Kentucky vs. United States
Comparative Trends Analysis:
Total Industry Earnings Growth and Change, 1958-2021
Introduction
Kentucky vs. United States
Kentucky:
2021 Earnings = $147,316,975K
2021 Percent of U.S. = 1.0%
U.S.:
2021 Earnings = $14,381,784,636K
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.
Kentucky Total Industry Earnings, 1959-2021
Current vs. Constant Dollars (Millions)
Kentucky Total Industry Earnings, 1959-2021
Current vs. Constant Dollars (Millions)
Figure 1.
Figure 1 depicts Kentucky's annual total industry earnings over 1959-2021 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 Kentucky over time.
When measured in current dollars, Kentucky's total industry earnings increased 3,604.7%, from $3,977M in 1959 to $147,317M in 2021. When measured in constant 2012 dollars to adjust for inflation, it advanced 418.7%, from $24,583M in 1959 to $127,515M in 2021.
Real Total Industry Earnings Indices (1958=100): 1958-2021
Real Total Industry Earnings Indices (1958=100): 1958-2021
Figure 2.
Figure 2 portrays Kentucky'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.
Kentucky's overall real total industry earnings growth was 438.4% over 1958-2021 trailed the United States' increase of 535.0%.
Total Industry Earnings as a Percent of the United States Total: 1958-2021
Total Industry Earnings as a Percent of the United States Total: 1958-2021
Figure 3.
Another interesting and insightful way of highlighting the total industry earnings growth of Kentucky 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, Kentucky's total industry earnings comprised 1.2% of the United States' total industry earnings, while in 2021 it comprised 1.0% thereby yielding a -0.2% share-shift.
   
 
Total Industry Earnings Share-Shift
2021 vs. 1958
 
Share-
Shift*
 
2021
vs.
1958
-0.18%
=
1.02%
-
1.21%
 
   
Kentucky Real Total Industry Earnings:
Annual Percent Change, 1959-2021
Kentucky Real Total Industry Earnings:
Annual Percent Change, 1959-2021
Figure 4.
Figure 4 displays the short-run pattern of Kentucky's real total industry earnings growth by tracking the year-to-year percent change over 1959-2021. The average annual percent change for the entire 63-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, Kentucky's real total industry earnings grew at an annual rate of 2.75% over 1959-2021. The state recorded its highest growth in 1984 (9.44%) and posted its lowest growth in 1980 (-5.96%). In 2021, Kentucky's real total industry earnings grew by 4.33%
Kentucky Real Total Industry Earnings:
Annual Percent Change and Decade Averages Over 1959-2021
Kentucky Real Total Industry Earnings:
Annual Percent Change and Decade Averages Over 1959-2021
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 shows the annual percent change in Kentucky'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 2020-2021.
During the 1960s, Kentucky's annual real total industry earnings growth rate averaged 4.92%. It averaged 4.06% in the 1970s, 1.28% in the 1980s, 3.27% throughout the 1990s, 1.28% in the 2000s, 1.68% during the 2010s, 2.24% thus far this decade (2020-2021).
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 Kentucky noted in the previous graph with the corresponding decade averages for the nation.
Relative to nationwide real total industry earnings growth trends, Kentucky outgained the nation in the 1960s (4.92% vs. 4.72%), outperformed the nation throughout the 1970s (4.06% vs. 3.13%), posted below the nation in the 1980s (1.28% vs. 2.62%), fell under the nation over the 1990s (3.27% vs. 3.43%), recorded underneath the nation over the 2000s (1.28% vs. 1.47%), fell below the nation throughout the 2010s (1.68% vs. 2.52%), and fell below the nation over 2020-2021 (2.24% vs. 2.53%).
   
 
Real* Total Industry Earnings Growth:
Average Annual Percent Change
 
 
 
2.75
4.92
4.06
1.28
3.27
1.28
1.68
2.24
4.33
 
3.01
4.72
3.13
2.62
3.43
1.47
2.52
2.53
4.87
 
   

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

   
 
Kentucky:
Total Industry Earnings, 1958-2021
 
1958
 
3,774,579
0.159
23,682,890
100.0
N
1.21
1959
 
3,976,501
0.162
24,582,721
103.8
3.80
1.19
1960
 
4,061,639
0.164
24,704,331
104.3
0.49
1.17
1961
 
4,234,468
0.166
25,490,417
107.6
3.18
1.18
1962
 
4,573,153
0.168
27,211,430
114.9
6.75
1.19
1963
 
4,849,666
0.170
28,515,705
120.4
4.79
1.20
1964
 
5,032,822
0.173
29,169,016
123.2
2.29
1.17
1965
 
5,484,610
0.175
31,337,047
132.3
7.43
1.18
1966
 
6,087,749
0.179
33,926,377
143.3
8.26
1.19
1967
 
6,588,531
0.184
35,816,967
151.2
5.57
1.21
1968
 
7,230,563
0.191
37,826,644
159.7
5.61
1.21
1969
 
7,921,774
0.200
39,656,458
167.4
4.84
1.21
1970
 
8,450,879
0.209
40,415,490
170.7
1.91
1.22
1971
 
9,180,222
0.218
42,114,974
177.8
4.21
1.24
1972
 
10,214,500
0.225
45,313,193
191.3
7.59
1.25
1973
 
11,544,541
0.238
48,596,317
205.2
7.25
1.26
1974
 
12,867,920
0.262
49,059,896
207.2
0.95
1.29
1975
 
13,589,288
0.284
47,824,346
201.9
-2.52
1.28
1976
 
15,371,828
0.300
51,283,873
216.5
7.23
1.31
1977
 
17,430,475
0.319
54,601,620
230.6
6.47
1.34
1978
 
19,546,990
0.341
57,247,005
241.7
4.84
1.32
1979
 
21,839,279
0.372
58,742,479
248.0
2.61
1.32
1980
 
22,749,629
0.412
55,241,681
233.3
-5.96
1.27
1981
 
24,858,226
0.449
55,399,314
233.9
0.29
1.27
1982
 
25,688,514
0.474
54,237,515
229.0
-2.10
1.25
1983
 
26,293,695
0.494
53,249,818
224.8
-1.82
1.20
1984
 
29,863,190
0.512
58,277,599
246.1
9.44
1.23
1985
 
31,124,849
0.530
58,691,801
247.8
0.71
1.19
1986
 
31,876,688
0.542
58,830,444
248.4
0.24
1.14
1987
 
34,206,540
0.559
61,241,679
258.6
4.10
1.14
1988
 
37,605,240
0.580
64,794,169
273.6
5.80
1.15
1989
 
40,081,811
0.606
66,172,177
279.4
2.13
1.16
1990
 
42,389,611
0.632
67,039,286
283.1
1.31
1.15
1991
 
44,288,348
0.653
67,776,185
286.2
1.10
1.17
1992
 
48,270,644
0.671
71,952,307
303.8
6.16
1.19
1993
 
50,386,137
0.688
73,280,399
309.4
1.85
1.19
1994
 
53,110,657
0.702
75,663,751
319.5
3.25
1.19
1995
 
54,927,398
0.717
76,638,247
323.6
1.29
1.17
1996
 
58,007,891
0.732
79,241,423
334.6
3.40
1.17
1997
 
61,686,584
0.745
82,825,242
349.7
4.52
1.17
1998
 
65,425,209
0.751
87,152,270
368.0
5.22
1.15
1999
 
69,459,277
0.762
91,196,992
385.1
4.64
1.14
2000
 
74,352,005
0.781
95,213,222
402.0
4.40
1.13
2001
 
76,453,440
0.797
95,979,512
405.3
0.80
1.11
2002
 
78,538,370
0.807
97,318,988
410.9
1.40
1.12
2003
 
81,600,659
0.824
99,032,330
418.2
1.76
1.13
2004
 
86,825,099
0.844
102,820,955
434.2
3.83
1.13
2005
 
91,231,022
0.869
105,012,917
443.4
2.13
1.13
2006
 
94,922,453
0.893
106,269,959
448.7
1.20
1.11
2007
 
97,771,760
0.916
106,721,418
450.6
0.42
1.10
2008
 
100,015,432
0.943
106,032,793
447.7
-0.65
1.11
2009
 
97,209,398
0.941
103,346,089
436.4
-2.53
1.12
2010
 
101,246,091
0.957
105,743,356
446.5
2.32
1.12
2011
 
105,326,821
0.982
107,290,232
453.0
1.46
1.12
2012
 
108,897,516
1.000
108,897,516
459.8
1.50
1.10
2013
 
111,809,891
1.014
110,316,210
465.8
1.30
1.09
2014
 
114,725,649
1.029
111,506,458
470.8
1.08
1.07
2015
 
119,196,115
1.031
115,594,200
488.1
3.67
1.07
2016
 
120,747,202
1.041
115,938,090
489.5
0.30
1.06
2017
 
124,480,680
1.061
117,378,129
495.6
1.24
1.04
2018
 
128,738,289
1.083
118,852,166
501.8
1.26
1.03
2019
 
134,150,305
1.099
122,041,361
515.3
2.68
1.03
2020
 
135,947,893
1.112
122,227,820
516.1
0.15
1.03
2021
 
147,316,975
1.155
127,515,148
538.4
4.33
1.02
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
March 2022
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, 1958-2021
 
1958
 
312,448,433
0.159
1,960,399,253
100.0
N
1959
 
334,064,584
0.162
2,065,186,597
105.3
5.35
1960
 
348,226,000
0.164
2,118,034,183
108.0
2.56
1961
 
359,911,000
0.166
2,166,572,357
110.5
2.29
1962
 
383,422,000
0.168
2,281,459,003
116.4
5.30
1963
 
402,628,000
0.170
2,367,425,178
120.8
3.77
1964
 
430,423,000
0.173
2,494,627,333
127.3
5.37
1965
 
463,749,000
0.175
2,649,691,464
135.2
6.22
1966
 
510,521,000
0.179
2,845,079,135
145.1
7.37
1967
 
543,468,000
0.184
2,954,433,270
150.7
3.84
1968
 
595,758,000
0.191
3,116,704,159
159.0
5.49
1969
 
653,665,000
0.200
3,272,251,702
166.9
4.99
1970
 
693,352,000
0.209
3,315,887,135
169.1
1.33
1971
 
742,094,000
0.218
3,404,413,249
173.7
2.67
1972
 
819,646,000
0.225
3,636,083,755
185.5
6.81
1973
 
918,964,000
0.238
3,868,344,839
197.3
6.39
1974
 
993,909,000
0.262
3,789,351,481
193.3
-2.04
1975
 
1,059,492,000
0.284
3,728,636,284
190.2
-1.60
1976
 
1,173,271,000
0.300
3,914,295,723
199.7
4.98
1977
 
1,303,767,000
0.319
4,084,099,239
208.3
4.34
1978
 
1,476,080,000
0.341
4,322,975,546
220.5
5.85
1979
 
1,648,363,000
0.372
4,433,705,417
226.2
2.56
1980
 
1,784,597,000
0.412
4,333,439,367
221.0
-2.26
1981
 
1,961,173,000
0.449
4,370,691,538
222.9
0.86
1982
 
2,053,729,000
0.474
4,336,146,359
221.2
-0.79
1983
 
2,188,018,000
0.494
4,431,159,626
226.0
2.19
1984
 
2,432,402,000
0.512
4,746,798,587
242.1
7.12
1985
 
2,615,791,000
0.530
4,932,569,629
251.6
3.91
1986
 
2,786,901,000
0.542
5,143,402,111
262.4
4.27
1987
 
2,996,000,000
0.559
5,363,888,640
273.6
4.29
1988
 
3,259,979,000
0.580
5,616,973,362
286.5
4.72
1989
 
3,467,027,000
0.606
5,723,811,332
292.0
1.90
1990
 
3,679,460,000
0.632
5,819,076,086
296.8
1.66
1991
 
3,789,428,000
0.653
5,799,109,343
295.8
-0.34
1992
 
4,059,023,000
0.671
6,050,386,811
308.6
4.33
1993
 
4,237,437,000
0.688
6,162,827,598
314.4
1.86
1994
 
4,456,948,000
0.702
6,349,561,922
323.9
3.03
1995
 
4,674,849,000
0.717
6,522,650,723
332.7
2.73
1996
 
4,956,180,000
0.732
6,770,367,740
345.4
3.80
1997
 
5,288,047,000
0.745
7,100,146,352
362.2
4.87
1998
 
5,707,014,000
0.751
7,602,256,561
387.8
7.07
1999
 
6,098,042,000
0.762
8,006,462,371
408.4
5.32
2000
 
6,598,743,000
0.781
8,450,176,719
431.0
5.54
2001
 
6,865,291,000
0.797
8,618,674,048
439.6
1.99
2002
 
7,001,002,000
0.807
8,675,128,250
442.5
0.66
2003
 
7,243,377,000
0.824
8,790,719,435
448.4
1.33
2004
 
7,674,785,000
0.844
9,088,716,649
463.6
3.39
2005
 
8,039,238,000
0.869
9,253,692,619
472.0
1.82
2006
 
8,519,349,000
0.893
9,537,794,720
486.5
3.07
2007
 
8,866,152,000
0.916
9,677,726,112
493.7
1.47
2008
 
9,014,034,000
0.943
9,556,357,275
487.5
-1.25
2009
 
8,688,852,000
0.941
9,237,366,843
471.2
-3.34
2010
 
9,023,830,000
0.957
9,424,660,825
480.8
2.03
2011
 
9,444,365,000
0.982
9,620,418,662
490.7
2.08
2012
 
9,902,321,000
1.000
9,902,321,000
505.1
2.93
2013
 
10,232,098,000
1.014
10,095,406,200
515.0
1.95
2014
 
10,688,401,000
1.029
10,388,485,426
529.9
2.90
2015
 
11,115,543,000
1.031
10,779,649,133
549.9
3.77
2016
 
11,384,770,000
1.041
10,931,338,096
557.6
1.41
2017
 
11,926,173,000
1.061
11,245,695,939
573.6
2.88
2018
 
12,515,233,000
1.083
11,554,158,127
589.4
2.74
2019
 
13,024,685,000
1.099
11,849,024,763
604.4
2.55
2020
 
13,202,475,000
1.112
11,870,060,688
605.5
0.18
2021
 
14,381,784,636
1.155
12,448,635,958
635.0
4.87
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
March 2022
REAP_PI_SA1400_1200_PN
 
   
Copyright © 2022. Pacific Northwest Regional Economic Analysis Project (PNREAP). All Rights Reserved.

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