Montana vs. United States
Comparative Trends Analysis:
Total Industry Earnings Growth and Change, 1958-2019
Introduction
Montana:
2019 Earnings = $33,174,067K
2019 Percent of U.S. = 0.3%
U.S.:
2019 Earnings = $13,080,565,000K
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.
Montana Total Industry Earnings, 1959-2019
Current vs. Constant Dollars (Millions)
Montana Total Industry Earnings, 1959-2019
Current vs. Constant Dollars (Millions)
Figure 1.
Figure 1 depicts Montana's annual total industry earnings over 1959-2019 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 Montana over time.
When measured in current dollars, Montana's total industry earnings increased 2,870.1%, from $1,117M in 1959 to $33,174M in 2019. When measured in constant 2012 dollars to adjust for inflation, it advanced 339.0%, from $6,892M in 1959 to $30,253M in 2019.
Real Total Industry Earnings Indices (1958=100): 1958-2019
Real Total Industry Earnings Indices (1958=100): 1958-2019
Figure 2.
Figure 2 shows Montana'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.
Montana's overall real total industry earnings growth was 317.3% over 1958-2019 trailed the United States' increase of 509.7%.
Total Industry Earnings as a Percent of the United States Total: 1958-2019
Total Industry Earnings as a Percent of the United States Total: 1958-2019
Figure 3.
Another interesting and insightful way of contrasting the total industry earnings growth of Montana 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, Montana's total industry earnings comprised 0.37% of the United States' total industry earnings, while in 2019 it comprised 0.25% thereby yielding a -0.12% share-shift.
   
 
Total Industry Earnings Share-Shift
2019 vs. 1958
 
Share-
Shift*
 
2019
vs.
1958
-0.12%
=
0.25%
-
0.37%
 
   
Montana Real Total Industry Earnings:
Annual Percent Change, 1959-2019
Montana Real Total Industry Earnings:
Annual Percent Change, 1959-2019
Figure 4.
Figure 4 displays the short-run pattern of Montana's real total industry earnings growth by tracking the year-to-year percent change over 1959-2019. The average annual percent change for the entire 61-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, Montana's real total industry earnings grew at an annual rate of 2.45% over 1959-2019. The state posted its highest growth in 1962 (18.26%) and posted its lowest growth in 1959 (-4.93%). In 2019, Montana's real total industry earnings grew by 3.06%
Montana Real Total Industry Earnings:
Annual Percent Change and Decade Averages Over 1959-2019
Montana Real Total Industry Earnings:
Annual Percent Change and Decade Averages Over 1959-2019
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 Montana'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, and 2010-2019.
During the 1960s, Montana's annual real total industry earnings growth rate averaged 3.27%. It averaged 3.68% throughout the 1970s, -0.01% in the 1980s, 3.08% throughout the 1990s, 3.07% during the 2000s, and 2.35% thus far this decade (2010 to 2019).
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 Montana noted in the previous graph with the corresponding decade averages for the nation.
Relative to nationwide real total industry earnings growth trends, Montana recorded underneath the nation over the 1960s (3.27% vs. 4.72%), led the nation during the 1970s (3.68% vs. 3.13%), recorded underneath the nation throughout the 1980s (-0.01% vs. 2.62%), lagged the nation in the 1990s (3.08% vs. 3.43%), registered above the nation during the 2000s (3.07% vs. 1.49%), and posted below the nation over 2010-2019 (2.35% vs. 2.60%).
   
 
Real* Total Industry Earnings Growth:
Average Annual Percent Change
 
 
 
2.45
3.27
3.68
-0.01
3.08
3.07
2.35
3.06
 
3.04
4.72
3.13
2.62
3.43
1.49
2.60
3.01
 
   

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

   
 
Montana:
Total Industry Earnings, 1958-2019
 
1958
 
1,157,633
0.160
7,249,252
100.0
N
0.37
1959
 
1,116,953
0.162
6,891,794
95.1
-4.93
0.33
1960
 
1,172,927
0.165
7,120,300
98.2
3.32
0.34
1961
 
1,168,777
0.166
7,022,212
96.9
-1.38
0.32
1962
 
1,398,422
0.168
8,304,662
114.6
18.26
0.36
1963
 
1,385,050
0.170
8,128,228
112.1
-2.12
0.34
1964
 
1,395,243
0.173
8,071,053
111.3
-0.70
0.32
1965
 
1,493,374
0.175
8,516,047
117.5
5.51
0.32
1966
 
1,616,411
0.180
8,990,550
124.0
5.57
0.32
1967
 
1,620,165
0.184
8,790,435
121.3
-2.23
0.30
1968
 
1,700,564
0.192
8,879,302
122.5
1.01
0.29
1969
 
1,873,921
0.200
9,362,583
129.2
5.44
0.29
1970
 
2,045,607
0.210
9,763,768
134.7
4.28
0.30
1971
 
2,169,624
0.218
9,933,721
137.0
1.74
0.29
1972
 
2,557,335
0.226
11,322,656
156.2
13.98
0.31
1973
 
2,979,658
0.238
12,518,519
172.7
10.56
0.32
1974
 
3,170,700
0.263
12,065,068
166.4
-3.62
0.32
1975
 
3,409,995
0.285
11,977,503
165.2
-0.73
0.32
1976
 
3,644,033
0.300
12,133,834
167.4
1.31
0.31
1977
 
3,909,661
0.320
12,223,038
168.6
0.74
0.30
1978
 
4,664,031
0.342
13,633,133
188.1
11.54
0.32
1979
 
4,924,780
0.373
13,220,531
182.4
-3.03
0.30
1980
 
5,227,899
0.413
12,670,009
174.8
-4.16
0.29
1981
 
5,788,716
0.450
12,875,831
177.6
1.62
0.30
1982
 
5,885,709
0.475
12,402,455
171.1
-3.68
0.29
1983
 
6,165,828
0.495
12,462,764
171.9
0.49
0.28
1984
 
6,435,926
0.513
12,535,158
172.9
0.58
0.26
1985
 
6,440,756
0.531
12,121,722
167.2
-3.30
0.25
1986
 
6,767,052
0.543
12,464,638
171.9
2.83
0.24
1987
 
7,030,218
0.560
12,562,036
173.3
0.78
0.23
1988
 
7,258,317
0.582
12,481,844
172.2
-0.64
0.22
1989
 
7,984,527
0.607
13,156,248
181.5
5.40
0.23
1990
 
8,428,822
0.634
13,304,115
183.5
1.12
0.23
1991
 
9,178,614
0.655
14,018,930
193.4
5.37
0.24
1992
 
9,827,016
0.672
14,619,620
201.7
4.28
0.24
1993
 
10,820,733
0.689
15,706,806
216.7
7.44
0.26
1994
 
11,023,628
0.703
15,674,148
216.2
-0.21
0.25
1995
 
11,347,490
0.718
15,801,883
218.0
0.81
0.24
1996
 
11,805,788
0.733
16,096,022
222.0
1.86
0.24
1997
 
12,202,186
0.746
16,351,776
225.6
1.59
0.23
1998
 
13,071,043
0.752
17,378,009
239.7
6.28
0.23
1999
 
13,569,468
0.763
17,775,509
245.2
2.29
0.22
2000
 
14,256,331
0.782
18,222,446
251.4
2.51
0.22
2001
 
14,822,813
0.797
18,589,397
256.4
2.01
0.22
2002
 
15,512,293
0.808
19,200,996
264.9
3.29
0.22
2003
 
16,621,547
0.824
20,182,067
278.4
5.11
0.23
2004
 
18,108,889
0.844
21,453,234
295.9
6.30
0.24
2005
 
19,625,554
0.868
22,606,960
311.9
5.38
0.24
2006
 
20,897,356
0.892
23,434,360
323.3
3.66
0.25
2007
 
22,307,518
0.914
24,396,332
336.5
4.10
0.25
2008
 
22,987,541
0.942
24,408,092
336.7
0.05
0.26
2009
 
22,575,889
0.941
23,992,910
331.0
-1.70
0.26
2010
 
23,748,923
0.957
24,814,715
342.3
3.43
0.26
2011
 
25,114,590
0.981
25,592,922
353.0
3.14
0.27
2012
 
26,461,356
1.000
26,461,356
365.0
3.39
0.27
2013
 
27,225,171
1.013
26,863,587
370.6
1.52
0.27
2014
 
28,043,671
1.028
27,271,877
376.2
1.52
0.26
2015
 
29,119,913
1.030
28,259,414
389.8
3.62
0.26
2016
 
29,212,023
1.041
28,063,928
387.1
-0.69
0.26
2017
 
30,353,067
1.059
28,654,162
395.3
2.10
0.25
2018
 
31,746,354
1.081
29,355,903
405.0
2.45
0.25
2019
 
33,174,067
1.097
30,253,403
417.3
3.06
0.25
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
September 2020
REAP_PI_SA1400_1200_PN
 
   

Tip: 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, 1958-2019
 
1958
 
312,448,433
0.160
1,956,593,606
100.0
N
1959
 
334,064,584
0.162
2,061,236,404
105.3
5.35
1960
 
348,226,000
0.165
2,113,919,748
108.0
2.56
1961
 
359,911,000
0.166
2,162,406,873
110.5
2.29
1962
 
383,422,000
0.168
2,276,987,945
116.4
5.30
1963
 
402,628,000
0.170
2,362,840,376
120.8
3.77
1964
 
430,423,000
0.173
2,489,865,217
127.3
5.38
1965
 
463,749,000
0.175
2,644,554,060
135.2
6.21
1966
 
510,521,000
0.180
2,839,540,575
145.1
7.37
1967
 
543,468,000
0.184
2,948,662,579
150.7
3.84
1968
 
595,758,000
0.192
3,110,682,957
159.0
5.49
1969
 
653,665,000
0.200
3,265,875,593
166.9
4.99
1970
 
693,352,000
0.210
3,309,398,119
169.1
1.33
1971
 
742,094,000
0.218
3,397,710,728
173.7
2.67
1972
 
819,646,000
0.226
3,629,000,266
185.5
6.81
1973
 
918,964,000
0.238
3,860,868,835
197.3
6.39
1974
 
993,909,000
0.263
3,781,997,717
193.3
-2.04
1975
 
1,059,492,000
0.285
3,721,433,088
190.2
-1.60
1976
 
1,173,271,000
0.300
3,906,736,148
199.7
4.98
1977
 
1,303,767,000
0.320
4,076,055,149
208.3
4.33
1978
 
1,476,080,000
0.342
4,314,635,644
220.5
5.85
1979
 
1,648,363,000
0.373
4,425,016,778
226.2
2.56
1980
 
1,784,597,000
0.413
4,325,037,565
221.0
-2.26
1981
 
1,961,173,000
0.450
4,362,233,640
223.0
0.86
1982
 
2,053,729,000
0.475
4,327,648,769
221.2
-0.79
1983
 
2,188,018,000
0.495
4,422,561,345
226.0
2.19
1984
 
2,432,402,000
0.513
4,737,553,318
242.1
7.12
1985
 
2,615,791,000
0.531
4,923,007,867
251.6
3.91
1986
 
2,786,901,000
0.543
5,133,359,735
262.4
4.27
1987
 
2,996,000,000
0.560
5,353,441,498
273.6
4.29
1988
 
3,259,979,000
0.582
5,606,058,365
286.5
4.72
1989
 
3,467,027,000
0.607
5,712,682,485
292.0
1.90
1990
 
3,679,460,000
0.634
5,807,686,844
296.8
1.66
1991
 
3,789,428,000
0.655
5,787,772,059
295.8
-0.34
1992
 
4,059,023,000
0.672
6,038,595,317
308.6
4.33
1993
 
4,237,437,000
0.689
6,150,840,446
314.4
1.86
1994
 
4,456,948,000
0.703
6,337,193,232
323.9
3.03
1995
 
4,674,849,000
0.718
6,509,934,411
332.7
2.73
1996
 
4,956,180,000
0.733
6,757,260,110
345.4
3.80
1997
 
5,288,047,000
0.746
7,086,350,053
362.2
4.87
1998
 
5,707,014,000
0.752
7,587,500,000
387.8
7.07
1999
 
6,098,042,000
0.763
7,988,212,948
408.3
5.28
2000
 
6,598,743,000
0.782
8,434,515,243
431.1
5.59
2001
 
6,865,291,000
0.797
8,609,810,881
440.0
2.08
2002
 
7,001,130,000
0.808
8,665,944,621
442.9
0.65
2003
 
7,243,665,000
0.824
8,795,338,644
449.5
1.49
2004
 
7,675,133,000
0.844
9,092,574,428
464.7
3.38
2005
 
8,039,648,000
0.868
9,260,986,960
473.3
1.85
2006
 
8,519,777,000
0.892
9,554,104,335
488.3
3.17
2007
 
8,866,784,000
0.914
9,697,044,992
495.6
1.50
2008
 
9,013,458,000
0.942
9,570,458,696
489.1
-1.31
2009
 
8,688,446,000
0.941
9,233,793,866
471.9
-3.52
2010
 
9,023,198,000
0.957
9,428,136,461
481.9
2.10
2011
 
9,443,528,000
0.981
9,623,389,143
491.8
2.07
2012
 
9,901,882,000
1.000
9,901,882,000
506.1
2.89
2013
 
10,231,478,000
1.013
10,095,591,341
516.0
1.96
2014
 
10,687,445,000
1.028
10,393,314,208
531.2
2.95
2015
 
11,114,594,000
1.030
10,786,155,563
551.3
3.78
2016
 
11,379,601,000
1.041
10,932,358,225
558.7
1.36
2017
 
11,920,279,000
1.059
11,253,083,669
575.1
2.93
2018
 
12,523,102,000
1.081
11,580,131,862
591.9
2.91
2019
 
13,080,565,000
1.097
11,928,944,681
609.7
3.01
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
September 2020
REAP_PI_SA1400_1200_PN
 
   
Copyright © 2020. Pacific Northwest Regional Economic Analysis Project (PNREAP). All Rights Reserved.

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