Washington vs. Florida
Comparative Trends Analysis:
Total Personal Income Growth and Change, 1958-2019
Introduction
Washington:
2019 TPI = $494,188,643K
2019 Percent of U.S. = 2.7%
2019 Rank = #14
Florida:
2019 TPI = $1,116,596,917K
2019 Percent of U.S. = 6.0%
2019 Rank = #4
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 Washington and Florida with comparison to the nation. 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.
Washington Total Personal Income, 1959-2019
Current vs. Constant Dollars (Millions)
Washington Total Personal Income, 1959-2019
Current vs. Constant Dollars (Millions)
Figure 1.
Figure 1 depicts Washington'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 Washington over time.
When measured in current dollars, Washington's total personal income increased 6,965.1%, from $6,995M in 1959 to $494,189M in 2019. When measured in constant 2012 dollars to adjust for inflation, it advanced 944.2%, from $43,159M in 1959 to $450,680M in 2019.
Real Total Personal Income, 1958-2019 (Millions)
Real Total Personal Income, 1958-2019 (Millions)
Figure 2.
Figure 2 traces Washington's and Florida's annual real total personal income for the period 1958-2019 to illustrate real total personal income patterns over time. During this 62-year period, Washington's real total personal income rose from $41,257M in 1958 to $450,680M in 2019, for a net gain of $409,423M, or 992.4%. In comparison, Florida's real total personal income advanced from $57,024M in 1958 to $1,018,291M in 2019, for a net gain of $961,268M, or 1,685.7%. Washington's real total personal income ranked 14th among the 51 states in 2019, Florida's ranked 4th.
Real Total Personal Income Indices (1958=100): 1958-2019
Real Total Personal Income Indices (1958=100): 1958-2019
Figure 3.
Figure 3 portrays Washington's real total personal income growth in a broader context by offering direct comparisons across time with Florida, 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.
Washington's overall real total personal income growth was 992.4% over 1958-2019 trailed Florida's increase of 1,685.7%, and topped 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 4.
Another interesting and insightful way of comparing the total personal income growth of Washington and Florida is to compare their individual percentage contributions to the United States' total total personal income over time, as shown in Figure 4. A rising share means a state's total personal income grew faster, or declined less, than the United States' total personal income, while a declining share shows they grew more slowly.
In 1958, Washington's total personal income totaled 1.8% of the United States' total personal income, while in 2019 it comprised 2.7% thereby yielding a +0.9% share-shift. Similarly, in 1958, Florida's total personal income consisted of 2.4% of the United States' total personal income, while in 2019 it consisted of 6.0%, resulting in a +3.6% share-shift.
   
 
Total Personal Income Share-Shift
2019 vs. 1958
 
Share-
Shift*
 
2019
vs.
1958
+0.91%
=
2.66%
-
1.75%
+3.58%
=
6.00%
-
2.42%
 
   
Washington Real Total Personal Income:
Annual Percent Change, 1959-2019
Washington Real Total Personal Income:
Annual Percent Change, 1959-2019
Figure 5.
Figure 5 shows the short-run pattern of Washington'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, Washington's real total personal income grew at an annual rate of 4.03% over 1959-2019. The state posted its highest growth in 1966 (10.19%) and posted its lowest growth in 2009 (-4.24%). In 2019, Washington's real total personal income grew by 4.27%
Washington Real Total Personal Income:
Annual Percent Change and Decade Averages Over 1959-2019
Washington Real Total Personal Income:
Annual Percent Change and Decade Averages Over 1959-2019
Figure 6.
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 6 again illustrates the annual percent change in Washington'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, and 2010-2019.
During the 1960s, Washington's annual real total personal income growth rate averaged 5.15%. It averaged 4.43% throughout the 1970s, 3.13% in the 1980s, 4.84% in the 1990s, 2.28% throughout the 2000s, and 4.26% 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 7.
Figure 7 compares the decade average growth rates for Washington noted in the previous graph with the corresponding decade averages for Florida and the nation. As the chart reveals, Washington's average annual real total personal income growth amounted to less than Florida's average during the 1960s (5.15% vs. 7.28%), recorded under Florida's average in the 1970s (4.43% vs. 6.22%), amounted to less than Florida's average throughout the 1980s (3.13% vs. 5.75%), exceeded Florida's average during the 1990s (4.84% vs. 3.71%), posted below Florida's average throughout the 2000s (2.28% vs. 2.50%), and outperformed Florida's average over the 10 year period of the last decade, 2010-2019 (4.26% vs. 3.47%).
Finally, relative to nationwide real total personal income growth trends, Washington outpaced the nation over the 1960s (5.15% vs. 4.82%), outpaced the nation over the 1970s (4.43% vs. 3.50%), recorded underneath the nation in the 1980s (3.13% vs. 3.17%), surpassed the nation over the 1990s (4.84% vs. 3.29%), registered above the nation during the 2000s (2.28% vs. 2.05%), and led the nation over 2010-2019 (4.26% vs. 2.86%).
   
 
Real* Total Personal Income Growth:
Average Annual Percent Change
 
 
 
4.03
5.15
4.43
3.13
4.84
2.28
4.26
4.27
 
4.89
7.28
6.22
5.75
3.71
2.50
3.47
3.26
 
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.

   
 
Washington:
Total Personal Income, 1958-2019
 
1958
 
6,588,310
0.160
41,256,873
100.0
N
1.75
18
1959
 
6,994,768
0.162
43,158,931
104.6
4.61
1.75
18
1960
 
7,247,987
0.165
43,999,193
106.6
1.95
1.74
19
1961
 
7,609,329
0.166
45,718,151
110.8
3.91
1.75
19
1962
 
8,203,071
0.168
48,714,716
118.1
6.55
1.77
19
1963
 
8,393,935
0.170
49,260,182
119.4
1.12
1.72
20
1964
 
8,787,343
0.173
50,832,088
123.2
3.19
1.68
20
1965
 
9,465,122
0.175
53,975,376
130.8
6.18
1.68
20
1966
 
10,693,342
0.180
59,476,845
144.2
10.19
1.75
20
1967
 
11,710,427
0.184
63,536,580
154.0
6.83
1.78
20
1968
 
13,034,813
0.192
68,059,801
165.0
7.12
1.81
18
1969
 
14,235,772
0.200
71,125,516
172.4
4.50
1.80
20
1970
 
15,036,667
0.210
71,770,641
174.0
0.91
1.76
20
1971
 
15,838,561
0.218
72,517,563
175.8
1.04
1.71
20
1972
 
17,079,016
0.226
75,617,710
183.3
4.28
1.68
20
1973
 
19,236,035
0.238
80,816,885
195.9
6.88
1.70
20
1974
 
21,826,702
0.263
83,054,422
201.3
2.77
1.75
19
1975
 
24,719,584
0.285
86,826,779
210.5
4.54
1.81
19
1976
 
27,398,764
0.300
91,231,899
221.1
5.07
1.83
18
1977
 
30,411,983
0.320
95,079,044
230.5
4.22
1.84
18
1978
 
35,366,608
0.342
103,377,884
250.6
8.73
1.91
18
1979
 
40,755,502
0.373
109,407,807
265.2
5.83
1.97
18
1980
 
46,241,935
0.413
112,069,059
271.6
2.43
2.00
17
1981
 
51,391,260
0.450
114,309,489
277.1
2.00
1.98
18
1982
 
54,606,379
0.475
115,067,387
278.9
0.66
1.96
17
1983
 
58,281,463
0.495
117,802,205
285.5
2.38
1.96
17
1984
 
62,431,081
0.513
121,596,091
294.7
3.22
1.90
18
1985
 
66,376,252
0.531
124,922,370
302.8
2.74
1.89
17
1986
 
70,875,837
0.543
130,550,446
316.4
4.51
1.91
17
1987
 
75,031,208
0.560
134,070,488
325.0
2.70
1.90
17
1988
 
81,724,088
0.582
140,537,717
340.6
4.82
1.91
17
1989
 
90,313,168
0.607
148,810,624
360.7
5.89
1.96
16
1990
 
99,151,181
0.634
156,500,957
379.3
5.17
2.02
15
1991
 
106,188,886
0.655
162,187,292
393.1
3.63
2.10
15
1992
 
114,759,017
0.672
170,726,616
413.8
5.27
2.12
15
1993
 
120,676,876
0.689
175,168,200
424.6
2.60
2.14
15
1994
 
126,855,369
0.703
180,371,632
437.2
2.97
2.14
15
1995
 
134,146,303
0.718
186,804,672
452.8
3.57
2.13
15
1996
 
144,246,155
0.733
196,665,333
476.7
5.28
2.16
14
1997
 
155,513,933
0.746
208,399,465
505.1
5.97
2.19
14
1998
 
170,382,379
0.752
226,524,116
549.1
8.70
2.24
14
1999
 
181,940,505
0.763
238,335,436
577.7
5.21
2.27
14
2000
 
194,509,940
0.782
248,622,662
602.6
4.32
2.25
14
2001
 
199,204,080
0.797
249,823,271
605.5
0.48
2.21
15
2002
 
202,617,990
0.808
250,798,983
607.9
0.39
2.21
15
2003
 
210,856,483
0.824
256,024,288
620.6
2.08
2.22
15
2004
 
226,359,648
0.844
268,163,685
650.0
4.74
2.26
15
2005
 
235,828,131
0.868
271,653,839
658.4
1.30
2.23
15
2006
 
257,120,021
0.892
288,335,189
698.9
6.14
2.26
15
2007
 
278,686,861
0.914
304,782,324
738.7
5.70
2.32
14
2008
 
292,402,755
0.942
310,472,239
752.5
1.87
2.35
14
2009
 
279,749,663
0.941
297,308,716
720.6
-4.24
2.32
14
2010
 
287,760,329
0.957
300,674,290
728.8
1.13
2.29
15
2011
 
304,986,858
0.981
310,795,628
753.3
3.37
2.29
15
2012
 
329,258,611
1.000
329,258,611
798.1
5.94
2.35
14
2013
 
336,333,907
1.013
331,866,977
804.4
0.79
2.37
14
2014
 
363,327,071
1.028
353,327,892
856.4
6.47
2.42
14
2015
 
385,687,900
1.030
374,290,747
907.2
5.93
2.46
14
2016
 
407,654,064
1.041
391,632,383
949.3
4.63
2.53
14
2017
 
434,758,590
1.059
410,424,520
994.8
4.80
2.58
14
2018
 
467,399,039
1.081
432,204,617
1,047.6
5.31
2.62
14
2019
 
494,188,643
1.097
450,679,996
1,092.4
4.27
2.66
14
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_PSN
 
   

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

   
 
Florida:
Total Personal Income, 1958-2019
 
1958
 
9,106,091
0.160
57,023,552
100.0
N
2.42
11
1959
 
10,053,169
0.162
62,029,796
108.8
8.78
2.51
10
1960
 
10,531,577
0.165
63,932,356
112.1
3.07
2.52
10
1961
 
11,165,384
0.166
67,083,538
117.6
4.93
2.56
10
1962
 
12,055,913
0.168
71,595,184
125.6
6.73
2.60
10
1963
 
12,938,925
0.170
75,932,658
133.2
6.06
2.65
10
1964
 
14,155,383
0.173
81,884,555
143.6
7.84
2.71
10
1965
 
15,473,371
0.175
88,237,745
154.7
7.76
2.74
10
1966
 
16,975,610
0.180
94,419,100
165.6
7.01
2.77
10
1967
 
18,771,743
0.184
101,848,749
178.6
7.87
2.86
10
1968
 
21,580,573
0.192
112,680,519
197.6
10.64
2.99
10
1969
 
25,004,933
0.200
124,930,967
219.1
10.87
3.16
9
1970
 
28,276,202
0.210
134,963,496
236.7
8.03
3.31
9
1971
 
31,756,352
0.218
145,397,885
255.0
7.73
3.43
9
1972
 
36,549,964
0.226
161,825,750
283.8
11.30
3.60
9
1973
 
42,578,343
0.238
178,885,568
313.7
10.54
3.76
9
1974
 
47,883,133
0.263
182,203,702
319.5
1.85
3.85
9
1975
 
52,167,930
0.285
183,238,251
321.3
0.57
3.83
9
1976
 
57,012,352
0.300
189,838,679
332.9
3.60
3.81
9
1977
 
63,844,262
0.320
199,600,644
350.0
5.14
3.87
8
1978
 
73,633,283
0.342
215,232,770
377.4
7.83
3.97
8
1979
 
84,660,155
0.373
227,269,483
398.6
5.59
4.08
8
1980
 
99,826,771
0.413
241,933,913
424.3
6.45
4.32
7
1981
 
115,731,189
0.450
257,420,679
451.4
6.40
4.46
7
1982
 
125,053,376
0.475
263,514,363
462.1
2.37
4.50
6
1983
 
138,093,067
0.495
279,122,503
489.5
5.92
4.65
6
1984
 
153,887,607
0.513
299,724,611
525.6
7.38
4.69
6
1985
 
168,327,413
0.531
316,797,932
555.6
5.70
4.80
6
1986
 
182,124,030
0.543
335,465,150
588.3
5.89
4.90
5
1987
 
197,185,189
0.560
352,342,915
617.9
5.03
5.00
4
1988
 
216,604,769
0.582
372,486,748
653.2
5.72
5.08
4
1989
 
241,142,909
0.607
397,335,490
696.8
6.67
5.23
4
1990
 
257,571,430
0.634
406,552,648
713.0
2.32
5.26
4
1991
 
268,375,219
0.655
409,902,126
718.8
0.82
5.30
4
1992
 
284,265,992
0.672
422,901,592
741.6
3.17
5.25
4
1993
 
301,392,581
0.689
437,485,602
767.2
3.45
5.34
4
1994
 
317,674,941
0.703
451,691,939
792.1
3.25
5.35
4
1995
 
341,583,501
0.718
475,670,163
834.2
5.31
5.43
4
1996
 
363,906,819
0.733
496,150,873
870.1
4.31
5.45
4
1997
 
385,401,971
0.746
516,465,394
905.7
4.09
5.44
4
1998
 
415,875,478
0.752
552,908,262
969.6
7.06
5.47
4
1999
 
436,186,130
0.763
571,387,946
1,002.0
3.34
5.45
4
2000
 
472,238,563
0.782
603,615,470
1,058.5
5.64
5.46
4
2001
 
496,337,210
0.797
622,460,069
1,091.6
3.12
5.51
4
2002
 
512,812,468
0.808
634,755,311
1,113.1
1.98
5.60
4
2003
 
539,102,793
0.824
654,584,610
1,147.9
3.12
5.69
4
2004
 
586,784,963
0.844
695,152,247
1,219.1
6.20
5.85
4
2005
 
642,506,724
0.868
740,112,800
1,297.9
6.47
6.06
4
2006
 
698,475,979
0.892
783,273,128
1,373.6
5.83
6.14
4
2007
 
727,404,686
0.914
795,516,838
1,395.1
1.56
6.06
4
2008
 
727,138,521
0.942
772,073,180
1,354.0
-2.95
5.85
4
2009
 
682,891,651
0.941
725,754,725
1,272.7
-6.00
5.67
4
2010
 
725,074,023
0.957
757,613,524
1,328.6
4.39
5.78
4
2011
 
764,633,664
0.981
779,196,853
1,366.4
2.85
5.74
4
2012
 
793,428,830
1.000
793,428,830
1,391.4
1.83
5.67
4
2013
 
795,424,889
1.013
784,860,664
1,376.4
-1.08
5.61
4
2014
 
856,161,682
1.028
832,599,127
1,460.1
6.08
5.71
4
2015
 
915,895,494
1.030
888,830,602
1,558.7
6.75
5.83
4
2016
 
942,461,242
1.041
905,420,490
1,587.8
1.87
5.85
4
2017
 
1,004,144,269
1.059
947,940,856
1,662.4
4.70
5.95
4
2018
 
1,066,446,916
1.081
986,145,119
1,729.4
4.03
5.99
4
2019
 
1,116,596,917
1.097
1,018,291,095
1,785.7
3.26
6.00
4
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_PSN
 
   

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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