Plains vs. United States
Comparative Trends Analysis:
Total Industry Earnings Growth and Change, 1958-2022
Introduction
Plains vs. United States
Plains:
2022 Earnings = $959,572,475K
2022 Percent of U.S. = 6.31%
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.
Plains Total Industry Earnings, 1959-2022
Current vs. Constant Dollars (Millions)
Plains Total Industry Earnings, 1959-2022
Current vs. Constant Dollars (Millions)
Figure 1.
Figure 1 depicts the Plains' 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 the Plains over time.
When measured in current dollars, the Plains' total industry earnings increased 3,606.04%, from $25,892M in 1959 to $959,572M in 2022. When measured in constant 2017 dollars to adjust for inflation, it advanced 388.31%, from $169,340M in 1959 to $826,911M in 2022.
Real Total Industry Earnings Indices (1958=100): 1958-2022
Real Total Industry Earnings Indices (1958=100): 1958-2022
Figure 2.
Figure 2 portrays the Plains' 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.
The Plains' overall real total industry earnings growth was 390.82% 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 the Plains 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, the Plains' total industry earnings comprised 8.12% of the United States' total industry earnings, while in 2022 it equated to 6.31% thereby yielding a -1.81% share-shift.
   
 
Total Industry Earnings Share-Shift
2022 vs. 1958
 
Share-
Shift*
 
2022
vs.
1958
-1.81%
=
6.31%
-
8.12%
 
   
Plains Real Total Industry Earnings:
Annual Percent Change, 1959-2022
Plains Real Total Industry Earnings:
Annual Percent Change, 1959-2022
Figure 4.
Figure 4 shows the short-run pattern of the Plains' 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 traced 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, the Plains' real total industry earnings grew at an annual rate of 2.56% over 1959-2022. The Plains posted its highest growth in 1973 (11.96%) and posted its lowest growth in 1980 (-6.63%). In 2022, the Plains' real total industry earnings grew by 0.76%
Plains Real Total Industry Earnings:
Annual Percent Change and Decade Averages Over 1959-2022
Plains Real Total Industry Earnings:
Annual Percent Change and Decade Averages Over 1959-2022
Figure 5.
Over the past six decades some BEA regions have experienced extreme swings in growth, and often such swings have tended to coincide with the decades themselves. Figure 5 again illustrates the annual percent change in the Plains' 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 2020-2022.
During the 1960s, the Plains' annual real total industry earnings growth rate averaged 4.36%. It averaged 3.06% in the 1970s, 1.56% in the 1980s, 3.36% in the 1990s, 1.59% during the 2000s, 1.93% throughout the 2010s, 1.65% 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 the Plains noted in the previous graph with the corresponding decade averages for the nation.
Relative to nationwide real total industry earnings growth trends, the Plains recorded underneath the nation during the 1960s (4.36% vs. 4.72%), lagged the nation over the 1970s (3.06% vs. 3.13%), trailed the nation during the 1980s (1.56% vs. 2.62%), recorded underneath the nation over the 1990s (3.36% vs. 3.43%), registered above the nation during the 2000s (1.59% vs. 1.47%), posted below the nation throughout the 2010s (1.93% vs. 2.53%), and recorded above the nation over 2020-2022 (1.65% vs. 1.48%).
   
 
Real* Total Industry Earnings Growth:
Average Annual Percent Change
 
 
 
2.56
4.36
3.06
1.56
3.36
1.59
1.93
1.65
0.76
 
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.

   
 
Plains:
Total Industry Earnings, 1958-2022
 
1958
 
25,382,423
0.151
168,474,864
100.0
N
8.12
1959
 
25,892,103
0.153
169,340,111
100.5
0.51
7.75
1960
 
27,240,091
0.155
175,278,882
104.0
3.51
7.82
1961
 
28,073,008
0.157
178,786,193
106.1
2.00
7.80
1962
 
30,084,492
0.159
189,377,389
112.4
5.92
7.85
1963
 
31,267,286
0.161
194,484,580
115.4
2.70
7.77
1964
 
32,482,261
0.163
199,167,705
118.2
2.41
7.55
1965
 
35,742,752
0.165
216,046,615
128.2
8.47
7.71
1966
 
39,030,423
0.170
230,105,076
136.6
6.51
7.65
1967
 
40,860,029
0.174
234,976,301
139.5
2.12
7.52
1968
 
44,363,766
0.181
245,524,191
145.7
4.49
7.45
1969
 
48,918,367
0.189
259,060,356
153.8
5.51
7.48
1970
 
52,106,121
0.198
263,614,899
156.5
1.76
7.52
1971
 
55,640,170
0.206
270,032,371
160.3
2.43
7.50
1972
 
61,823,467
0.213
290,142,045
172.2
7.45
7.54
1973
 
72,944,366
0.225
324,846,876
192.8
11.96
7.94
1974
 
75,518,138
0.248
304,594,595
180.8
-6.23
7.60
1975
 
81,011,590
0.269
301,606,813
179.0
-0.98
7.65
1976
 
87,036,460
0.283
307,191,120
182.3
1.85
7.42
1977
 
96,565,010
0.302
320,005,998
189.9
4.17
7.41
1978
 
110,553,729
0.323
342,526,115
203.3
7.04
7.49
1979
 
121,793,344
0.351
346,565,017
205.7
1.18
7.39
1980
 
125,972,590
0.389
323,604,064
192.1
-6.63
7.06
1981
 
139,348,111
0.424
328,534,978
195.0
1.52
7.11
1982
 
142,810,842
0.448
318,980,684
189.3
-2.91
6.95
1983
 
149,156,630
0.467
319,557,439
189.7
0.18
6.82
1984
 
168,994,560
0.484
348,881,191
207.1
9.18
6.95
1985
 
179,316,533
0.501
357,717,310
212.3
2.53
6.86
1986
 
189,052,247
0.512
369,105,697
219.1
3.18
6.78
1987
 
202,861,129
0.528
384,192,131
228.0
4.09
6.77
1988
 
214,320,871
0.549
390,633,138
231.9
1.68
6.57
1989
 
229,770,505
0.573
401,268,761
238.2
2.72
6.63
1990
 
243,929,128
0.598
408,078,842
242.2
1.70
6.63
1991
 
251,171,354
0.618
406,597,199
241.3
-0.36
6.63
1992
 
271,639,040
0.634
428,317,629
254.2
5.34
6.69
1993
 
279,918,013
0.650
430,643,097
255.6
0.54
6.61
1994
 
300,960,064
0.664
453,553,656
269.2
5.32
6.75
1995
 
312,732,821
0.678
461,571,008
274.0
1.77
6.69
1996
 
338,273,616
0.692
488,813,514
290.1
5.90
6.83
1997
 
355,481,576
0.704
504,895,218
299.7
3.29
6.72
1998
 
380,303,195
0.710
535,887,377
318.1
6.14
6.66
1999
 
400,971,851
0.720
556,897,614
330.6
3.92
6.58
2000
 
427,788,433
0.738
579,486,377
344.0
4.06
6.48
2001
 
441,902,639
0.753
586,840,508
348.3
1.27
6.44
2002
 
452,343,300
0.763
592,918,300
351.9
1.04
6.46
2003
 
472,739,842
0.779
606,901,484
360.2
2.36
6.53
2004
 
502,661,642
0.798
629,688,754
373.8
3.75
6.55
2005
 
519,921,716
0.821
633,070,386
375.8
0.54
6.47
2006
 
543,441,743
0.844
643,583,305
382.0
1.66
6.38
2007
 
571,759,321
0.866
660,176,800
391.9
2.58
6.45
2008
 
597,483,889
0.892
670,050,341
397.7
1.50
6.63
2009
 
578,637,330
0.889
650,731,919
386.2
-2.88
6.66
2010
 
599,866,623
0.905
662,733,525
393.4
1.84
6.65
2011
 
637,209,451
0.928
686,618,520
407.5
3.60
6.75
2012
 
667,001,670
0.945
705,568,018
418.8
2.76
6.77
2013
 
690,694,057
0.958
721,118,027
428.0
2.20
6.78
2014
 
710,185,637
0.971
731,237,978
434.0
1.40
6.69
2015
 
729,349,167
0.973
749,595,748
444.9
2.51
6.61
2016
 
733,676,633
0.983
746,486,339
443.1
-0.41
6.49
2017
 
757,919,932
1.000
757,919,932
449.9
1.53
6.40
2018
 
788,602,617
1.020
772,783,734
458.7
1.96
6.34
2019
 
814,977,947
1.035
787,319,416
467.3
1.88
6.27
2020
 
832,636,760
1.046
795,753,582
472.3
1.07
6.33
2021
 
894,572,520
1.090
820,701,205
487.1
3.14
6.27
2022
 
959,572,475
1.160
826,911,123
490.8
0.76
6.31
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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