United States Regional Economic Analysis Project

Maryland vs. United States
Comparative Trends Analysis:
Total Personal Income Growth and Change, 1958-2022

Introduction

Maryland:

2022 TPI = $432,933,432K

2022 Percent of U.S. = 1.98%

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 Maryland. 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.

Maryland Total Personal Income, 1959-2022
Current vs. Constant Dollars (Millions)

Figure 1.

Figure 1 depicts Maryland'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 Maryland over time.

When measured in current dollars, Maryland's total personal income increased 5,779.10%, from $7,364M in 1959 to $432,933M in 2022. When measured in constant 2017 dollars to adjust for inflation, it advanced 674.64%, from $48,162M in 1959 to $373,080M in 2022.

Real Total Personal Income Indices (1958=100): 1958-2022

Figure 2.

Figure 2 portrays Maryland'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.

Maryland's overall real total personal income growth was 706.56% over 1958-2022 outpaced the United States' increase of 653.14%.

Total Personal Income as a Percent of the United States Total: 1958-2022

Figure 3.

Another interesting and insightful way of contrasting the total personal income growth of Maryland 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, Maryland's total personal income comprised 1.85% of the United States' total personal income, while in 2022 it comprised 1.98% thereby yielding a +0.13% share-shift.

Total Personal Income Share-Shift

2022 vs. 1958

	Share- Shift*		2022	vs.	1958
Maryland	+0.13%	=	1.98%	-	1.85%

*Percent figures may not add due to rounding by a factor of ± 0.01%.

Maryland Real Total Personal Income:
Annual Percent Change, 1959-2022

Figure 4.

Figure 4 highlights the short-run pattern of Maryland'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 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, Maryland's real total personal income grew at an annual rate of 3.35% over 1959-2022. The state posted its highest growth in 1969 (9.95%) and recorded its lowest growth in 2022 (-4.62%). In 2022, Maryland's real total personal income declined by -4.62%

Maryland 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 shows the annual percent change in Maryland'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, Maryland's annual real total personal income growth rate averaged 6.61%. It averaged 3.14% in the 1970s, 3.97% throughout the 1980s, 2.81% in the 1990s, 2.66% in the 2000s, 1.65% in the 2010s, 0.58% thus far this decade (2020-2022).

Real Total Personal Income Growth:
Average Annual Percent Change by Decade

Figure 6.

Figure 6 compares the decade average growth rates for Maryland noted in the previous graph with the corresponding decade averages for the nation.

Relative to nationwide real total personal income growth trends, Maryland exceeded the nation in the 1960s (6.61% vs. 4.82%), lagged the nation during the 1970s (3.14% vs. 3.50%), outgained the nation throughout the 1980s (3.97% vs. 3.16%), fell under the nation over the 1990s (2.81% vs. 3.27%), registered above the nation during the 2000s (2.66% vs. 2.06%), posted below the nation during the 2010s (1.65% vs. 2.72%), and fell below the nation over 2020-2022 (0.58% vs. 2.10%).

Real* Total Personal Income Growth:

Average Annual Percent Change

	1959-2022	1960-1969	1970-1979	1980-1989	1990-1999	2000-2009	2010-2019	2020-2022	2022
	%	%	%	%	%	%	%	%	%
Maryland	3.35	6.61	3.14	3.97	2.81	2.66	1.65	0.58	-4.62
United States	3.23	4.82	3.50	3.16	3.27	2.06	2.72	2.10	-4.19

*Real total personal income growth determined using the Implicit Price Deflator for
Personal Consumption (2017=1.00).

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

Maryland:
Total Personal Income, 1958-2022


Year	Current Dollars (1000s)	Implicit Price Deflator2	Constant Dollars (1000s)	Index1	Percent Change	Percent of Nationwide Total
1958	6,968,878	0.151	46,255,662	100.0	N	1.85
1959	7,363,940	0.153	48,161,805	104.1	4.12	1.84
1960	7,738,811	0.155	49,796,094	107.7	3.39	1.85
1961	8,233,892	0.157	52,438,492	113.4	5.31	1.89
1962	8,896,946	0.159	56,004,948	121.1	6.80	1.92
1963	9,531,623	0.161	59,287,324	128.2	5.86	1.95
1964	10,386,398	0.163	63,685,070	137.7	7.42	1.99
1965	11,316,870	0.165	68,404,678	147.9	7.41	2.00
1966	12,477,209	0.170	73,559,775	159.0	7.54	2.04
1967	13,580,174	0.174	78,096,348	168.8	6.17	2.07
1968	14,999,772	0.181	83,013,847	179.5	6.30	2.08
1969	17,235,920	0.189	91,277,445	197.3	9.95	2.18
1970	19,167,231	0.198	96,970,712	209.6	6.24	2.24
1971	21,125,827	0.206	102,527,673	221.7	5.73	2.28
1972	23,176,397	0.213	108,768,524	235.1	6.09	2.28
1973	25,560,539	0.225	113,830,056	246.1	4.65	2.26
1974	27,902,797	0.248	112,543,044	243.3	-1.13	2.24
1975	30,204,127	0.269	112,450,212	243.1	-0.08	2.22
1976	32,906,940	0.283	116,143,508	251.1	3.28	2.20
1977	35,675,755	0.302	118,225,593	255.6	1.79	2.16
1978	39,617,165	0.323	122,744,965	265.4	3.82	2.13
1979	43,548,963	0.351	123,919,310	267.9	0.96	2.10
1980	48,519,338	0.389	124,638,661	269.5	0.58	2.10
1981	53,995,511	0.424	127,302,867	275.2	2.14	2.08
1982	58,547,190	0.448	130,770,342	282.7	2.72	2.11
1983	62,799,141	0.467	134,542,679	290.9	2.88	2.11
1984	69,586,502	0.484	143,658,007	310.6	6.78	2.12
1985	75,465,695	0.501	150,545,992	325.5	4.79	2.15
1986	81,514,058	0.512	159,148,086	344.1	5.71	2.19
1987	87,723,309	0.528	166,136,338	359.2	4.39	2.23
1988	96,684,853	0.549	176,223,190	381.0	6.07	2.27
1989	104,522,243	0.573	182,536,531	394.6	3.58	2.27
1990	110,892,381	0.598	185,516,321	401.1	1.63	2.26
1991	115,010,027	0.618	186,178,695	402.5	0.36	2.27
1992	120,581,709	0.634	190,131,991	411.0	2.12	2.23
1993	125,400,694	0.650	192,924,145	417.1	1.47	2.22
1994	131,300,749	0.664	197,873,213	427.8	2.57	2.21
1995	137,086,621	0.678	202,329,930	437.4	2.25	2.18
1996	143,495,296	0.692	207,354,155	448.3	2.48	2.15
1997	151,432,755	0.704	215,081,959	465.0	3.73	2.14
1998	163,509,024	0.710	230,401,488	498.1	7.12	2.16
1999	173,125,764	0.720	240,449,110	519.8	4.36	2.17
2000	188,437,155	0.738	255,258,805	551.8	6.16	2.19
2001	198,926,881	0.753	264,172,108	571.1	3.49	2.21
2002	206,707,343	0.763	270,945,908	585.8	2.56	2.26
2003	215,973,447	0.779	277,265,832	599.4	2.33	2.28
2004	230,279,226	0.798	288,472,855	623.6	4.04	2.30
2005	242,213,966	0.821	294,926,110	637.6	2.24	2.30
2006	254,883,062	0.844	301,851,092	652.6	2.35	2.26
2007	265,895,070	0.866	307,013,371	663.7	1.71	2.23
2008	278,708,349	0.892	312,558,427	675.7	1.81	2.24
2009	277,623,634	0.889	312,213,801	675.0	-0.11	2.30
2010	287,359,366	0.905	317,475,049	686.3	1.69	2.29
2011	303,270,094	0.928	326,785,585	706.5	2.93	2.28
2012	310,420,376	0.945	328,369,027	709.9	0.48	2.23
2013	309,329,474	0.958	322,954,943	698.2	-1.65	2.20
2014	318,983,090	0.971	328,438,844	710.1	1.70	2.16
2015	332,956,246	0.973	342,199,042	739.8	4.19	2.15
2016	344,195,091	0.983	350,204,602	757.1	2.34	2.17
2017	356,078,970	1.000	356,078,970	769.8	1.68	2.14
2018	367,831,289	1.020	360,452,820	779.3	1.23	2.10
2019	380,342,055	1.035	367,434,095	794.4	1.94	2.07
2020	400,176,131	1.046	382,449,592	826.8	4.09	2.04
2021	426,367,416	1.090	391,159,178	845.6	2.28	1.99
2022	432,933,432	1.160	373,080,179	806.6	-4.62	1.98

1 1958 = 100

2 Implicit Price Deflator for Personal Consumption (2017=1.00).

*Real total personal income determined using the Implicit Price Deflator for
Personal Consumption (2017=1.00).

N Data not available for this year or not meaningful.

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

Interactive Table Tip: 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


Year	Current Dollars (1000s)	Implicit Price Deflator2	Constant Dollars (1000s)	Index1	Percent Change
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

1 1958 = 100

2 Implicit Price Deflator for Personal Consumption (2017=1.00).

*Real total personal income determined using the Implicit Price Deflator for
Personal Consumption (2017=1.00).

N Data not available for this year or not meaningful.

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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