Introduction
Virginia vs. United States
Virginia:
2021 TPI = $565,274,276K
2021 Percent of U.S. = 2.7%
U.S.:
2021 TPI = $21,056,621,907K
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 Virginia. 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 2012 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
Virginia Total Personal Income, 1959-2021
Current vs. Constant Dollars (Millions)
Virginia Total Personal Income, 1959-2021
Current vs. Constant Dollars (Millions)
Figure 1.
Figure 1 depicts Virginia's annual total personal income over 1959-2021 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 Virginia over time.
When measured in current dollars, Virginia's total personal income increased 7,032.4%, from $7,925M in 1959 to $565,274M in 2021. When measured in constant 2012 dollars to adjust for inflation, it advanced 898.7%, from $48,995M in 1959 to $489,292M in 2021.
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Real Total Personal Income Indices (1958=100): 1958-2021
Real Total Personal Income Indices (1958=100): 1958-2021
Figure 2.
Figure 2 portrays Virginia'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.
Virginia's overall real total personal income growth was 951.5% over 1958-2021 outpaced the United States' increase of 672.3%.
Page 4 of 11
Total Personal Income as a Percent of the United States Total: 1958-2021
Total Personal Income as a Percent of the United States Total: 1958-2021
Figure 3.
Another interesting and insightful way of highlighting the total personal income growth of Virginia is to trace 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, Virginia's total personal income comprised 2.0% of the United States' total personal income, while in 2021 it comprised 2.7% thereby yielding a +0.7% share-shift.
   
 
Total Personal Income Share-Shift
2021 vs. 1958
 
Share-
Shift*
 
2021
vs.
1958
+0.71%
=
2.68%
-
1.97%
 
   
Page 5 of 11
Virginia Real Total Personal Income:
Annual Percent Change, 1959-2021
Virginia Real Total Personal Income:
Annual Percent Change, 1959-2021
Figure 4.
Figure 4 shows the short-run pattern of Virginia's real total personal income growth by tracking the year-to-year percent change over 1959-2021. The average annual percent change for the entire 63-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, Virginia's real total personal income grew at an annual rate of 3.83% over 1959-2021. The state recorded its highest growth in 1964 (8.75%) and recorded its lowest growth in 2013 (-1.95%). In 2021, Virginia's real total personal income grew by 2.25%
Page 6 of 11
Virginia Real Total Personal Income:
Annual Percent Change and Decade Averages Over 1959-2021
Virginia Real Total Personal Income:
Annual Percent Change and Decade Averages Over 1959-2021
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 Virginia's real total personal income since 1959, but this time they are overlayed with average growth rates for the decade of the 1960s, 1970s, 1980s, 1990s, 2000s, 2010s, and 2020-2021.
During the 1960s, Virginia's annual real total personal income growth rate averaged 6.21%. It averaged 4.24% during the 1970s, 4.20% throughout the 1980s, 3.32% in the 1990s, 2.83% in the 2000s, 2.11% during the 2010s, 3.45% thus far this decade (2020-2021).
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 Virginia noted in the previous graph with the corresponding decade averages for the nation.
Relative to nationwide real total personal income growth trends, Virginia surpassed the nation throughout the 1960s (6.21% vs. 4.82%), surpassed the nation in the 1970s (4.24% vs. 3.50%), surpassed the nation throughout the 1980s (4.20% vs. 3.17%), outperformed the nation in the 1990s (3.32% vs. 3.30%), led the nation during the 2000s (2.83% vs. 2.04%), fell under the nation over the 2010s (2.11% vs. 2.70%), and fell below the nation over 2020-2021 (3.45% vs. 4.35%).
   
 
Real* Total Personal Income Growth:
Average Annual Percent Change
 
 
 
3.83
6.21
4.24
4.20
3.32
2.83
2.11
3.45
2.25
 
3.31
4.82
3.50
3.17
3.30
2.04
2.70
4.35
3.39
 
   
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.

   
 
Virginia:
Total Personal Income, 1958-2021
 
1958
 
7,416,326
0.159
46,532,350
100.0
N
1.97
1959
 
7,925,392
0.162
48,994,758
105.3
5.29
1.98
1960
 
8,173,194
0.164
49,712,268
106.8
1.46
1.96
1961
 
8,705,540
0.166
52,405,129
112.6
5.42
2.00
1962
 
9,395,680
0.168
55,906,700
120.1
6.68
2.02
1963
 
10,106,619
0.170
59,426,230
127.7
6.30
2.07
1964
 
11,151,041
0.173
64,628,730
138.9
8.75
2.13
1965
 
12,037,512
0.175
68,777,923
147.8
6.42
2.13
1966
 
13,026,719
0.179
72,596,517
156.0
5.55
2.13
1967
 
14,251,197
0.184
77,473,210
166.5
6.72
2.17
1968
 
15,768,227
0.191
82,491,378
177.3
6.48
2.19
1969
 
17,847,652
0.200
89,345,475
192.0
8.31
2.26
1970
 
19,371,643
0.209
92,642,960
199.1
3.69
2.26
1971
 
21,410,967
0.218
98,224,456
211.1
6.02
2.32
1972
 
23,764,172
0.225
105,421,755
226.6
7.33
2.34
1973
 
26,612,710
0.238
112,025,215
240.7
6.26
2.35
1974
 
29,489,590
0.262
112,431,240
241.6
0.36
2.37
1975
 
32,379,775
0.284
113,953,106
244.9
1.35
2.38
1976
 
35,770,824
0.300
119,339,508
256.5
4.73
2.39
1977
 
39,631,200
0.319
124,146,227
266.8
4.03
2.40
1978
 
44,990,392
0.341
131,762,753
283.2
6.14
2.42
1979
 
50,182,027
0.372
134,977,748
290.1
2.44
2.42
1980
 
56,726,477
0.412
137,745,804
296.0
2.05
2.45
1981
 
63,698,177
0.449
141,958,452
305.1
3.06
2.46
1982
 
68,854,776
0.474
145,376,720
312.4
2.41
2.48
1983
 
74,238,986
0.494
150,348,305
323.1
3.42
2.50
1984
 
82,638,234
0.512
161,267,361
346.6
7.26
2.52
1985
 
89,308,410
0.530
168,407,931
361.9
4.43
2.54
1986
 
96,341,470
0.542
177,804,278
382.1
5.58
2.59
1987
 
104,064,166
0.559
186,311,281
400.4
4.78
2.64
1988
 
113,916,609
0.580
196,279,350
421.8
5.35
2.67
1989
 
123,237,031
0.606
203,455,443
437.2
3.66
2.67
1990
 
129,558,196
0.632
204,896,642
440.3
0.71
2.65
1991
 
135,041,489
0.653
206,659,253
444.1
0.86
2.66
1992
 
143,668,598
0.671
214,152,664
460.2
3.63
2.66
1993
 
150,973,300
0.688
219,571,977
471.9
2.53
2.67
1994
 
158,882,771
0.702
226,351,304
486.4
3.09
2.67
1995
 
167,003,323
0.717
233,013,803
500.8
2.94
2.66
1996
 
175,342,358
0.732
239,525,652
514.8
2.79
2.63
1997
 
186,845,541
0.745
250,873,467
539.1
4.74
2.64
1998
 
200,072,500
0.751
266,514,586
572.8
6.23
2.63
1999
 
214,461,205
0.762
281,578,180
605.1
5.65
2.68
2000
 
232,469,615
0.781
297,694,474
639.8
5.72
2.69
2001
 
244,753,608
0.797
307,263,242
660.3
3.21
2.72
2002
 
251,379,556
0.807
311,491,111
669.4
1.38
2.75
2003
 
266,597,645
0.824
323,548,684
695.3
3.87
2.81
2004
 
285,112,612
0.844
337,639,132
725.6
4.35
2.84
2005
 
304,349,954
0.869
350,326,850
752.9
3.76
2.87
2006
 
325,251,794
0.893
364,134,025
782.5
3.94
2.86
2007
 
342,962,739
0.916
374,356,255
804.5
2.81
2.85
2008
 
356,536,029
0.943
377,986,779
812.3
0.97
2.86
2009
 
349,428,515
0.941
371,487,439
798.3
-1.72
2.89
2010
 
365,245,480
0.957
381,469,372
819.8
2.69
2.90
2011
 
385,984,453
0.982
393,179,640
845.0
3.07
2.90
2012
 
404,179,743
1.000
404,179,743
868.6
2.80
2.89
2013
 
401,684,271
1.014
396,318,124
851.7
-1.95
2.83
2014
 
419,329,599
1.029
407,563,248
875.9
2.84
2.80
2015
 
438,272,757
1.031
425,028,858
913.4
4.29
2.79
2016
 
449,830,106
1.041
431,914,301
928.2
1.62
2.80
2017
 
467,437,651
1.061
440,766,849
947.2
2.05
2.77
2018
 
484,936,827
1.083
447,697,361
962.1
1.57
2.74
2019
 
502,600,783
1.099
457,234,023
982.6
2.13
2.73
2020
 
532,256,216
1.112
478,540,091
1,028.4
4.66
2.71
2021
 
565,274,276
1.155
489,292,105
1,051.5
2.25
2.68
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
March 2022
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, 1958-2021
 
1958
 
376,151,280
0.159
2,360,090,852
100.0
N
1959
 
400,328,786
0.162
2,474,831,763
104.9
4.86
1960
 
417,700,000
0.164
2,540,599,720
107.6
2.66
1961
 
436,047,000
0.166
2,624,891,645
111.2
3.32
1962
 
464,000,000
0.168
2,760,918,720
117.0
5.18
1963
 
487,780,000
0.170
2,868,113,130
121.5
3.88
1964
 
522,633,000
0.173
3,029,054,132
128.3
5.61
1965
 
564,444,000
0.175
3,225,025,711
136.6
6.47
1966
 
612,713,000
0.179
3,414,584,262
144.7
5.88
1967
 
656,828,000
0.184
3,570,687,687
151.3
4.57
1968
 
720,877,000
0.191
3,771,263,406
159.8
5.62
1969
 
791,229,000
0.200
3,960,898,078
167.8
5.03
1970
 
855,525,000
0.209
4,091,463,415
173.4
3.30
1971
 
924,613,000
0.218
4,241,733,187
179.7
3.67
1972
 
1,016,408,000
0.225
4,508,952,178
191.0
6.30
1973
 
1,133,468,000
0.238
4,771,291,463
202.2
5.82
1974
 
1,244,912,000
0.262
4,746,318,960
201.1
-0.52
1975
 
1,362,505,000
0.284
4,795,020,236
203.2
1.03
1976
 
1,495,704,000
0.300
4,990,004,671
211.4
4.07
1977
 
1,651,632,000
0.319
5,173,799,455
219.2
3.68
1978
 
1,855,849,000
0.341
5,435,199,883
230.3
5.05
1979
 
2,073,257,000
0.372
5,576,569,477
236.3
2.60
1980
 
2,313,160,000
0.412
5,616,920,014
238.0
0.72
1981
 
2,592,915,000
0.449
5,778,598,650
244.8
2.88
1982
 
2,779,794,000
0.474
5,869,125,689
248.7
1.57
1983
 
2,968,676,000
0.494
6,012,143,060
254.7
2.44
1984
 
3,279,488,000
0.512
6,399,875,105
271.2
6.45
1985
 
3,510,471,000
0.530
6,619,658,313
280.5
3.43
1986
 
3,719,647,000
0.542
6,864,843,865
290.9
3.70
1987
 
3,946,593,000
0.559
7,065,782,831
299.4
2.93
1988
 
4,267,813,000
0.580
7,353,480,478
311.6
4.07
1989
 
4,609,667,000
0.606
7,610,227,498
322.5
3.49
1990
 
4,897,821,000
0.632
7,745,917,351
328.2
1.78
1991
 
5,067,291,000
0.653
7,754,672,890
328.6
0.11
1992
 
5,409,920,000
0.671
8,064,036,251
341.7
3.99
1993
 
5,648,732,000
0.688
8,215,381,483
348.1
1.88
1994
 
5,940,128,000
0.702
8,462,564,643
358.6
3.01
1995
 
6,286,143,000
0.717
8,770,831,996
371.6
3.64
1996
 
6,673,186,000
0.732
9,115,876,182
386.3
3.93
1997
 
7,086,935,000
0.745
9,515,474,368
403.2
4.38
1998
 
7,601,594,000
0.751
10,126,007,726
429.1
6.42
1999
 
8,006,585,000
0.762
10,512,295,835
445.4
3.81
2000
 
8,654,561,000
0.781
11,082,803,176
469.6
5.43
2001
 
9,009,842,000
0.797
11,310,939,540
479.3
2.06
2002
 
9,157,682,000
0.807
11,347,527,942
480.8
0.32
2003
 
9,491,393,000
0.824
11,518,960,412
488.1
1.51
2004
 
10,037,313,000
0.844
11,886,495,032
503.6
3.19
2005
 
10,599,603,000
0.869
12,200,841,429
517.0
2.64
2006
 
11,374,142,000
0.893
12,733,863,998
539.5
4.37
2007
 
12,014,107,000
0.916
13,113,833,039
555.6
2.98
2008
 
12,475,898,000
0.943
13,226,501,988
560.4
0.86
2009
 
12,073,407,000
0.941
12,835,583,977
543.9
-2.96
2010
 
12,586,509,000
0.957
13,145,590,985
557.0
2.42
2011
 
13,330,436,000
0.982
13,578,930,427
575.4
3.30
2012
 
14,003,346,000
1.000
14,003,346,000
593.3
3.13
2013
 
14,189,228,000
1.014
13,999,672,435
593.2
-0.03
2014
 
14,969,527,000
1.029
14,549,483,414
616.5
3.93
2015
 
15,681,233,000
1.031
15,207,371,310
644.4
4.52
2016
 
16,092,713,000
1.041
15,451,773,438
654.7
1.61
2017
 
16,845,028,000
1.061
15,883,893,598
673.0
2.80
2018
 
17,681,159,000
1.083
16,323,380,232
691.6
2.77
2019
 
18,402,004,000
1.099
16,740,965,412
709.3
2.56
2020
 
19,607,447,000
1.112
17,628,632,951
746.9
5.30
2021
 
21,056,621,907
1.155
18,226,265,186
772.3
3.39
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
March 2022
REAP_PI_SA1400_300_PN
 
   
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