Indiana vs. United States
Comparative Trends Analysis:
Total Industry Earnings Growth and Change, 1958-2023
Introduction
Indiana vs. United States
Indiana:
2023 Earnings = $289,033,323K
2023 Percent of U.S. = 1.80%
U.S.:
2023 Earnings = $16,074,566,890K
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.
Indiana Total Industry Earnings, 1959-2023
Current vs. Constant Dollars (Millions)
Indiana Total Industry Earnings, 1959-2023
Current vs. Constant Dollars (Millions)
Figure 1.
Figure 1 depicts Indiana's annual total industry earnings 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 Indiana over time.
When measured in current dollars, Indiana's total industry earnings increased 3,292.94%, from $8,519M in 1959 to $289,033M in 2023. When measured in constant 2017 dollars to adjust for inflation, it advanced 330.95%, from $55,714M in 1959 to $240,101M in 2023.
Real Total Industry Earnings Indices (1958=100): 1958-2023
Real Total Industry Earnings Indices (1958=100): 1958-2023
Figure 2.
Figure 2 shows Indiana'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.
Indiana's overall real total industry earnings growth was 354.95% over 1958-2023 trailed the United States' increase of 543.88%.
Total Industry Earnings as a Percent of the United States Total: 1958-2023
Total Industry Earnings as a Percent of the United States Total: 1958-2023
Figure 3.
Another interesting and insightful way of highlighting the total industry earnings growth of Indiana 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, Indiana's total industry earnings comprised 2.54% of the United States' total industry earnings, while in 2023 it totaled 1.80% thereby yielding a -0.75% share-shift.
   
 
Total Industry Earnings Share-Shift
2023 vs. 1958
 
Share-
Shift*
 
2023
vs.
1958
-0.75%
=
1.80%
-
2.54%
 
   
Indiana Real Total Industry Earnings:
Annual Percent Change, 1959-2023
Indiana Real Total Industry Earnings:
Annual Percent Change, 1959-2023
Figure 4.
Figure 4 highlights the short-run pattern of Indiana's real total industry earnings 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, Indiana's real total industry earnings grew at an annual rate of 2.41% over 1959-2023. The state recorded its highest growth in 1973 (9.61%) and posted its lowest growth in 1980 (-7.81%). In 2023, Indiana's real total industry earnings grew by 0.30%
Indiana Real Total Industry Earnings:
Annual Percent Change and Decade Averages Over 1959-2023
Indiana Real Total Industry Earnings:
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 illustrates the annual percent change in Indiana'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, 2010s, and 2020-2023.
During the 1960s, Indiana's annual real total industry earnings growth rate averaged 4.67%. It averaged 2.45% during the 1970s, 1.14% during the 1980s, 3.39% in the 1990s, 0.28% during the 2000s, 2.42% in the 2010s, 1.95% thus far this decade (2020-2023).
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 Indiana noted in the previous graph with the corresponding decade averages for the nation.
Relative to nationwide real total industry earnings growth trends, Indiana recorded underneath the nation over the 1960s (4.67% vs. 4.72%), recorded underneath the nation in the 1970s (2.45% vs. 3.13%), fell under the nation over the 1980s (1.14% vs. 2.62%), recorded underneath the nation in the 1990s (3.39% vs. 3.43%), trailed the nation throughout the 2000s (0.28% vs. 1.47%), fell below the nation over the 2010s (2.42% vs. 2.53%), and led the nation over 2020-2023 (1.95% vs. 1.58%).
   
 
Real* Total Industry Earnings Growth:
Average Annual Percent Change
 
 
 
2.41
4.67
2.45
1.14
3.39
0.28
2.42
1.95
0.30
 
2.93
4.72
3.13
2.62
3.43
1.47
2.53
1.58
1.89
 
   

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

   
 
Indiana:
Total Industry Earnings, 1958-2023
 
1958
 
7,951,026
0.151
52,774,632
100.0
N
2.54
1959
 
8,518,659
0.153
55,713,924
105.6
5.57
2.55
1960
 
8,939,224
0.155
57,520,263
109.0
3.24
2.57
1961
 
9,091,782
0.157
57,902,063
109.7
0.66
2.53
1962
 
9,779,479
0.159
61,560,361
116.6
6.32
2.55
1963
 
10,284,387
0.161
63,969,565
121.2
3.91
2.55
1964
 
10,937,733
0.163
67,065,626
127.1
4.84
2.54
1965
 
12,139,995
0.165
73,380,047
139.0
9.42
2.62
1966
 
13,314,999
0.170
78,498,992
148.7
6.98
2.61
1967
 
13,873,967
0.174
79,785,882
151.2
1.64
2.55
1968
 
15,023,637
0.181
83,145,924
157.5
4.21
2.52
1969
 
16,559,407
0.189
87,694,789
166.2
5.47
2.53
1970
 
16,821,198
0.198
85,101,680
161.3
-2.96
2.43
1971
 
18,071,479
0.206
87,704,339
166.2
3.06
2.44
1972
 
19,887,663
0.213
93,334,255
176.9
6.42
2.43
1973
 
22,973,266
0.225
102,308,020
193.9
9.61
2.50
1974
 
24,066,463
0.248
97,069,588
183.9
-5.12
2.42
1975
 
25,121,072
0.269
93,525,957
177.2
-3.65
2.37
1976
 
28,361,742
0.283
100,101,444
189.7
7.03
2.42
1977
 
31,579,299
0.302
104,650,381
198.3
4.54
2.42
1978
 
35,456,979
0.323
109,855,555
208.2
4.97
2.40
1979
 
38,848,588
0.351
110,544,313
209.5
0.63
2.36
1980
 
39,671,153
0.389
101,909,045
193.1
-7.81
2.22
1981
 
42,504,222
0.424
100,210,355
189.9
-1.67
2.17
1982
 
42,554,753
0.448
95,049,816
180.1
-5.15
2.07
1983
 
44,424,894
0.467
95,177,166
180.3
0.13
2.03
1984
 
49,969,736
0.484
103,160,131
195.5
8.39
2.05
1985
 
52,905,012
0.501
105,539,842
200.0
2.31
2.02
1986
 
55,944,608
0.512
109,226,279
207.0
3.49
2.01
1987
 
60,440,353
0.528
114,466,030
216.9
4.80
2.02
1988
 
65,055,342
0.549
118,573,484
224.7
3.59
2.00
1989
 
70,158,341
0.573
122,523,779
232.2
3.33
2.02
1990
 
73,869,666
0.598
123,579,533
234.2
0.86
2.01
1991
 
76,362,612
0.618
123,616,104
234.2
0.03
2.02
1992
 
82,765,547
0.634
130,503,858
247.3
5.57
2.04
1993
 
87,443,823
0.650
134,528,958
254.9
3.08
2.06
1994
 
93,273,107
0.664
140,564,692
266.3
4.49
2.09
1995
 
96,808,306
0.678
142,882,053
270.7
1.65
2.07
1996
 
101,962,444
0.692
147,338,185
279.2
3.12
2.06
1997
 
107,590,125
0.704
152,811,688
289.6
3.71
2.03
1998
 
116,395,080
0.710
164,012,964
310.8
7.33
2.04
1999
 
122,871,003
0.720
170,651,801
323.4
4.05
2.01
2000
 
130,046,205
0.738
176,161,856
333.8
3.23
1.97
2001
 
131,851,519
0.753
175,096,968
331.8
-0.60
1.92
2002
 
134,402,594
0.763
176,170,969
333.8
0.61
1.92
2003
 
138,228,969
0.779
177,457,788
336.3
0.73
1.91
2004
 
145,387,998
0.798
182,128,851
345.1
2.63
1.89
2005
 
149,251,246
0.821
181,732,251
344.4
-0.22
1.86
2006
 
156,086,058
0.844
184,848,482
350.3
1.71
1.83
2007
 
159,825,008
0.866
184,540,520
349.7
-0.17
1.80
2008
 
163,066,609
0.892
182,871,604
346.5
-0.90
1.81
2009
 
155,681,104
0.889
175,077,995
331.7
-4.26
1.79
2010
 
163,713,638
0.905
180,871,067
342.7
3.31
1.81
2011
 
173,662,050
0.928
187,127,764
354.6
3.46
1.84
2012
 
180,599,273
0.945
191,041,607
362.0
2.09
1.83
2013
 
186,388,763
0.958
194,598,890
368.7
1.86
1.83
2014
 
191,139,577
0.971
196,805,611
372.9
1.13
1.80
2015
 
197,402,513
0.973
202,882,366
384.4
3.09
1.79
2016
 
203,492,406
0.983
207,045,303
392.3
2.05
1.80
2017
 
210,873,137
1.000
210,873,137
399.6
1.85
1.78
2018
 
221,616,756
1.020
217,171,260
411.5
2.99
1.78
2019
 
230,188,408
1.035
222,376,328
421.4
2.40
1.77
2020
 
236,732,731
1.046
226,246,219
428.7
1.74
1.80
2021
 
259,549,511
1.090
238,116,633
451.2
5.25
1.82
2022
 
277,788,293
1.160
239,383,929
453.6
0.53
1.83
2023
 
289,033,323
1.204
240,100,783
455.0
0.30
1.80
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
April 2024
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, 1958-2023
 
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
2023
 
16,074,566,890
1.204
13,353,187,315
643.9
1.89
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
April 2024
REAP_PI_SA1400_1200_PN
 
   
Copyright © 2024. Pacific Northwest Regional Economic Analysis Project (PNREAP). All Rights Reserved.

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