Maryland vs. United States
Comparative Trends Analysis:
Total Industry Earnings Growth and Change, 1958-2023
Introduction
Maryland vs. United States
Maryland:
2023 Earnings = $304,353,772K
2023 Percent of U.S. = 1.89%
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.
Maryland Total Industry Earnings, 1959-2023
Current vs. Constant Dollars (Millions)
Maryland Total Industry Earnings, 1959-2023
Current vs. Constant Dollars (Millions)
Figure 1.
Figure 1 depicts Maryland'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 Maryland over time.
When measured in current dollars, Maryland's total industry earnings increased 5,360.54%, from $5,574M in 1959 to $304,354M in 2023. When measured in constant 2017 dollars to adjust for inflation, it advanced 593.57%, from $36,453M in 1959 to $252,828M 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 Maryland'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.
Maryland's overall real total industry earnings growth was 622.26% over 1958-2023 outpaced 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 contrasting the total industry earnings growth of Maryland 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, Maryland's total industry earnings totaled 1.69% of the United States' total industry earnings, while in 2023 it totaled 1.89% thereby yielding a +0.21% share-shift.
   
 
Total Industry Earnings Share-Shift
2023 vs. 1958
 
Share-
Shift*
 
2023
vs.
1958
+0.21%
=
1.89%
-
1.69%
 
   
Maryland Real Total Industry Earnings:
Annual Percent Change, 1959-2023
Maryland Real Total Industry Earnings:
Annual Percent Change, 1959-2023
Figure 4.
Figure 4 shows the short-run pattern of Maryland'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 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, Maryland's real total industry earnings grew at an annual rate of 3.12% over 1959-2023. The state recorded its highest growth in 1966 (9.20%) and recorded its lowest growth in 1975 (-2.12%). In 2023, Maryland's real total industry earnings grew by 1.90%
Maryland Real Total Industry Earnings:
Annual Percent Change and Decade Averages Over 1959-2023
Maryland 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 shows the annual percent change in Maryland'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, Maryland's annual real total industry earnings growth rate averaged 5.95%. It averaged 2.77% during the 1970s, 3.79% throughout the 1980s, 2.89% during the 1990s, 2.73% during the 2000s, 1.56% throughout the 2010s, 0.47% 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 Maryland noted in the previous graph with the corresponding decade averages for the nation.
Relative to nationwide real total industry earnings growth trends, Maryland topped the nation during the 1960s (5.95% vs. 4.72%), posted below the nation throughout the 1970s (2.77% vs. 3.13%), topped the nation during the 1980s (3.79% vs. 2.62%), recorded underneath the nation during the 1990s (2.89% vs. 3.43%), led the nation throughout the 2000s (2.73% vs. 1.47%), posted below the nation over the 2010s (1.56% vs. 2.53%), and recorded underneath the nation over 2020-2023 (0.47% vs. 1.58%).
   
 
Real* Total Industry Earnings Growth:
Average Annual Percent Change
 
 
 
3.12
5.95
2.77
3.79
2.89
2.73
1.56
0.47
1.90
 
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.

   
 
Maryland:
Total Industry Earnings, 1958-2023
 
1958
 
5,273,884
0.151
35,005,204
100.0
N
1.69
1959
 
5,573,692
0.153
36,453,185
104.1
4.14
1.67
1960
 
5,837,466
0.155
37,561,714
107.3
3.04
1.68
1961
 
6,166,605
0.157
39,272,736
112.2
4.56
1.71
1962
 
6,637,538
0.159
41,782,311
119.4
6.39
1.73
1963
 
7,062,002
0.161
43,926,118
125.5
5.13
1.75
1964
 
7,678,915
0.163
47,083,911
134.5
7.19
1.78
1965
 
8,296,631
0.165
50,148,882
143.3
6.51
1.79
1966
 
9,289,041
0.170
54,763,831
156.4
9.20
1.82
1967
 
9,891,324
0.174
56,882,650
162.5
3.87
1.82
1968
 
10,954,764
0.181
60,627,395
173.2
6.58
1.84
1969
 
12,256,135
0.189
64,905,656
185.4
7.06
1.87
1970
 
13,338,062
0.198
67,479,824
192.8
3.97
1.92
1971
 
14,508,419
0.206
70,412,128
201.1
4.35
1.96
1972
 
15,963,649
0.213
74,918,570
214.0
6.40
1.95
1973
 
17,769,989
0.225
79,136,001
226.1
5.63
1.93
1974
 
19,295,472
0.248
77,826,290
222.3
-1.66
1.94
1975
 
20,460,919
0.269
76,176,169
217.6
-2.12
1.93
1976
 
22,443,210
0.283
79,212,261
226.3
3.99
1.91
1977
 
24,332,176
0.302
80,634,199
230.3
1.80
1.87
1978
 
27,131,974
0.323
84,062,381
240.1
4.25
1.84
1979
 
29,881,353
0.351
85,027,895
242.9
1.15
1.81
1980
 
32,533,936
0.389
83,574,640
238.7
-1.71
1.82
1981
 
35,799,521
0.424
84,402,973
241.1
0.99
1.83
1982
 
37,664,197
0.448
84,126,325
240.3
-0.33
1.83
1983
 
40,912,869
0.467
87,652,903
250.4
4.19
1.87
1984
 
45,641,179
0.484
94,224,032
269.2
7.50
1.88
1985
 
50,074,574
0.501
99,893,421
285.4
6.02
1.91
1986
 
54,423,947
0.512
106,257,340
303.5
6.37
1.95
1987
 
59,550,228
0.528
112,780,251
322.2
6.14
1.99
1988
 
65,836,588
0.549
119,997,426
342.8
6.40
2.02
1989
 
70,316,471
0.573
122,799,935
350.8
2.34
2.03
1990
 
74,511,566
0.598
124,653,394
356.1
1.51
2.03
1991
 
76,207,037
0.618
123,364,258
352.4
-1.03
2.01
1992
 
79,642,529
0.634
125,579,516
358.7
1.80
1.96
1993
 
82,842,058
0.650
127,449,320
364.1
1.49
1.96
1994
 
86,795,667
0.664
130,803,043
373.7
2.63
1.95
1995
 
90,353,516
0.678
133,355,250
381.0
1.95
1.93
1996
 
94,282,851
0.692
136,240,988
389.2
2.16
1.90
1997
 
100,575,837
0.704
142,849,201
408.1
4.85
1.90
1998
 
109,283,695
0.710
153,992,271
439.9
7.80
1.91
1999
 
117,257,593
0.720
162,855,506
465.2
5.76
1.92
2000
 
127,177,092
0.738
172,275,327
492.1
5.78
1.93
2001
 
135,214,123
0.753
179,562,459
513.0
4.23
1.97
2002
 
142,403,064
0.763
186,657,750
533.2
3.95
2.03
2003
 
149,320,884
0.779
191,697,543
547.6
2.70
2.06
2004
 
159,812,577
0.798
200,198,651
571.9
4.43
2.08
2005
 
168,343,105
0.821
204,979,002
585.6
2.39
2.09
2006
 
176,502,450
0.844
209,027,061
597.1
1.97
2.07
2007
 
181,517,421
0.866
209,587,471
598.7
0.27
2.05
2008
 
188,471,406
0.892
211,361,900
603.8
0.85
2.09
2009
 
189,217,790
0.889
212,793,142
607.9
0.68
2.18
2010
 
196,844,218
0.905
217,473,781
621.3
2.20
2.18
2011
 
206,188,766
0.928
222,176,594
634.7
2.16
2.18
2012
 
211,335,299
0.945
223,554,805
638.6
0.62
2.14
2013
 
213,122,352
0.958
222,510,051
635.6
-0.47
2.09
2014
 
218,545,012
0.971
225,023,437
642.8
1.13
2.06
2015
 
228,546,962
0.973
234,891,378
671.0
4.39
2.07
2016
 
237,280,340
0.983
241,423,161
689.7
2.78
2.10
2017
 
244,491,363
1.000
244,491,363
698.4
1.27
2.06
2018
 
250,864,897
1.020
245,832,702
702.3
0.55
2.02
2019
 
256,995,653
1.035
248,273,795
709.2
0.99
1.98
2020
 
258,242,481
1.046
246,803,155
705.0
-0.59
1.96
2021
 
274,082,783
1.090
251,449,788
718.3
1.88
1.92
2022
 
287,923,831
1.160
248,118,224
708.8
-1.32
1.89
2023
 
304,353,772
1.204
252,827,523
722.3
1.90
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
 
   

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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