Wyoming vs. United States
Comparative Trends Analysis:
Total Industry Earnings Growth and Change, 1958-2022
Introduction
Wyoming vs. United States
Wyoming:
2022 Earnings = $24,891,571K
2022 Percent of U.S. = 0.16%
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.
Wyoming Total Industry Earnings, 1959-2022
Current vs. Constant Dollars (Millions)
Wyoming Total Industry Earnings, 1959-2022
Current vs. Constant Dollars (Millions)
Figure 1.
Figure 1 depicts Wyoming'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 Wyoming over time.
When measured in current dollars, Wyoming's total industry earnings increased 3,939.26%, from $616M in 1959 to $24,892M in 2022. When measured in constant 2017 dollars to adjust for inflation, it advanced 432.22%, from $4,030M in 1959 to $21,450M 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 Wyoming'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.
Wyoming's overall real total industry earnings growth was 456.75% 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 contrasting the total industry earnings growth of Wyoming 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, Wyoming's total industry earnings comprised 0.19% of the United States' total industry earnings, while in 2022 it equated to 0.16% thereby yielding a -0.02% share-shift.
   
 
Total Industry Earnings Share-Shift
2022 vs. 1958
 
Share-
Shift*
 
2022
vs.
1958
-0.02%
=
0.16%
-
0.19%
 
   
Wyoming Real Total Industry Earnings:
Annual Percent Change, 1959-2022
Wyoming Real Total Industry Earnings:
Annual Percent Change, 1959-2022
Figure 4.
Figure 4 shows the short-run pattern of Wyoming'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, Wyoming's real total industry earnings grew at an annual rate of 2.81% over 1959-2022. The state posted its highest growth in 1978 (13.23%) and recorded its lowest growth in 1983 (-8.79%). In 2022, Wyoming's real total industry earnings declined by -1.52%
Wyoming Real Total Industry Earnings:
Annual Percent Change and Decade Averages Over 1959-2022
Wyoming 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 depicts the annual percent change in Wyoming'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, Wyoming's annual real total industry earnings growth rate averaged 2.58%. It averaged 8.24% throughout the 1970s, -1.61% during the 1980s, 2.85% throughout the 1990s, 4.53% during the 2000s, 1.13% in the 2010s, -0.62% 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 Wyoming noted in the previous graph with the corresponding decade averages for the nation.
Relative to nationwide real total industry earnings growth trends, Wyoming fell under the nation in the 1960s (2.58% vs. 4.72%), outperformed the nation in the 1970s (8.24% vs. 3.13%), trailed the nation over the 1980s (-1.61% vs. 2.62%), lagged the nation over the 1990s (2.85% vs. 3.43%), registered above the nation in the 2000s (4.53% vs. 1.47%), lagged the nation over the 2010s (1.13% vs. 2.53%), and lagged the nation over 2020-2022 (-0.62% vs. 1.48%).
   
 
Real* Total Industry Earnings Growth:
Average Annual Percent Change
 
 
 
2.81
2.58
8.24
-1.61
2.85
4.53
1.13
-0.62
-1.52
 
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.

   
 
Wyoming:
Total Industry Earnings, 1958-2022
 
1958
 
580,456
0.151
3,852,755
100.0
N
0.19
1959
 
616,241
0.153
4,030,353
104.6
4.61
0.18
1960
 
653,647
0.155
4,205,952
109.2
4.36
0.19
1961
 
675,150
0.157
4,299,771
111.6
2.23
0.19
1962
 
693,735
0.159
4,366,958
113.3
1.56
0.18
1963
 
713,071
0.161
4,435,349
115.1
1.57
0.18
1964
 
737,535
0.163
4,522,258
117.4
1.96
0.17
1965
 
750,912
0.165
4,538,878
117.8
0.37
0.16
1966
 
772,089
0.170
4,551,875
118.1
0.29
0.15
1967
 
826,583
0.174
4,753,482
123.4
4.43
0.15
1968
 
892,467
0.181
4,939,216
128.2
3.91
0.15
1969
 
980,672
0.189
5,193,412
134.8
5.15
0.15
1970
 
1,070,032
0.198
5,413,498
140.5
4.24
0.15
1971
 
1,181,243
0.206
5,732,798
148.8
5.90
0.16
1972
 
1,351,718
0.213
6,343,711
164.7
10.66
0.16
1973
 
1,595,588
0.225
7,105,714
184.4
12.01
0.17
1974
 
1,881,969
0.248
7,590,727
197.0
6.83
0.19
1975
 
2,124,992
0.269
7,911,363
205.3
4.22
0.20
1976
 
2,369,397
0.283
8,362,676
217.1
5.70
0.20
1977
 
2,803,955
0.302
9,292,004
241.2
11.11
0.22
1978
 
3,395,755
0.323
10,520,991
273.1
13.23
0.23
1979
 
4,013,502
0.351
11,420,488
296.4
8.55
0.24
1980
 
4,623,421
0.389
11,876,852
308.3
4.00
0.26
1981
 
5,197,409
0.424
12,253,705
318.1
3.17
0.27
1982
 
5,270,734
0.448
11,772,652
305.6
-3.93
0.26
1983
 
5,012,007
0.467
10,737,867
278.7
-8.79
0.23
1984
 
5,206,765
0.484
10,749,117
279.0
0.10
0.21
1985
 
5,431,677
0.501
10,835,615
281.2
0.80
0.21
1986
 
5,318,647
0.512
10,384,129
269.5
-4.17
0.19
1987
 
5,010,367
0.528
9,488,972
246.3
-8.62
0.17
1988
 
5,104,487
0.549
9,303,722
241.5
-1.95
0.16
1989
 
5,499,884
0.573
9,604,939
249.3
3.24
0.16
1990
 
5,954,978
0.598
9,962,322
258.6
3.72
0.16
1991
 
6,209,148
0.618
10,051,394
260.9
0.89
0.16
1992
 
6,549,361
0.634
10,326,965
268.0
2.74
0.16
1993
 
6,959,118
0.650
10,706,335
277.9
3.67
0.16
1994
 
7,195,050
0.664
10,843,104
281.4
1.28
0.16
1995
 
7,365,424
0.678
10,870,833
282.2
0.26
0.16
1996
 
7,613,703
0.692
11,001,984
285.6
1.21
0.15
1997
 
8,174,479
0.704
11,610,321
301.4
5.53
0.15
1998
 
8,528,389
0.710
12,017,401
311.9
3.51
0.15
1999
 
9,141,509
0.720
12,696,364
329.5
5.65
0.15
2000
 
9,763,725
0.738
13,226,037
343.3
4.17
0.15
2001
 
10,525,807
0.753
13,978,124
362.8
5.69
0.15
2002
 
10,987,523
0.763
14,402,122
373.8
3.03
0.16
2003
 
11,541,056
0.779
14,816,361
384.6
2.88
0.16
2004
 
12,069,280
0.798
15,119,295
392.4
2.04
0.16
2005
 
13,013,401
0.821
15,845,460
411.3
4.80
0.16
2006
 
15,044,916
0.844
17,817,286
462.5
12.44
0.18
2007
 
16,324,676
0.866
18,849,142
489.2
5.79
0.18
2008
 
18,194,968
0.892
20,404,809
529.6
8.25
0.20
2009
 
17,454,921
0.889
19,629,695
509.5
-3.80
0.20
2010
 
18,325,718
0.905
20,246,280
525.5
3.14
0.20
2011
 
19,473,737
0.928
20,983,726
544.6
3.64
0.21
2012
 
20,192,924
0.945
21,360,488
554.4
1.80
0.20
2013
 
20,821,636
0.958
21,738,796
564.2
1.77
0.20
2014
 
21,922,613
0.971
22,572,475
585.9
3.83
0.21
2015
 
21,804,070
0.973
22,409,346
581.6
-0.72
0.20
2016
 
20,366,744
0.983
20,722,339
537.9
-7.53
0.18
2017
 
20,949,932
1.000
20,949,932
543.8
1.10
0.18
2018
 
22,104,955
1.020
21,661,543
562.2
3.40
0.18
2019
 
22,626,745
1.035
21,858,844
567.4
0.91
0.17
2020
 
22,443,359
1.046
21,449,189
556.7
-1.87
0.17
2021
 
23,741,330
1.090
21,780,837
565.3
1.55
0.17
2022
 
24,891,571
1.160
21,450,299
556.8
-1.52
0.16
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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