Middle Atlantic vs. United States
Comparative Trends Analysis:
Total Industry Earnings Growth and Change, 1958-2022
Introduction
Middle Atlantic vs. United States
Middle Atlantic:
2022 Earnings = $2,185,299,772K
2022 Percent of U.S. = 14.37%
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.
Middle Atlantic Total Industry Earnings, 1959-2022
Current vs. Constant Dollars (Millions)
Middle Atlantic Total Industry Earnings, 1959-2022
Current vs. Constant Dollars (Millions)
Figure 1.
Figure 1 depicts Middle Atlantic'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 Middle Atlantic over time.
When measured in current dollars, Middle Atlantic's total industry earnings increased 2,893.54%, from $73,001M in 1959 to $2,185,300M in 2022. When measured in constant 2017 dollars to adjust for inflation, it advanced 294.43%, from $477,440M in 1959 to $1,883,181M in 2022.
Real Total Industry Earnings Indices (1958=100): 1958-2022
Real Total Industry Earnings Indices (1958=100): 1958-2022
Figure 2.
Figure 2 shows Middle Atlantic'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.
Middle Atlantic's overall real total industry earnings growth was 313.51% over 1958-2022 trailed the United States' increase of 531.93%.
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 Middle Atlantic is to compare 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, Middle Atlantic's total industry earnings totaled 21.96% of the United States' total industry earnings, while in 2022 it equated to 14.37% thereby yielding a -7.59% share-shift.
   
 
Total Industry Earnings Share-Shift
2022 vs. 1958
 
Share-
Shift*
 
2022
vs.
1958
-7.59%
=
14.37%
-
21.96%
 
   
Middle Atlantic Real Total Industry Earnings:
Annual Percent Change, 1959-2022
Middle Atlantic Real Total Industry Earnings:
Annual Percent Change, 1959-2022
Figure 4.
Figure 4 displays the short-run pattern of Middle Atlantic'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 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, Middle Atlantic's real total industry earnings grew at an annual rate of 2.27% over 1959-2022. Middle Atlantic recorded its highest growth in 1966 (6.30%) and posted its lowest growth in 1974 (-3.21%). In 2022, Middle Atlantic's real total industry earnings declined by -1.33%
Middle Atlantic Real Total Industry Earnings:
Annual Percent Change and Decade Averages Over 1959-2022
Middle Atlantic Real Total Industry Earnings:
Annual Percent Change and Decade Averages Over 1959-2022
Figure 5.
Over the past six decades some census divisions have experienced extreme swings in growth, and often such swings have tended to coincide with the decades themselves. Figure 5 again shows the annual percent change in Middle Atlantic'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, Middle Atlantic's annual real total industry earnings growth rate averaged 4.00%. It averaged 1.37% during the 1970s, 2.88% during the 1980s, 2.43% in the 1990s, 1.22% in the 2000s, 2.16% in the 2010s, -0.08% thus far this decade (2020-2022).
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 Middle Atlantic noted in the previous graph with the corresponding decade averages for the nation.
Relative to nationwide real total industry earnings growth trends, Middle Atlantic fell below the nation over the 1960s (4.00% vs. 4.72%), recorded underneath the nation during the 1970s (1.37% vs. 3.13%), exceeded the nation over the 1980s (2.88% vs. 2.62%), recorded underneath the nation throughout the 1990s (2.43% vs. 3.43%), fell under the nation in the 2000s (1.22% vs. 1.47%), fell under the nation throughout the 2010s (2.16% vs. 2.53%), and lagged the nation over 2020-2022 (-0.08% vs. 1.48%).
   
 
Real* Total Industry Earnings Growth:
Average Annual Percent Change
 
 
 
2.27
4.00
1.37
2.88
2.43
1.22
2.16
-0.08
-1.33
 
2.95
4.72
3.13
2.62
3.43
1.47
2.53
1.48
0.05
 
   

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

   
 
Middle Atlantic:
Total Industry Earnings, 1958-2022
 
1958
 
68,612,527
0.151
455,413,029
100.0
N
21.96
1959
 
73,000,637
0.153
477,440,399
104.8
4.84
21.85
1960
 
76,333,528
0.155
491,175,137
107.9
2.88
21.92
1961
 
78,613,977
0.157
500,662,190
109.9
1.93
21.84
1962
 
82,830,087
0.159
521,403,040
114.5
4.14
21.60
1963
 
85,844,289
0.161
533,957,138
117.2
2.41
21.32
1964
 
91,271,123
0.163
559,636,538
122.9
4.81
21.20
1965
 
97,017,273
0.165
586,419,687
128.8
4.79
20.92
1966
 
105,732,848
0.170
623,351,303
136.9
6.30
20.71
1967
 
112,765,002
0.174
648,484,686
142.4
4.03
20.75
1968
 
122,935,285
0.181
680,365,737
149.4
4.92
20.64
1969
 
133,415,085
0.189
706,535,429
155.1
3.85
20.41
1970
 
141,800,077
0.198
717,393,894
157.5
1.54
20.45
1971
 
149,809,996
0.206
727,056,520
159.6
1.35
20.19
1972
 
162,011,653
0.213
760,332,518
167.0
4.58
19.77
1973
 
175,600,053
0.225
782,008,697
171.7
2.85
19.11
1974
 
187,651,914
0.248
756,874,578
166.2
-3.21
18.88
1975
 
197,416,399
0.269
734,982,870
161.4
-2.89
18.63
1976
 
212,725,160
0.283
750,803,515
164.9
2.15
18.13
1977
 
232,216,954
0.302
769,541,868
169.0
2.50
17.81
1978
 
257,271,696
0.323
797,099,071
175.0
3.58
17.43
1979
 
283,660,038
0.351
807,159,429
177.2
1.26
17.21
1980
 
307,573,543
0.389
790,108,773
173.5
-2.11
17.23
1981
 
335,412,087
0.424
790,786,484
173.6
0.09
17.10
1982
 
354,704,277
0.448
792,263,467
174.0
0.19
17.27
1983
 
379,660,613
0.467
813,395,777
178.6
2.67
17.35
1984
 
418,374,907
0.484
863,714,996
189.7
6.19
17.20
1985
 
450,341,946
0.501
898,384,029
197.3
4.01
17.22
1986
 
483,626,759
0.512
944,233,115
207.3
5.10
17.35
1987
 
525,034,380
0.528
994,345,631
218.3
5.31
17.52
1988
 
577,750,105
0.549
1,053,039,470
231.2
5.90
17.72
1989
 
611,699,234
0.573
1,068,265,022
234.6
1.45
17.64
1990
 
646,731,981
0.598
1,081,943,925
237.6
1.28
17.58
1991
 
647,890,265
0.618
1,048,807,370
230.3
-3.06
17.10
1992
 
692,084,611
0.634
1,091,271,856
239.6
4.05
17.05
1993
 
713,619,180
0.650
1,097,875,662
241.1
0.61
16.84
1994
 
736,592,652
0.664
1,110,061,866
243.7
1.11
16.53
1995
 
768,646,123
0.678
1,134,466,043
249.1
2.20
16.44
1996
 
808,202,477
0.692
1,167,872,024
256.4
2.94
16.31
1997
 
858,547,963
0.704
1,219,407,109
267.8
4.41
16.24
1998
 
913,573,406
0.710
1,287,321,440
282.7
5.57
16.01
1999
 
974,949,724
0.720
1,354,078,032
297.3
5.19
15.99
2000
 
1,055,464,824
0.738
1,429,742,928
313.9
5.59
15.99
2001
 
1,099,068,601
0.753
1,459,547,689
320.5
2.08
16.01
2002
 
1,110,043,627
0.763
1,455,012,553
319.5
-0.31
15.86
2003
 
1,132,992,403
0.779
1,454,531,033
319.4
-0.03
15.64
2004
 
1,190,729,842
0.798
1,491,637,970
327.5
2.55
15.51
2005
 
1,232,122,746
0.821
1,500,265,133
329.4
0.58
15.33
2006
 
1,301,101,690
0.844
1,540,859,415
338.3
2.71
15.27
2007
 
1,376,140,136
0.866
1,588,947,933
348.9
3.12
15.52
2008
 
1,392,576,560
0.892
1,561,709,723
342.9
-1.71
15.45
2009
 
1,355,998,472
0.889
1,524,947,394
334.8
-2.35
15.61
2010
 
1,415,258,008
0.905
1,563,579,124
343.3
2.53
15.68
2011
 
1,468,902,808
0.928
1,582,801,181
347.6
1.23
15.55
2012
 
1,522,819,008
0.945
1,610,869,114
353.7
1.77
15.45
2013
 
1,569,432,096
0.958
1,638,563,072
359.8
1.72
15.42
2014
 
1,620,761,633
0.971
1,668,806,574
366.4
1.85
15.27
2015
 
1,680,680,129
0.973
1,727,335,460
379.3
3.51
15.22
2016
 
1,724,869,753
0.983
1,754,985,301
385.4
1.60
15.25
2017
 
1,805,377,668
1.000
1,805,377,668
396.4
2.87
15.24
2018
 
1,886,088,469
1.020
1,848,254,695
405.8
2.37
15.16
2019
 
1,955,111,539
1.035
1,888,759,421
414.7
2.19
15.05
2020
 
1,944,343,878
1.046
1,858,215,586
408.0
-1.62
14.78
2021
 
2,080,264,441
1.090
1,908,481,978
419.1
2.71
14.57
2022
 
2,185,299,772
1.160
1,883,181,038
413.5
-1.33
14.37
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
 
   

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
 
   
Copyright © 2023. Pacific Northwest Regional Economic Analysis Project (PNREAP). All Rights Reserved.

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