Introduction
Montana vs. United States
Montana:
2022 TPI = $68,477,036K
2022 Percent of U.S. = 0.31%
U.S.:
2022 TPI = $21,820,248,000K
The annual total personal incomes (TPI) estimates compiled by the Bureau of Economic Analysis, (BEA) are among the most comprehensive, consistent, comparable and timely measures of economic activity available statewide and at the national levels. Personal income estimates are also the best available local level indicator of general purchasing power, and are therefore central to tracking and comparing state patterns of economic growth and change.
The following graphs highlight trends in the pattern of growth and change in the total personal income of Montana. The data used are those compiled by the Regional Income and Product Divisions of the Bureau of Economic Analysis, U.S. Department of Commerce. The 2017 constant dollar (real) estimates of total personal income reported in the tables and portrayed graphically below are determined using the Implicit Price Deflator for Personal Consumption.
Data Definition:
Personal Income is the income that is received by all persons from all sources. It is calculated as the sum of wage and salary disbursements, supplements to wages and salaries, proprietors' income with inventory valuation and capital consumption adjustments, rental income of persons with capital consumption adjustment, personal dividend income, personal interest income, and personal current transfer receipts, less contributions for government social insurance. The personal income of an area is the income that is received by, or on behalf of, all the individuals who live in the area; therefore, the estimates of personal income are presented by the place of residence of the income recipients.
Page 2 of 11
Montana Total Personal Income, 1959-2022
Current vs. Constant Dollars (Millions)
Montana Total Personal Income, 1959-2022
Current vs. Constant Dollars (Millions)
Figure 1.
Figure 1 depicts Montana's annual total personal income 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 Montana over time.
When measured in current dollars, Montana's total personal income increased 4,818.06%, from $1,392M in 1959 to $68,477M in 2022. When measured in constant 2017 dollars to adjust for inflation, it advanced 548.01%, from $9,106M in 1959 to $59,010M in 2022.
Page 3 of 11
Real Total Personal Income Indices (1958=100): 1958-2022
Real Total Personal Income Indices (1958=100): 1958-2022
Figure 2.
Figure 2 shows Montana's real total personal income 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 personal income in 1958 as a base figure of 100, and the real total personal incomes in later years as a percentage of the 1958 base figure. This method allows for more direct comparison of differences in real total personal income growth between regions that may differ vastly in size.
Montana's overall real total personal income growth was 528.60% over 1958-2022 trailed the United States' increase of 653.14%.
Page 4 of 11
Total Personal Income as a Percent of the United States Total: 1958-2022
Total Personal Income as a Percent of the United States Total: 1958-2022
Figure 3.
Another interesting and insightful way of highlighting the total personal income growth of Montana is to compare its individual percentage contributions to the United States' total total personal income over time, as shown in Figure 3. A rising share means a region's total personal income grew faster, or declined less, than the United States' total personal income, while a declining share shows it grew more slowly.
In 1958, Montana's total personal income totaled 0.38% of the United States' total personal income, while in 2022 it equated to 0.31% thereby yielding a -0.06% share-shift.
   
 
Total Personal Income Share-Shift
2022 vs. 1958
 
Share-
Shift*
 
2022
vs.
1958
-0.06%
=
0.31%
-
0.38%
 
   
Page 5 of 11
Montana Real Total Personal Income:
Annual Percent Change, 1959-2022
Montana Real Total Personal Income:
Annual Percent Change, 1959-2022
Figure 4.
Figure 4 highlights the short-run pattern of Montana's real total personal income 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, Montana's real total personal income grew at an annual rate of 2.97% over 1959-2022. The state posted its highest growth in 1962 (15.61%) and recorded its lowest growth in 1959 (-2.99%). In 2022, Montana's real total personal income declined by -0.34%
Page 6 of 11
Montana Real Total Personal Income:
Annual Percent Change and Decade Averages Over 1959-2022
Montana Real Total Personal Income:
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 traces the annual percent change in Montana's real total personal income 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, Montana's annual real total personal income growth rate averaged 3.28%. It averaged 4.22% in the 1970s, 1.00% throughout the 1980s, 2.82% throughout the 1990s, 3.51% throughout the 2000s, 3.07% during the 2010s, 4.65% thus far this decade (2020-2022).
Page 7 of 11
Real Total Personal Income Growth:
Average Annual Percent Change by Decade
Real Total Personal Income 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 personal income growth trends, Montana trailed the nation during the 1960s (3.28% vs. 4.82%), surpassed the nation over the 1970s (4.22% vs. 3.50%), recorded underneath the nation over the 1980s (1.00% vs. 3.16%), fell below the nation over the 1990s (2.82% vs. 3.27%), outgained the nation during the 2000s (3.51% vs. 2.06%), surpassed the nation throughout the 2010s (3.07% vs. 2.72%), and led the nation over 2020-2022 (4.65% vs. 2.10%).
   
 
Real* Total Personal Income Growth:
Average Annual Percent Change
 
 
 
2.97
3.28
4.22
1.00
2.82
3.51
3.07
4.65
-0.34
 
3.23
4.82
3.50
3.16
3.27
2.06
2.72
2.10
-4.19
 
   
Page 8 of 11

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

   
 
Montana:
Total Personal Income, 1958-2022
 
1958
 
1,414,319
0.151
9,387,488
100.0
N
0.38
1959
 
1,392,360
0.153
9,106,344
97.0
-2.99
0.35
1960
 
1,451,336
0.155
9,338,756
99.5
2.55
0.35
1961
 
1,454,604
0.157
9,263,814
98.7
-0.80
0.33
1962
 
1,701,348
0.159
10,709,732
114.1
15.61
0.37
1963
 
1,691,552
0.161
10,521,565
112.1
-1.76
0.35
1964
 
1,727,501
0.163
10,592,317
112.8
0.67
0.33
1965
 
1,856,335
0.165
11,220,594
119.5
5.93
0.33
1966
 
1,989,521
0.170
11,729,283
124.9
4.53
0.32
1967
 
2,029,128
0.174
11,669,032
124.3
-0.51
0.31
1968
 
2,128,349
0.181
11,779,008
125.5
0.94
0.30
1969
 
2,350,491
0.189
12,447,657
132.6
5.68
0.30
1970
 
2,604,190
0.198
13,175,099
140.3
5.84
0.30
1971
 
2,787,297
0.206
13,527,285
144.1
2.67
0.30
1972
 
3,230,256
0.213
15,159,827
161.5
12.07
0.32
1973
 
3,745,221
0.225
16,678,784
177.7
10.02
0.33
1974
 
4,069,917
0.248
16,415,589
174.9
-1.58
0.33
1975
 
4,478,717
0.269
16,674,300
177.6
1.58
0.33
1976
 
4,806,477
0.283
16,964,236
180.7
1.74
0.32
1977
 
5,197,877
0.302
17,225,202
183.5
1.54
0.31
1978
 
6,090,546
0.323
18,870,201
201.0
9.55
0.33
1979
 
6,549,399
0.351
18,636,425
198.5
-1.24
0.32
1980
 
7,215,690
0.389
18,535,990
197.5
-0.54
0.31
1981
 
8,194,382
0.424
19,319,538
205.8
4.23
0.32
1982
 
8,632,561
0.448
19,281,591
205.4
-0.20
0.31
1983
 
9,082,310
0.467
19,458,201
207.3
0.92
0.31
1984
 
9,593,961
0.484
19,806,274
211.0
1.79
0.29
1985
 
9,735,941
0.501
19,422,161
206.9
-1.94
0.28
1986
 
10,122,849
0.512
19,763,855
210.5
1.76
0.27
1987
 
10,355,058
0.528
19,611,109
208.9
-0.77
0.26
1988
 
10,679,766
0.549
19,465,535
207.4
-0.74
0.25
1989
 
11,763,596
0.573
20,543,819
218.8
5.54
0.26
1990
 
12,379,212
0.598
20,709,681
220.6
0.81
0.25
1991
 
13,216,625
0.618
21,395,126
227.9
3.31
0.26
1992
 
14,009,275
0.634
22,089,680
235.3
3.25
0.26
1993
 
15,154,047
0.650
23,313,918
248.4
5.54
0.27
1994
 
15,574,369
0.664
23,470,928
250.0
0.67
0.26
1995
 
16,400,030
0.678
24,205,257
257.8
3.13
0.26
1996
 
17,173,644
0.692
24,816,329
264.4
2.52
0.26
1997
 
17,910,227
0.704
25,438,134
271.0
2.51
0.25
1998
 
19,125,723
0.710
26,950,164
287.1
5.94
0.25
1999
 
19,496,880
0.720
27,078,624
288.5
0.48
0.24
2000
 
20,770,544
0.738
28,135,981
299.7
3.90
0.24
2001
 
21,685,226
0.753
28,797,676
306.8
2.35
0.24
2002
 
22,350,296
0.763
29,296,111
312.1
1.73
0.24
2003
 
24,015,175
0.779
30,830,584
328.4
5.24
0.25
2004
 
26,072,167
0.798
32,660,838
347.9
5.94
0.26
2005
 
28,052,041
0.821
34,156,905
363.9
4.58
0.27
2006
 
30,362,708
0.844
35,957,731
383.0
5.27
0.27
2007
 
32,646,839
0.866
37,695,381
401.5
4.83
0.27
2008
 
34,730,541
0.892
38,948,683
414.9
3.32
0.28
2009
 
33,926,624
0.889
38,153,669
406.4
-2.04
0.28
2010
 
35,670,871
0.905
39,409,231
419.8
3.29
0.28
2011
 
38,082,705
0.928
41,035,629
437.1
4.13
0.29
2012
 
40,436,886
0.945
42,774,966
455.7
4.24
0.29
2013
 
40,785,993
0.958
42,582,551
453.6
-0.45
0.29
2014
 
42,901,443
0.971
44,173,189
470.6
3.74
0.29
2015
 
44,583,320
0.973
45,820,944
488.1
3.73
0.29
2016
 
45,283,300
0.983
46,073,929
490.8
0.55
0.29
2017
 
48,003,346
1.000
48,003,346
511.4
4.19
0.29
2018
 
50,352,020
1.020
49,341,989
525.6
2.79
0.29
2019
 
53,393,045
1.035
51,581,004
549.5
4.54
0.29
2020
 
58,208,785
1.046
55,630,320
592.6
7.85
0.30
2021
 
64,542,052
1.090
59,212,349
630.8
6.44
0.30
2022
 
68,477,036
1.160
59,010,053
628.6
-0.34
0.31
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_300_PN
 
   
Page 9 of 11

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 Personal Income, 1958-2022
 
1958
 
376,151,280
0.151
2,496,689,765
100.0
N
1959
 
400,328,786
0.153
2,618,239,281
104.9
4.87
1960
 
417,700,000
0.155
2,687,729,232
107.7
2.65
1961
 
436,047,000
0.157
2,777,015,667
111.2
3.32
1962
 
464,000,000
0.159
2,920,810,777
117.0
5.18
1963
 
487,780,000
0.161
3,034,023,761
121.5
3.88
1964
 
522,633,000
0.163
3,204,568,030
128.4
5.62
1965
 
564,444,000
0.165
3,411,774,662
136.7
6.47
1966
 
612,713,000
0.170
3,612,268,600
144.7
5.88
1967
 
656,828,000
0.174
3,777,261,487
151.3
4.57
1968
 
720,877,000
0.181
3,989,578,837
159.8
5.62
1969
 
791,229,000
0.189
4,190,165,758
167.8
5.03
1970
 
855,525,000
0.198
4,328,265,709
173.4
3.30
1971
 
924,613,000
0.206
4,487,323,465
179.7
3.67
1972
 
1,016,408,000
0.213
4,770,076,966
191.1
6.30
1973
 
1,133,468,000
0.225
5,047,731,018
202.2
5.82
1974
 
1,244,912,000
0.248
5,021,223,733
201.1
-0.53
1975
 
1,362,505,000
0.269
5,072,617,275
203.2
1.02
1976
 
1,495,704,000
0.283
5,279,017,400
211.4
4.07
1977
 
1,651,632,000
0.302
5,473,329,799
219.2
3.68
1978
 
1,855,849,000
0.323
5,749,934,936
230.3
5.05
1979
 
2,073,296,000
0.351
5,899,598,782
236.3
2.60
1980
 
2,313,972,000
0.389
5,944,235,512
238.1
0.76
1981
 
2,590,995,000
0.424
6,108,676,176
244.7
2.77
1982
 
2,777,640,000
0.448
6,204,105,336
248.5
1.56
1983
 
2,969,333,000
0.467
6,361,584,112
254.8
2.54
1984
 
3,275,415,000
0.484
6,761,937,695
270.8
6.29
1985
 
3,508,482,000
0.501
6,999,046,441
280.3
3.51
1986
 
3,717,756,000
0.512
7,258,548,586
290.7
3.71
1987
 
3,931,800,000
0.528
7,446,308,852
298.2
2.59
1988
 
4,264,433,000
0.549
7,772,592,728
311.3
4.38
1989
 
4,605,107,000
0.573
8,042,309,775
322.1
3.47
1990
 
4,897,332,000
0.598
8,192,943,538
328.2
1.87
1991
 
5,072,291,000
0.618
8,211,045,100
328.9
0.22
1992
 
5,406,546,000
0.634
8,524,985,809
341.5
3.82
1993
 
5,643,648,000
0.650
8,682,535,385
347.8
1.85
1994
 
5,933,938,000
0.664
8,942,579,420
358.2
3.00
1995
 
6,278,125,000
0.678
9,266,058,093
371.1
3.62
1996
 
6,660,854,000
0.692
9,625,094,288
385.5
3.87
1997
 
7,068,422,000
0.704
10,039,373,926
402.1
4.30
1998
 
7,584,003,000
0.710
10,686,661,406
428.0
6.45
1999
 
7,978,449,000
0.720
11,081,025,264
443.8
3.69
2000
 
8,620,234,000
0.738
11,677,052,911
467.7
5.38
2001
 
8,990,104,000
0.753
11,938,732,039
478.2
2.24
2002
 
9,146,700,000
0.763
11,989,225,466
480.2
0.42
2003
 
9,474,684,000
0.779
12,163,560,736
487.2
1.45
2004
 
10,008,929,000
0.798
12,538,275,270
502.2
3.08
2005
 
10,540,800,000
0.821
12,834,755,927
514.1
2.36
2006
 
11,291,446,000
0.844
13,372,153,008
535.6
4.19
2007
 
11,925,044,000
0.866
13,769,145,681
551.5
2.97
2008
 
12,423,410,000
0.892
13,932,275,429
558.0
1.18
2009
 
12,058,253,000
0.889
13,560,635,845
543.1
-2.67
2010
 
12,547,501,000
0.905
13,862,497,514
555.2
2.23
2011
 
13,299,818,000
0.928
14,331,082,712
574.0
3.38
2012
 
13,905,749,000
0.945
14,709,785,897
589.2
2.64
2013
 
14,063,283,000
0.958
14,682,748,144
588.1
-0.18
2014
 
14,778,160,000
0.971
15,216,235,418
609.5
3.63
2015
 
15,467,113,000
0.973
15,896,476,839
636.7
4.47
2016
 
15,884,741,000
0.983
16,162,082,333
647.3
1.67
2017
 
16,658,962,000
1.000
16,658,962,000
667.2
3.07
2018
 
17,514,402,000
1.020
17,163,073,878
687.4
3.03
2019
 
18,343,601,000
1.035
17,721,060,157
709.8
3.25
2020
 
19,609,985,000
1.046
18,741,324,605
750.6
5.76
2021
 
21,392,812,000
1.090
19,626,252,970
786.1
4.72
2022
 
21,820,248,000
1.160
18,803,588,325
753.1
-4.19
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_300_PN
 
   
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