Introduction
Rhode Island vs. United States
Rhode Island:
2020 Earnings = $40,203,249K
2020 Percent of U.S. = 0.3%
U.S.:
2020 Earnings = $13,202,475,000K
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
Rhode Island Total Industry Earnings, 1959-2020
Current vs. Constant Dollars (Millions)
Rhode Island Total Industry Earnings, 1959-2020
Current vs. Constant Dollars (Millions)
Figure 1.
Figure 1 depicts Rhode Island's annual total industry earnings over 1959-2020 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 Rhode Island over time.
When measured in current dollars, Rhode Island's total industry earnings increased 2,429.5%, from $1,589M in 1959 to $40,203M in 2020. When measured in constant 2012 dollars to adjust for inflation, it advanced 268.8%, from $9,807M in 1959 to $36,169M in 2020.
Page 3 of 11
Real Total Industry Earnings Indices (1958=100): 1958-2020
Real Total Industry Earnings Indices (1958=100): 1958-2020
Figure 2.
Figure 2 portrays Rhode Island'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.
Rhode Island's overall real total industry earnings growth was 286.6% over 1958-2020 trailed the United States' increase of 507.1%.
Page 4 of 11
Total Industry Earnings as a Percent of the United States Total: 1958-2020
Total Industry Earnings as a Percent of the United States Total: 1958-2020
Figure 3.
Another interesting and insightful way of contrasting the total industry earnings growth of Rhode Island 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, Rhode Island's total industry earnings comprised 0.48% of the United States' total industry earnings, while in 2020 it totaled 0.30% thereby yielding a -0.17% share-shift.
   
 
Total Industry Earnings Share-Shift
2020 vs. 1958
 
Share-
Shift*
 
2020
vs.
1958
-0.17%
=
0.30%
-
0.48%
 
   
Page 5 of 11
Rhode Island Real Total Industry Earnings:
Annual Percent Change, 1959-2020
Rhode Island Real Total Industry Earnings:
Annual Percent Change, 1959-2020
Figure 4.
Figure 4 shows the short-run pattern of Rhode Island's real total industry earnings growth by tracking the year-to-year percent change over 1959-2020. The average annual percent change for the entire 62-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, Rhode Island's real total industry earnings grew at an annual rate of 2.25% over 1959-2020. The state recorded its highest growth in 1966 (7.74%) and recorded its lowest growth in 1974 (-7.80%). In 2020, Rhode Island's real total industry earnings declined by -0.34%
Page 6 of 11
Rhode Island Real Total Industry Earnings:
Annual Percent Change and Decade Averages Over 1959-2020
Rhode Island Real Total Industry Earnings:
Annual Percent Change and Decade Averages Over 1959-2020
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 illustrates the annual percent change in Rhode Island's real total industry earnings since 1959, but this time they are displayed with average growth rates for the decade of the 1960s, 1970s, 1980s, 1990s, 2000s, and 2010-2020.
During the 1960s, Rhode Island's annual real total industry earnings growth rate averaged 4.21%. It averaged 1.41% during the 1970s, 3.07% during the 1980s, 1.81% during the 1990s, 1.27% during the 2000s, and 1.76% thus far this decade (2010 to 2020).
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 Rhode Island noted in the previous graph with the corresponding decade averages for the nation.
Relative to nationwide real total industry earnings growth trends, Rhode Island trailed the nation over the 1960s (4.21% vs. 4.72%), lagged the nation throughout the 1970s (1.41% vs. 3.13%), outpaced the nation throughout the 1980s (3.07% vs. 2.62%), fell under the nation during the 1990s (1.81% vs. 3.43%), fell below the nation in the 2000s (1.27% vs. 1.49%), and lagged the nation over 2010-2020 (1.76% vs. 2.53%).
   
 
Real* Total Industry Earnings Growth:
Average Annual Percent Change
 
 
 
2.25
4.21
1.41
3.07
1.81
1.27
1.76
-0.34
 
2.98
4.72
3.13
2.62
3.43
1.49
2.53
0.18
 
   
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.

   
 
Rhode Island:
Total Industry Earnings, 1958-2020
 
1958
 
1,494,070
0.160
9,356,065
100.0
N
0.48
1959
 
1,589,374
0.162
9,806,713
104.8
4.82
0.48
1960
 
1,622,438
0.165
9,849,074
105.3
0.43
0.47
1961
 
1,675,700
0.166
10,067,892
107.6
2.22
0.47
1962
 
1,795,746
0.168
10,664,208
114.0
5.92
0.47
1963
 
1,852,168
0.170
10,869,531
116.2
1.93
0.46
1964
 
1,976,889
0.173
11,435,697
122.2
5.21
0.46
1965
 
2,130,390
0.175
12,148,666
129.8
6.23
0.46
1966
 
2,353,374
0.180
13,089,571
139.9
7.74
0.46
1967
 
2,522,545
0.184
13,686,425
146.3
4.56
0.46
1968
 
2,756,517
0.192
14,392,841
153.8
5.16
0.46
1969
 
2,957,038
0.200
14,774,109
157.9
2.65
0.45
1970
 
3,173,667
0.210
15,148,045
161.9
2.53
0.46
1971
 
3,331,486
0.218
15,253,358
163.0
0.70
0.45
1972
 
3,663,811
0.226
16,221,602
173.4
6.35
0.45
1973
 
3,894,613
0.238
16,362,545
174.9
0.87
0.42
1974
 
3,964,775
0.263
15,086,663
161.3
-7.80
0.40
1975
 
4,124,310
0.285
14,486,512
154.8
-3.98
0.39
1976
 
4,615,049
0.300
15,367,105
164.2
6.08
0.39
1977
 
5,074,089
0.320
15,863,468
169.6
3.23
0.39
1978
 
5,636,785
0.342
16,476,528
176.1
3.86
0.38
1979
 
6,276,019
0.373
16,847,921
180.1
2.25
0.38
1980
 
6,831,269
0.413
16,555,836
177.0
-1.73
0.38
1981
 
7,358,972
0.450
16,368,548
175.0
-1.13
0.38
1982
 
7,728,397
0.475
16,285,395
174.1
-0.51
0.38
1983
 
8,375,682
0.495
16,929,462
180.9
3.95
0.38
1984
 
9,255,667
0.513
18,027,125
192.7
6.48
0.38
1985
 
10,053,903
0.531
18,921,788
202.2
4.96
0.38
1986
 
10,916,583
0.543
20,107,908
214.9
6.27
0.39
1987
 
11,829,095
0.560
21,136,972
225.9
5.12
0.39
1988
 
13,038,796
0.582
22,422,307
239.7
6.08
0.40
1989
 
13,766,018
0.607
22,682,514
242.4
1.16
0.40
1990
 
14,106,505
0.634
22,265,812
238.0
-1.84
0.38
1991
 
13,856,842
0.655
21,164,208
226.2
-4.95
0.37
1992
 
14,713,014
0.672
21,888,503
233.9
3.42
0.36
1993
 
15,244,098
0.689
22,127,530
236.5
1.09
0.36
1994
 
15,771,752
0.703
22,425,355
239.7
1.35
0.35
1995
 
16,491,633
0.718
22,965,330
245.5
2.41
0.35
1996
 
16,981,462
0.733
23,152,540
247.5
0.82
0.34
1997
 
17,899,302
0.746
23,986,307
256.4
3.60
0.34
1998
 
19,369,472
0.752
25,751,797
275.2
7.36
0.34
1999
 
20,607,633
0.763
26,995,249
288.5
4.83
0.34
2000
 
22,240,977
0.782
28,428,423
303.9
5.31
0.34
2001
 
23,244,151
0.797
29,150,657
311.6
2.54
0.34
2002
 
24,486,310
0.808
30,308,965
323.9
3.97
0.35
2003
 
25,913,937
0.824
31,464,991
336.3
3.81
0.36
2004
 
27,217,915
0.844
32,244,512
344.6
2.48
0.35
2005
 
28,009,003
0.868
32,263,976
344.8
0.06
0.35
2006
 
29,368,837
0.892
32,934,305
352.0
2.08
0.34
2007
 
29,871,294
0.914
32,668,359
349.2
-0.81
0.34
2008
 
29,746,723
0.942
31,584,968
337.6
-3.32
0.33
2009
 
28,713,396
0.941
30,515,650
326.2
-3.39
0.33
2010
 
30,603,741
0.957
31,977,160
341.8
4.79
0.34
2011
 
31,192,739
0.981
31,786,835
339.7
-0.60
0.33
2012
 
32,495,205
1.000
32,495,205
347.3
2.23
0.33
2013
 
33,183,064
1.013
32,742,352
350.0
0.76
0.32
2014
 
34,447,320
1.028
33,499,290
358.0
2.31
0.32
2015
 
35,620,333
1.030
34,568,416
369.5
3.19
0.32
2016
 
36,157,168
1.041
34,726,105
371.2
0.46
0.32
2017
 
37,319,238
1.060
35,212,143
376.4
1.40
0.31
2018
 
38,527,584
1.082
35,594,919
380.4
1.09
0.31
2019
 
39,865,721
1.099
36,290,722
387.9
1.95
0.31
2020
 
40,203,249
1.112
36,168,963
386.6
-0.34
0.30
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
September 2021
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, 1958-2020
 
1958
 
312,448,433
0.160
1,956,593,606
100.0
N
1959
 
334,064,584
0.162
2,061,236,404
105.3
5.35
1960
 
348,226,000
0.165
2,113,919,748
108.0
2.56
1961
 
359,911,000
0.166
2,162,406,873
110.5
2.29
1962
 
383,422,000
0.168
2,276,987,945
116.4
5.30
1963
 
402,628,000
0.170
2,362,840,376
120.8
3.77
1964
 
430,423,000
0.173
2,489,865,217
127.3
5.38
1965
 
463,749,000
0.175
2,644,554,060
135.2
6.21
1966
 
510,521,000
0.180
2,839,540,575
145.1
7.37
1967
 
543,468,000
0.184
2,948,662,579
150.7
3.84
1968
 
595,758,000
0.192
3,110,682,957
159.0
5.49
1969
 
653,665,000
0.200
3,265,875,593
166.9
4.99
1970
 
693,352,000
0.210
3,309,398,119
169.1
1.33
1971
 
742,094,000
0.218
3,397,710,728
173.7
2.67
1972
 
819,646,000
0.226
3,629,000,266
185.5
6.81
1973
 
918,964,000
0.238
3,860,868,835
197.3
6.39
1974
 
993,909,000
0.263
3,781,997,717
193.3
-2.04
1975
 
1,059,492,000
0.285
3,721,433,088
190.2
-1.60
1976
 
1,173,271,000
0.300
3,906,736,148
199.7
4.98
1977
 
1,303,767,000
0.320
4,076,055,149
208.3
4.33
1978
 
1,476,080,000
0.342
4,314,635,644
220.5
5.85
1979
 
1,648,363,000
0.373
4,425,016,778
226.2
2.56
1980
 
1,784,597,000
0.413
4,325,037,565
221.0
-2.26
1981
 
1,961,173,000
0.450
4,362,233,640
223.0
0.86
1982
 
2,053,729,000
0.475
4,327,648,769
221.2
-0.79
1983
 
2,188,018,000
0.495
4,422,561,345
226.0
2.19
1984
 
2,432,402,000
0.513
4,737,553,318
242.1
7.12
1985
 
2,615,791,000
0.531
4,923,007,867
251.6
3.91
1986
 
2,786,901,000
0.543
5,133,359,735
262.4
4.27
1987
 
2,996,000,000
0.560
5,353,441,498
273.6
4.29
1988
 
3,259,979,000
0.582
5,606,058,365
286.5
4.72
1989
 
3,467,027,000
0.607
5,712,682,485
292.0
1.90
1990
 
3,679,460,000
0.634
5,807,686,844
296.8
1.66
1991
 
3,789,428,000
0.655
5,787,772,059
295.8
-0.34
1992
 
4,059,023,000
0.672
6,038,595,317
308.6
4.33
1993
 
4,237,437,000
0.689
6,150,840,446
314.4
1.86
1994
 
4,456,948,000
0.703
6,337,193,232
323.9
3.03
1995
 
4,674,849,000
0.718
6,509,934,411
332.7
2.73
1996
 
4,956,180,000
0.733
6,757,260,110
345.4
3.80
1997
 
5,288,047,000
0.746
7,086,350,053
362.2
4.87
1998
 
5,707,014,000
0.752
7,587,500,000
387.8
7.07
1999
 
6,098,042,000
0.763
7,988,212,948
408.3
5.28
2000
 
6,598,743,000
0.782
8,434,515,243
431.1
5.59
2001
 
6,865,291,000
0.797
8,609,810,881
440.0
2.08
2002
 
7,001,002,000
0.808
8,665,786,184
442.9
0.65
2003
 
7,243,377,000
0.824
8,794,988,951
449.5
1.49
2004
 
7,674,785,000
0.844
9,092,162,159
464.7
3.38
2005
 
8,039,238,000
0.868
9,260,514,675
473.3
1.85
2006
 
8,519,349,000
0.892
9,553,624,375
488.3
3.17
2007
 
8,866,152,000
0.914
9,696,353,814
495.6
1.49
2008
 
9,014,034,000
0.942
9,571,070,291
489.2
-1.29
2009
 
8,688,852,000
0.941
9,234,225,349
472.0
-3.52
2010
 
9,023,830,000
0.957
9,428,796,824
481.9
2.11
2011
 
9,444,365,000
0.981
9,624,242,085
491.9
2.07
2012
 
9,902,321,000
1.000
9,902,321,000
506.1
2.89
2013
 
10,232,098,000
1.013
10,096,203,106
516.0
1.96
2014
 
10,688,401,000
1.028
10,394,243,898
531.2
2.95
2015
 
11,115,543,000
1.030
10,787,285,890
551.3
3.78
2016
 
11,384,770,000
1.041
10,934,172,741
558.8
1.36
2017
 
11,926,173,000
1.060
11,252,805,140
575.1
2.91
2018
 
12,515,233,000
1.082
11,562,591,118
591.0
2.75
2019
 
13,024,685,000
1.099
11,856,683,144
606.0
2.54
2020
 
13,202,475,000
1.112
11,877,642,730
607.1
0.18
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 2021
REAP_PI_SA1400_1200_PN
 
   
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