Rocky Mountain vs. United States
Comparative Trends Analysis:
Total Industry Earnings Growth and Change, 1958-2023
Introduction
Rocky Mountain vs. United States
Rocky Mountain:
2023 Earnings = $635,263,166K
2023 Percent of U.S. = 3.95%
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.
Rocky Mountain Total Industry Earnings, 1959-2023
Current vs. Constant Dollars (Millions)
Rocky Mountain Total Industry Earnings, 1959-2023
Current vs. Constant Dollars (Millions)
Figure 1.
Figure 1 depicts Rocky Mountain'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 Rocky Mountain over time.
When measured in current dollars, Rocky Mountain's total industry earnings increased 8,372.39%, from $7,498M in 1959 to $635,263M in 2023. When measured in constant 2017 dollars to adjust for inflation, it advanced 976.12%, from $49,039M in 1959 to $527,715M 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 Rocky Mountain'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.
Rocky Mountain's overall real total industry earnings growth was 1,014.46% 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 highlighting the total industry earnings growth of Rocky Mountain 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, Rocky Mountain's total industry earnings totaled 2.28% of the United States' total industry earnings, while in 2023 it comprised 3.95% thereby yielding a +1.67% share-shift.
   
 
Total Industry Earnings Share-Shift
2023 vs. 1958
 
Share-
Shift*
 
2023
vs.
1958
+1.67%
=
3.95%
-
2.28%
 
   
Rocky Mountain Real Total Industry Earnings:
Annual Percent Change, 1959-2023
Rocky Mountain Real Total Industry Earnings:
Annual Percent Change, 1959-2023
Figure 4.
Figure 4 highlights the short-run pattern of Rocky Mountain'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, Rocky Mountain's real total industry earnings grew at an annual rate of 3.81% over 1959-2023. Rocky Mountain posted its highest growth in 1972 (10.77%) and recorded its lowest growth in 2009 (-4.48%). In 2023, Rocky Mountain's real total industry earnings grew by 2.01%
Rocky Mountain Real Total Industry Earnings:
Annual Percent Change and Decade Averages Over 1959-2023
Rocky Mountain Real Total Industry Earnings:
Annual Percent Change and Decade Averages Over 1959-2023
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 depicts the annual percent change in Rocky Mountain'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, Rocky Mountain's annual real total industry earnings growth rate averaged 4.47%. It averaged 5.68% during the 1970s, 1.81% in the 1980s, 5.41% during the 1990s, 2.03% throughout the 2000s, 3.70% during the 2010s, 3.30% 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 Rocky Mountain noted in the previous graph with the corresponding decade averages for the nation.
Relative to nationwide real total industry earnings growth trends, Rocky Mountain posted below the nation throughout the 1960s (4.47% vs. 4.72%), recorded above the nation during the 1970s (5.68% vs. 3.13%), fell under the nation in the 1980s (1.81% vs. 2.62%), surpassed the nation over the 1990s (5.41% vs. 3.43%), topped the nation throughout the 2000s (2.03% vs. 1.47%), led the nation over the 2010s (3.70% vs. 2.53%), and recorded above the nation over 2020-2023 (3.30% vs. 1.58%).
   
 
Real* Total Industry Earnings Growth:
Average Annual Percent Change
 
 
 
3.81
4.47
5.68
1.81
5.41
2.03
3.70
3.30
2.01
 
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.

   
 
Rocky Mountain:
Total Industry Earnings, 1958-2023
 
1958
 
7,133,986
0.151
47,351,560
100.0
N
2.28
1959
 
7,498,038
0.153
49,038,836
103.6
3.56
2.24
1960
 
7,961,500
0.155
51,229,007
108.2
4.47
2.29
1961
 
8,419,525
0.157
53,620,717
113.2
4.67
2.34
1962
 
9,087,449
0.159
57,204,136
120.8
6.68
2.37
1963
 
9,394,618
0.161
58,435,143
123.4
2.15
2.33
1964
 
9,786,309
0.163
60,005,574
126.7
2.69
2.27
1965
 
10,482,980
0.165
63,364,241
133.8
5.60
2.26
1966
 
11,211,821
0.170
66,099,640
139.6
4.32
2.20
1967
 
11,841,917
0.174
68,100,046
143.8
3.03
2.18
1968
 
12,920,183
0.181
71,504,693
151.0
5.00
2.17
1969
 
14,325,914
0.189
75,866,727
160.2
6.10
2.19
1970
 
15,799,480
0.198
79,932,612
168.8
5.36
2.28
1971
 
17,509,660
0.206
84,977,724
179.5
6.31
2.36
1972
 
20,056,454
0.213
94,126,403
198.8
10.77
2.45
1973
 
23,078,355
0.225
102,776,019
217.0
9.19
2.51
1974
 
25,817,662
0.248
104,132,868
219.9
1.32
2.60
1975
 
27,957,560
0.269
104,086,225
219.8
-0.04
2.64
1976
 
31,136,234
0.283
109,893,883
232.1
5.58
2.65
1977
 
34,885,079
0.302
115,605,378
244.1
5.20
2.68
1978
 
40,728,065
0.323
126,186,842
266.5
9.15
2.76
1979
 
46,102,742
0.351
131,186,131
277.0
3.96
2.80
1980
 
51,373,906
0.389
131,971,604
278.7
0.60
2.88
1981
 
57,650,569
0.424
135,920,238
287.0
2.99
2.94
1982
 
61,014,839
0.448
136,282,055
287.8
0.27
2.97
1983
 
64,576,906
0.467
138,351,414
292.2
1.52
2.95
1984
 
70,112,883
0.484
144,744,695
305.7
4.62
2.88
1985
 
73,722,212
0.501
147,067,930
310.6
1.61
2.82
1986
 
76,216,118
0.512
148,804,385
314.3
1.18
2.73
1987
 
78,869,229
0.528
149,367,882
315.4
0.38
2.63
1988
 
83,908,324
0.549
152,935,977
323.0
2.39
2.57
1989
 
89,810,559
0.573
156,844,203
331.2
2.56
2.59
1990
 
96,706,955
0.598
161,784,952
341.7
3.15
2.63
1991
 
103,297,269
0.618
167,218,035
353.1
3.36
2.73
1992
 
112,733,372
0.634
177,756,815
375.4
6.30
2.78
1993
 
122,574,114
0.650
188,575,560
398.2
6.09
2.89
1994
 
130,718,755
0.664
196,996,134
416.0
4.47
2.93
1995
 
139,314,598
0.678
205,618,263
434.2
4.38
2.98
1996
 
149,442,458
0.692
215,947,947
456.1
5.02
3.02
1997
 
160,608,800
0.704
228,114,818
481.7
5.63
3.04
1998
 
176,148,454
0.710
248,211,780
524.2
8.81
3.09
1999
 
190,944,907
0.720
265,197,576
560.1
6.84
3.13
2000
 
209,317,848
0.738
283,543,995
598.8
6.92
3.17
2001
 
218,869,981
0.753
290,656,265
613.8
2.51
3.19
2002
 
222,246,409
0.763
291,314,059
615.2
0.23
3.17
2003
 
227,538,547
0.779
292,113,060
616.9
0.27
3.14
2004
 
240,350,022
0.798
301,088,632
635.9
3.07
3.13
2005
 
256,290,129
0.821
312,065,617
659.0
3.65
3.19
2006
 
278,111,705
0.844
329,360,143
695.6
5.54
3.26
2007
 
294,302,736
0.866
339,814,029
717.6
3.17
3.32
2008
 
301,375,553
0.892
337,978,640
713.8
-0.54
3.34
2009
 
287,059,887
0.889
322,825,752
681.8
-4.48
3.30
2010
 
294,767,234
0.905
325,659,273
687.7
0.88
3.27
2011
 
311,484,034
0.928
335,636,432
708.8
3.06
3.30
2012
 
328,155,906
0.945
347,130,034
733.1
3.42
3.33
2013
 
349,524,454
0.958
364,920,448
770.7
5.12
3.43
2014
 
371,847,828
0.971
382,870,675
808.6
4.92
3.50
2015
 
385,674,902
0.973
396,381,157
837.1
3.53
3.49
2016
 
392,515,772
0.983
399,368,943
843.4
0.75
3.47
2017
 
418,602,810
1.000
418,602,810
884.0
4.82
3.53
2018
 
449,995,999
1.020
440,969,356
931.3
5.34
3.62
2019
 
479,883,318
1.035
463,597,150
979.1
5.13
3.69
2020
 
500,689,036
1.046
478,510,093
1,010.5
3.22
3.81
2021
 
550,587,531
1.090
505,121,541
1,066.7
5.56
3.86
2022
 
600,316,056
1.160
517,322,075
1,092.5
2.42
3.95
2023
 
635,263,166
1.204
527,714,875
1,114.5
2.01
3.95
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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