928
26,862,900
349.6
3.38
0.26
2012
 
26,193,394
0.945
27,707,908
360.6
3.15
0.27
2013
 
27,020,998
0.958
28,211,230
367.2
1.82
0.27
2014
 
27,759,327
0.971
28,582,209
372.0
1.32
0.26
2015
 
28,826,078
0.973
29,626,284
385.6
3.65
0.26
2016
 
28,957,362
0.983
29,462,946
383.4
-0.55
0.26
2017
 
30,089,438
1.000
30,089,438
391.6
2.13
0.25
2018
 
31,440,622
1.020
30,809,942
401.0
2.39
0.25
2019
 
33,203,436
1.035
32,076,586
417.5
4.11
0.26
2020
 
34,984,223
1.046
33,434,532
435.1
4.23
0.27
2021
 
38,551,834
1.090
35,368,331
460.3
5.78
0.27
2022
 
42,527,835
1.160
36,648,342
477.0
3.62
0.28
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 2023
REAP_PI_SA1400_1200_PN
 
   
Page 9 of 11

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

   
 
United States:
Total Industry Earnings, 1958-2022
 
1958
 
312,448,433
0.151
2,073,864,549
100.0
N
1959
 
334,064,584
0.153
2,184,856,665
105.4
5.35
1960
 
348,226,000
0.155
2,240,692,362
108.0
2.56
1961
 
359,911,000
0.157
2,292,134,760
110.5
2.30
1962
 
383,422,000
0.159
2,413,584,288
116.4
5.30
1963
 
402,628,000
0.161
2,504,372,706
120.8
3.76
1964
 
430,423,000
0.163
2,639,174,689
127.3
5.38
1965
 
463,749,000
0.165
2,803,125,000
135.2
6.21
1966
 
510,521,000
0.170
3,009,792,477
145.1
7.37
1967
 
543,468,000
0.174
3,125,355,110
150.7
3.84
1968
 
595,758,000
0.181
3,297,127,677
159.0
5.50
1969
 
653,665,000
0.189
3,461,658,635
166.9
4.99
1970
 
693,352,000
0.198
3,507,801,275
169.1
1.33
1971
 
742,094,000
0.206
3,601,523,902
173.7
2.67
1972
 
819,646,000
0.213
3,846,658,532
185.5
6.81
1973
 
918,964,000
0.225
4,092,469,383
197.3
6.39
1974
 
993,909,000
0.248
4,008,829,105
193.3
-2.04
1975
 
1,059,492,000
0.269
3,944,497,394
190.2
-1.60
1976
 
1,173,271,000
0.283
4,141,005,188
199.7
4.98
1977
 
1,303,767,000
0.302
4,320,542,816
208.3
4.34
1978
 
1,476,080,000
0.323
4,573,305,242
220.5
5.85
1979
 
1,648,363,000
0.351
4,690,444,754
226.2
2.56
1980
 
1,784,597,000
0.389
4,584,353,165
221.1
-2.26
1981
 
1,961,173,000
0.424
4,623,772,250
223.0
0.86
1982
 
2,053,729,000
0.448
4,587,185,902
221.2
-0.79
1983
 
2,188,018,000
0.467
4,687,672,466
226.0
2.19
1984
 
2,432,402,000
0.484
5,021,577,654
242.1
7.12
1985
 
2,615,791,000
0.501
5,218,223,348
251.6
3.92
1986
 
2,786,901,000
0.512
5,441,146,840
262.4
4.27
1987
 
2,996,000,000
0.528
5,674,027,499
273.6
4.28
1988
 
3,259,979,000
0.549
5,941,819,010
286.5
4.72
1989
 
3,467,027,000
0.573
6,054,778,994
292.0
1.90
1990
 
3,679,460,000
0.598
6,155,516,520
296.8
1.66
1991
 
3,789,428,000
0.618
6,134,341,309
295.8
-0.34
1992
 
4,059,023,000
0.634
6,400,225,481
308.6
4.33
1993
 
4,237,437,000
0.650
6,519,133,846
314.3
1.86
1994
 
4,456,948,000
0.664
6,716,721,924
323.9
3.03
1995
 
4,674,849,000
0.678
6,899,738,761
332.7
2.72
1996
 
4,956,180,000
0.692
7,161,799,344
345.3
3.80
1997
 
5,288,047,000
0.704
7,510,683,597
362.2
4.87
1998
 
5,707,014,000
0.710
8,041,785,619
387.8
7.07
1999
 
6,098,042,000
0.720
8,469,385,147
408.4
5.32
2000
 
6,598,743,000
0.738
8,938,721,519
431.0
5.54
2001
 
6,865,291,000
0.753
9,117,010,172
439.6
1.99
2002
 
7,001,002,000
0.763
9,176,707,606
442.5
0.65
2003
 
7,243,377,000
0.779
9,299,017,896
448.4
1.33
2004
 
7,674,785,000
0.798
9,614,272,113
463.6
3.39
2005
 
8,039,238,000
0.821
9,788,788,097
472.0
1.82
2006
 
8,519,349,000
0.844
10,089,233,775
486.5
3.07
2007
 
8,866,261,000
0.866
10,237,349,175
493.6
1.47
2008
 
9,014,085,000
0.892
10,108,876,304
487.4
-1.25
2009
 
8,688,913,000
0.889
9,771,497,172
471.2
-3.34
2010
 
9,023,916,000
0.905
9,969,635,637
480.7
2.03
2011
 
9,444,387,000
0.928
10,176,702,513
490.7
2.08
2012
 
9,854,834,000
0.945
10,424,645,101
502.7
2.44
2013
 
10,180,570,000
0.958
10,629,007,841
512.5
1.96
2014
 
10,613,874,000
0.971
10,928,505,678
527.0
2.82
2015
 
11,039,821,000
0.973
11,346,284,134
547.1
3.82
2016
 
11,311,477,000
0.983
11,508,970,941
555.0
1.43
2017
 
11,848,205,000
1.000
11,848,205,000
571.3
2.95
2018
 
12,438,590,000
1.020
12,189,079,542
587.7
2.88
2019
 
12,989,097,000
1.035
12,548,276,062
605.1
2.95
2020
 
13,158,025,000
1.046
12,575,166,053
606.4
0.21
2021
 
14,278,043,000
1.090
13,099,001,844
631.6
4.17
2022
 
15,207,952,000
1.160
13,105,445,395
631.9
0.05
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 2023
REAP_PI_SA1400_1200_PN
 
   
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