Kentucky vs. United States
Comparative Trends Analysis:
Total Industry Earnings Growth and Change, 1958-2022
Introduction
Kentucky vs. United States
Kentucky:
2022 Earnings = $157,881,490K
2022 Percent of U.S. = 1.04%
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.
Kentucky Total Industry Earnings, 1959-2022
Current vs. Constant Dollars (Millions)
Kentucky Total Industry Earnings, 1959-2022
Current vs. Constant Dollars (Millions)
Figure 1.
Figure 1 depicts Kentucky'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 Kentucky over time.
When measured in current dollars, Kentucky's total industry earnings increased 3,870.36%, from $3,977M in 1959 to $157,881M in 2022. When measured in constant 2017 dollars to adjust for inflation, it advanced 423.14%, from $26,007M in 1959 to $136,054M 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 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 443.05% 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 comparing 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 1.21% of the United States' total industry earnings, while in 2022 it equated to 1.04% thereby yielding a -0.17% share-shift.
   
 
Total Industry Earnings Share-Shift
2022 vs. 1958
 
Share-
Shift*
 
2022
vs.
1958
-0.17%
=
1.04%
-
1.21%
 
   
Kentucky Real Total Industry Earnings:
Annual Percent Change, 1959-2022
Kentucky Real Total Industry Earnings:
Annual Percent Change, 1959-2022
Figure 4.
Figure 4 shows the short-run pattern of Kentucky'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, Kentucky's real total industry earnings grew at an annual rate of 2.72% over 1959-2022. The state posted its highest growth in 1984 (9.44%) and posted its lowest growth in 1980 (-5.96%). In 2022, Kentucky's real total industry earnings grew by 0.38%
Kentucky Real Total Industry Earnings:
Annual Percent Change and Decade Averages Over 1959-2022
Kentucky 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 traces the annual percent change in Kentucky'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, 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% during the 1990s, 1.21% throughout the 2000s, 1.77% in the 2010s, 1.71% 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 Kentucky noted in the previous graph with the corresponding decade averages for the nation.
Relative to nationwide real total industry earnings growth trends, Kentucky topped the nation throughout the 1960s (4.92% vs. 4.72%), outgained the nation during the 1970s (4.06% vs. 3.13%), trailed the nation during the 1980s (1.28% vs. 2.62%), trailed the nation during the 1990s (3.27% vs. 3.43%), posted below the nation in the 2000s (1.21% vs. 1.47%), posted below the nation over the 2010s (1.77% vs. 2.53%), and surpassed the nation over 2020-2022 (1.71% vs. 1.48%).
   
 
Real* Total Industry Earnings Growth:
Average Annual Percent Change
 
 
 
2.72
4.92
4.06
1.28
3.27
1.21
1.77
1.71
0.38
 
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.

   
 
Kentucky:
Total Industry Earnings, 1958-2022
 
1958
 
3,774,579
0.151
25,053,624
100.0
N
1.21
1959
 
3,976,501
0.153
26,007,201
103.8
3.81
1.19
1960
 
4,061,639
0.155
26,134,991
104.3
0.49
1.17
1961
 
4,234,468
0.157
26,967,698
107.6
3.19
1.18
1962
 
4,573,153
0.159
28,787,316
114.9
6.75
1.19
1963
 
4,849,666
0.161
30,165,242
120.4
4.79
1.20
1964
 
5,032,822
0.163
30,859,170
123.2
2.30
1.17
1965
 
5,484,610
0.165
33,151,656
132.3
7.43
1.18
1966
 
6,087,749
0.170
35,890,514
143.3
8.26
1.19
1967
 
6,588,531
0.174
37,889,074
151.2
5.57
1.21
1968
 
7,230,563
0.181
40,016,398
159.7
5.61
1.21
1969
 
7,921,774
0.189
41,951,883
167.4
4.84
1.21
1970
 
8,450,879
0.198
42,754,624
170.7
1.91
1.22
1971
 
9,180,222
0.206
44,553,371
177.8
4.21
1.24
1972
 
10,214,500
0.213
47,937,394
191.3
7.60
1.25
1973
 
11,544,541
0.225
51,411,895
205.2
7.25
1.26
1974
 
12,867,920
0.248
51,901,424
207.2
0.95
1.29
1975
 
13,589,288
0.269
50,593,031
201.9
-2.52
1.28
1976
 
15,371,828
0.283
54,254,149
216.6
7.24
1.31
1977
 
17,430,475
0.302
57,762,709
230.6
6.47
1.34
1978
 
19,546,990
0.323
60,561,997
241.7
4.85
1.32
1979
 
21,839,279
0.351
62,144,037
248.0
2.61
1.32
1980
 
22,749,629
0.389
58,440,272
233.3
-5.96
1.27
1981
 
24,858,226
0.424
58,607,158
233.9
0.29
1.27
1982
 
25,688,514
0.448
57,377,575
229.0
-2.10
1.25
1983
 
26,293,695
0.467
56,332,366
224.8
-1.82
1.20
1984
 
29,863,190
0.484
61,651,128
246.1
9.44
1.23
1985
 
31,124,849
0.501
62,090,746
247.8
0.71
1.19
1986
 
31,876,688
0.512
62,236,061
248.4
0.23
1.14
1987
 
34,206,540
0.528
64,782,660
258.6
4.09
1.14
1988
 
37,605,240
0.549
68,541,402
273.6
5.80
1.15
1989
 
40,081,811
0.573
69,998,447
279.4
2.13
1.16
1990
 
42,389,611
0.598
70,915,284
283.1
1.31
1.15
1991
 
44,288,348
0.618
71,694,156
286.2
1.10
1.17
1992
 
48,270,644
0.634
76,112,652
303.8
6.16
1.19
1993
 
50,386,137
0.650
77,517,134
309.4
1.85
1.19
1994
 
53,110,657
0.664
80,038,967
319.5
3.25
1.19
1995
 
54,927,398
0.678
81,068,864
323.6
1.29
1.17
1996
 
58,007,891
0.692
83,822,798
334.6
3.40
1.17
1997
 
61,686,584
0.704
87,614,277
349.7
4.52
1.17
1998
 
65,425,209
0.710
92,191,031
368.0
5.22
1.15
1999
 
69,459,277
0.720
96,469,878
385.1
4.64
1.14
2000
 
74,352,005
0.738
100,717,950
402.0
4.40
1.13
2001
 
76,453,440
0.753
101,529,096
405.2
0.81
1.11
2002
 
78,523,102
0.763
102,925,774
410.8
1.38
1.12
2003
 
81,581,615
0.779
104,734,145
418.0
1.76
1.13
2004
 
86,805,994
0.798
108,742,648
434.0
3.83
1.13
2005
 
91,211,944
0.821
111,062,067
443.3
2.13
1.13
2006
 
94,922,796
0.844
112,414,491
448.7
1.22
1.11
2007
 
97,722,892
0.866
112,834,866
450.4
0.37
1.10
2008
 
99,794,612
0.892
111,915,007
446.7
-0.82
1.11
2009
 
96,512,103
0.889
108,536,907
433.2
-3.02
1.11
2010
 
100,659,621
0.905
111,208,897
443.9
2.46
1.12
2011
 
104,936,592
0.928
113,073,350
451.3
1.68
1.11
2012
 
108,328,484
0.945
114,592,088
457.4
1.34
1.10
2013
 
111,269,107
0.958
116,170,333
463.7
1.38
1.09
2014
 
113,919,189
0.971
117,296,145
468.2
0.97
1.07
2015
 
118,463,724
0.973
121,752,252
486.0
3.80
1.07
2016
 
120,008,736
0.983
122,104,041
487.4
0.29
1.06
2017
 
123,663,315
1.000
123,663,315
493.6
1.28
1.04
2018
 
127,920,844
1.020
125,354,831
500.3
1.37
1.03
2019
 
133,891,806
1.035
129,347,817
516.3
3.19
1.03
2020
 
136,111,717
1.046
130,082,398
519.2
0.57
1.03
2021
 
147,740,519
1.090
135,540,517
541.0
4.20
1.03
2022
 
157,881,490
1.160
136,054,299
543.1
0.38
1.04
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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