Minnesota vs. United States
Comparative Trends Analysis:
Total Personal Income Growth and Change, 1958-2019
Introduction
Minnesota:
2019 TPI = $336,589,917K
2019 Percent of U.S. = 1.8%
U.S.:
2019 TPI = $18,599,062,366K
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 Minnesota. 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.
Minnesota Total Personal Income, 1959-2019
Current vs. Constant Dollars (Millions)
Minnesota Total Personal Income, 1959-2019
Current vs. Constant Dollars (Millions)
Figure 1.
Figure 1 depicts Minnesota's annual total personal income over 1959-2019 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 Minnesota over time.
When measured in current dollars, Minnesota's total personal income increased 4,684.7%, from $7,035M in 1959 to $336,590M in 2019. When measured in constant 2012 dollars to adjust for inflation, it advanced 607.2%, from $43,405M in 1959 to $306,956M in 2019.
Real Total Personal Income Indices (1958=100): 1958-2019
Real Total Personal Income Indices (1958=100): 1958-2019
Figure 2.
Figure 2 shows Minnesota'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.
Minnesota's overall real total personal income growth was 623.8% over 1958-2019 outpaced the United States' increase of 620.1%.
Total Personal Income as a Percent of the United States Total: 1958-2019
Total Personal Income as a Percent of the United States Total: 1958-2019
Figure 3.
Another interesting and insightful way of highlighting the total personal income growth of Minnesota 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, Minnesota's total personal income totaled 1.8% of the United States' total personal income, while in 2019 it equated to 1.8% thereby yielding a +0.0% share-shift.
   
 
Total Personal Income Share-Shift
2019 vs. 1958
 
Share-
Shift*
 
2019
vs.
1958
+0.01%
=
1.81%
-
1.80%
 
   
Minnesota Real Total Personal Income:
Annual Percent Change, 1959-2019
Minnesota Real Total Personal Income:
Annual Percent Change, 1959-2019
Figure 4.
Figure 4 displays the short-run pattern of Minnesota's real total personal income growth by tracking the year-to-year percent change over 1959-2019. The average annual percent change for the entire 61-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, Minnesota's real total personal income grew at an annual rate of 3.33% over 1959-2019. The state posted its highest growth in 1973 (11.24%) and recorded its lowest growth in 2009 (-4.14%). In 2019, Minnesota's real total personal income grew by 2.86%
Minnesota Real Total Personal Income:
Annual Percent Change and Decade Averages Over 1959-2019
Minnesota Real Total Personal Income:
Annual Percent Change and Decade Averages Over 1959-2019
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 depicts the annual percent change in Minnesota'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, and 2010-2019.
During the 1960s, Minnesota's annual real total personal income growth rate averaged 5.19%. It averaged 3.57% in the 1970s, 2.98% during the 1980s, 3.64% during the 1990s, 1.78% in the 2000s, and 2.93% thus far this decade (2010 to 2019).
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 Minnesota noted in the previous graph with the corresponding decade averages for the nation.
Relative to nationwide real total personal income growth trends, Minnesota exceeded the nation throughout the 1960s (5.19% vs. 4.82%), outpaced the nation throughout the 1970s (3.57% vs. 3.50%), fell below the nation during the 1980s (2.98% vs. 3.17%), led the nation in the 1990s (3.64% vs. 3.29%), recorded underneath the nation in the 2000s (1.78% vs. 2.05%), and surpassed the nation over 2010-2019 (2.93% vs. 2.86%).
   
 
Real* Total Personal Income Growth:
Average Annual Percent Change
 
 
 
3.33
5.19
3.57
2.98
3.64
1.78
2.93
2.86
 
3.31
4.82
3.50
3.17
3.29
2.05
2.86
2.97
 
   

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

   
 
Minnesota:
Total Personal Income, 1958-2019
 
1958
 
6,772,724
0.160
42,411,698
100.0
N
1.80
1959
 
7,034,680
0.162
43,405,195
102.3
2.34
1.76
1960
 
7,471,665
0.165
45,357,039
106.9
4.50
1.79
1961
 
7,853,366
0.166
47,184,367
111.3
4.03
1.80
1962
 
8,277,686
0.168
49,157,824
115.9
4.18
1.78
1963
 
8,779,369
0.170
51,522,119
121.5
4.81
1.80
1964
 
9,131,540
0.173
52,823,162
124.5
2.53
1.75
1965
 
10,087,617
0.175
57,525,188
135.6
8.90
1.79
1966
 
10,933,462
0.180
60,812,403
143.4
5.71
1.78
1967
 
11,750,340
0.184
63,753,133
150.3
4.84
1.79
1968
 
12,933,975
0.192
67,533,286
159.2
5.93
1.79
1969
 
14,388,047
0.200
71,886,320
169.5
6.45
1.82
1970
 
15,708,849
0.210
74,978,994
176.8
4.30
1.84
1971
 
16,766,023
0.218
76,763,990
181.0
2.38
1.81
1972
 
18,229,257
0.226
80,710,427
190.3
5.14
1.79
1973
 
21,370,238
0.238
89,783,371
211.7
11.24
1.89
1974
 
23,011,795
0.263
87,563,908
206.5
-2.47
1.85
1975
 
24,891,102
0.285
87,429,231
206.1
-0.15
1.83
1976
 
26,907,121
0.300
89,594,836
211.3
2.48
1.80
1977
 
30,292,726
0.320
94,706,203
223.3
5.70
1.83
1978
 
33,988,927
0.342
99,350,873
234.3
4.90
1.83
1979
 
37,795,423
0.373
101,461,499
239.2
2.12
1.82
1980
 
42,002,053
0.413
101,793,546
240.0
0.33
1.82
1981
 
46,547,625
0.450
103,535,800
244.1
1.71
1.80
1982
 
49,867,537
0.475
105,081,627
247.8
1.49
1.79
1983
 
52,578,359
0.495
106,274,728
250.6
1.14
1.77
1984
 
59,667,354
0.513
116,213,221
274.0
9.35
1.82
1985
 
63,360,939
0.531
119,247,448
281.2
2.61
1.80
1986
 
67,018,188
0.543
123,444,811
291.1
3.52
1.80
1987
 
71,480,238
0.560
127,725,391
301.2
3.47
1.81
1988
 
75,424,900
0.582
129,705,250
305.8
1.55
1.77
1989
 
82,388,061
0.607
135,752,284
320.1
4.66
1.79
1990
 
87,513,967
0.634
138,132,692
325.7
1.75
1.79
1991
 
90,246,245
0.655
137,837,345
325.0
-0.21
1.78
1992
 
97,018,541
0.672
144,334,168
340.3
4.71
1.79
1993
 
99,989,946
0.689
145,140,141
342.2
0.56
1.77
1994
 
107,155,238
0.703
152,360,640
359.2
4.97
1.80
1995
 
113,337,451
0.718
157,827,423
372.1
3.59
1.80
1996
 
122,210,770
0.733
166,622,270
392.9
5.57
1.83
1997
 
129,027,566
0.746
172,905,895
407.7
3.77
1.82
1998
 
140,486,818
0.752
186,777,837
440.4
8.02
1.85
1999
 
147,753,388
0.763
193,551,558
456.4
3.63
1.85
2000
 
160,084,263
0.782
204,619,752
482.5
5.72
1.85
2001
 
166,694,650
0.797
209,052,961
492.9
2.17
1.85
2002
 
170,300,761
0.808
210,796,966
497.0
0.83
1.86
2003
 
178,203,384
0.824
216,376,532
510.2
2.65
1.88
2004
 
189,289,433
0.844
224,247,353
528.7
3.64
1.89
2005
 
195,112,671
0.868
224,753,111
529.9
0.23
1.84
2006
 
205,273,841
0.892
230,194,722
542.8
2.42
1.80
2007
 
217,244,286
0.914
237,586,437
560.2
3.21
1.81
2008
 
226,166,494
0.942
240,142,805
566.2
1.08
1.82
2009
 
216,607,412
0.941
230,203,214
542.8
-4.14
1.80
2010
 
226,273,417
0.957
236,428,000
557.5
2.70
1.80
2011
 
242,440,285
0.981
247,057,795
582.5
4.50
1.82
2012
 
257,319,682
1.000
257,319,682
606.7
4.15
1.84
2013
 
259,538,903
1.013
256,091,906
603.8
-0.48
1.83
2014
 
273,960,577
1.028
266,420,866
628.2
4.03
1.83
2015
 
286,818,725
1.030
278,343,175
656.3
4.47
1.83
2016
 
293,893,860
1.041
282,343,200
665.7
1.44
1.82
2017
 
305,795,021
1.059
288,679,229
680.7
2.24
1.81
2018
 
322,727,574
1.081
298,426,689
703.6
3.38
1.81
2019
 
336,589,917
1.097
306,956,351
723.8
2.86
1.81
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 2020
REAP_PI_SA1400_300_PN
 
   

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, 1958-2019
 
1958
 
376,151,280
0.160
2,355,509,299
100.0
N
1959
 
400,328,786
0.162
2,470,098,019
104.9
4.86
1960
 
417,700,000
0.165
2,535,664,421
107.6
2.65
1961
 
436,047,000
0.166
2,619,844,989
111.2
3.32
1962
 
464,000,000
0.168
2,755,508,047
117.0
5.18
1963
 
487,780,000
0.170
2,862,558,685
121.5
3.88
1964
 
522,633,000
0.173
3,023,271,823
128.3
5.61
1965
 
564,444,000
0.175
3,218,772,810
136.6
6.47
1966
 
612,713,000
0.180
3,407,937,038
144.7
5.88
1967
 
656,828,000
0.184
3,563,713,309
151.3
4.57
1968
 
720,877,000
0.192
3,763,977,653
159.8
5.62
1969
 
791,229,000
0.200
3,953,180,115
167.8
5.03
1970
 
855,525,000
0.210
4,083,456,637
173.4
3.30
1971
 
924,613,000
0.218
4,233,382,171
179.7
3.67
1972
 
1,016,408,000
0.226
4,500,168,246
191.0
6.30
1973
 
1,133,468,000
0.238
4,762,070,414
202.2
5.82
1974
 
1,244,912,000
0.263
4,737,108,067
201.1
-0.52
1975
 
1,362,505,000
0.285
4,785,756,937
203.2
1.03
1976
 
1,495,704,000
0.300
4,980,367,608
211.4
4.07
1977
 
1,651,632,000
0.320
5,163,609,079
219.2
3.68
1978
 
1,855,849,000
0.342
5,424,714,273
230.3
5.06
1979
 
2,073,257,000
0.373
5,565,641,191
236.3
2.60
1980
 
2,313,160,000
0.413
5,606,029,761
238.0
0.73
1981
 
2,592,915,000
0.450
5,767,416,255
244.8
2.88
1982
 
2,779,794,000
0.475
5,857,623,904
248.7
1.56
1983
 
2,968,676,000
0.495
6,000,477,018
254.7
2.44
1984
 
3,279,488,000
0.513
6,387,410,163
271.2
6.45
1985
 
3,510,471,000
0.531
6,606,826,138
280.5
3.44
1986
 
3,719,647,000
0.543
6,851,440,413
290.9
3.70
1987
 
3,946,593,000
0.560
7,052,020,942
299.4
2.93
1988
 
4,267,813,000
0.582
7,339,191,072
311.6
4.07
1989
 
4,609,667,000
0.607
7,595,430,878
322.5
3.49
1990
 
4,897,821,000
0.634
7,730,756,846
328.2
1.78
1991
 
5,067,291,000
0.655
7,739,512,471
328.6
0.11
1992
 
5,409,920,000
0.672
8,048,320,390
341.7
3.99
1993
 
5,648,732,000
0.689
8,199,401,963
348.1
1.88
1994
 
5,940,128,000
0.703
8,446,079,909
358.6
3.01
1995
 
6,286,143,000
0.718
8,753,732,715
371.6
3.64
1996
 
6,673,186,000
0.733
9,098,227,579
386.3
3.94
1997
 
7,086,935,000
0.746
9,496,984,844
403.2
4.38
1998
 
7,601,594,000
0.752
10,106,352,372
429.1
6.42
1999
 
8,001,563,000
0.763
10,481,756,137
445.0
3.71
2000
 
8,650,325,000
0.782
11,056,847,958
469.4
5.49
2001
 
9,001,839,000
0.797
11,289,271,113
479.3
2.10
2002
 
9,155,663,000
0.808
11,332,808,922
481.1
0.39
2003
 
9,480,901,000
0.824
11,511,815,488
488.7
1.58
2004
 
10,028,781,000
0.844
11,880,893,485
504.4
3.21
2005
 
10,593,946,000
0.868
12,203,319,818
518.1
2.71
2006
 
11,372,589,000
0.892
12,753,256,555
541.4
4.51
2007
 
12,002,204,000
0.914
13,126,057,000
557.2
2.92
2008
 
12,438,527,000
0.942
13,207,185,177
560.7
0.62
2009
 
12,051,307,000
0.941
12,807,731,630
543.7
-3.02
2010
 
12,541,995,000
0.957
13,104,848,232
556.3
2.32
2011
 
13,315,478,000
0.981
13,569,084,183
576.1
3.54
2012
 
13,998,383,000
1.000
13,998,383,000
594.3
3.16
2013
 
14,175,503,000
1.013
13,987,234,819
593.8
-0.08
2014
 
14,982,715,000
1.028
14,570,373,432
618.6
4.17
2015
 
15,709,242,000
1.030
15,245,030,812
647.2
4.63
2016
 
16,111,636,000
1.041
15,478,414,080
657.1
1.53
2017
 
16,870,106,000
1.059
15,925,861,662
676.1
2.89
2018
 
17,813,035,000
1.081
16,471,741,121
699.3
3.43
2019
 
18,599,062,366
1.097
16,961,590,426
720.1
2.97
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 2020
REAP_PI_SA1400_300_PN
 
   
Copyright © 2020. Pacific Northwest Regional Economic Analysis Project (PNREAP). All Rights Reserved.

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