Washington vs. Florida
Comparative Trends Analysis:
Total Personal Income Growth and Change, 1958-2015
Introduction
Washington:
2015 TPI = $372,125,338K
2015 Percent of U.S. = 2.4%
2015 Rank = #14
Florida:
2015 TPI = $900,636,248K
2015 Percent of U.S. = 5.8%
2015 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 2009 constant dollar (real) estimates of total personal income reported in the tables and portrayed graphically below are determined using the Chain-Weight Implicit Price Deflator for Personal Consumption.
BEA 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, 1958-2015
Current vs. Constant Dollars (Millions)
Washington Total Personal Income, 1958-2015
Current vs. Constant Dollars (Millions)
Figure 1.
Figure 1 depicts Washington's annual total personal income over 1958-2015 in current and constant (2009) 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 5,589.8%, from $6,540M in 1958 to $372,125M in 2015. When measured in constant 2009 dollars to adjust for inflation, it advanced 782.9%, from $38,481M in 1958 to $339,741M in 2015.
Real Total Personal Income, 1958-2015 (Millions)
Real Total Personal Income, 1958-2015 (Millions)
Figure 2.
Figure 2 traces Washington's and Florida's annual real total personal income for the period 1958-2015 to illustrate real total personal income patterns over time. During this 58-year period, Washington's real total personal income rose from $38,481M in 1958 to $339,741M in 2015, for a net gain of $301,261M, or 782.9%. In comparison, Florida's real total personal income advanced from $53,427M in 1958 to $822,259M in 2015, for a net gain of $768,832M, or 1,439.0%. Washington's real total personal income ranked 14th among the 51 states in 2015, Florida's ranked 4th.
Real Total Personal Income Indices (1958=100): 1958-2015
Real Total Personal Income Indices (1958=100): 1958-2015
Figure 3.
Figure 3 shows 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 782.9% over 1958-2015 trailed Florida's increase of 1,439.0%, and outpaced the United States' increase of 537.0%.
Total Personal Income as a Percent of the United States Total: 1958-2015
Total Personal Income as a Percent of the United States Total: 1958-2015
Figure 4.
Another interesting and insightful way of contrasting 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 1.7% of the United States' total personal income, while in 2015 it comprised 2.4% thereby yielding a +0.7% share-shift. Similarly, in 1958, Florida's total personal income accounted for 2.4% of the United States' total personal income, while in 2015 it equated to 5.8%, resulting in a +3.4% share-shift.
   
 
Total Personal Income Share-Shift
2015 vs. 1958
 
Share-
Shift*
 
2015
vs.
1958
+0.67%
=
2.41%
-
1.74%
+3.41%
=
5.82%
-
2.41%
 
   
Washington Real Total Personal Income:
Annual Percent Change, 1959-2015
Washington Real Total Personal Income:
Annual Percent Change, 1959-2015
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 1959-2015. The average annual percent change for the entire 57-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 3.93% over 1959-2015. The state recorded its highest growth in 1966 (10.25%) and recorded its lowest growth in 2009 (-5.03%). In 2015, Washington's real total personal income grew by 4.26%
Washington Real Total Personal Income:
Annual Percent Change and Decade Averages Over 1959-2015
Washington Real Total Personal Income:
Annual Percent Change and Decade Averages Over 1959-2015
Figure 6.
Over the past five decades some states have experienced extreme swings in growth, and often such swings have tended to coincide with the decades themselves. Figure 6 again depicts the annual percent change in Washington'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 2010-2015.
During the 1960s, Washington's annual real total personal income growth rate averaged 5.20%. It averaged 4.36% in the 1970s, 3.19% in the 1980s, 4.87% throughout the 1990s, 2.29% throughout the 2000s, and 3.36% thus far this decade (2010 to 2015).
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 fell below Florida's average during the 1960s (5.20% vs. 7.39%), fell below Florida's average during the 1970s (4.36% vs. 6.21%), amounted to less than Florida's average during the 1980s (3.19% vs. 5.83%), exceeded Florida's average throughout the 1990s (4.87% vs. 3.73%), recorded under Florida's average during the 2000s (2.29% vs. 2.50%), and exceeded Florida's average over the 6 year period of the last decade, 2010-2015 (3.36% vs. 2.96%).
Finally, relative to nationwide real total personal income growth trends, Washington recorded above the nation during the 1960s (5.20% vs. 4.81%), exceeded the nation during the 1970s (4.36% vs. 3.47%), led the nation in the 1980s (3.19% vs. 3.18%), registered above the nation throughout the 1990s (4.87% vs. 3.31%), topped the nation throughout the 2000s (2.29% vs. 2.09%), and exceeded the nation over 2010-2015 (3.36% vs. 2.64%).
   
 
Washington:
Total Personal Income, 1958-2015
 
1958
 
6,540,174
0.170
38,480,666
100.0
N
1.74
18
1959
 
6,938,333
0.173
40,219,889
104.5
4.52
1.73
19
1960
 
7,188,674
0.175
40,996,145
106.5
1.93
1.72
19
1961
 
7,557,735
0.177
42,653,282
110.8
4.04
1.73
19
1962
 
8,153,252
0.179
45,477,755
118.2
6.62
1.76
19
1963
 
8,345,104
0.181
46,011,490
119.6
1.17
1.71
20
1964
 
8,741,072
0.184
47,498,082
123.4
3.23
1.67
20
1965
 
9,424,718
0.187
50,483,250
131.2
6.28
1.67
20
1966
 
10,654,118
0.191
55,655,425
144.6
10.25
1.74
20
1967
 
11,666,598
0.196
59,447,633
154.5
6.81
1.78
20
1968
 
12,985,787
0.204
63,690,161
165.5
7.14
1.80
18
1969
 
14,189,188
0.213
66,575,273
173.0
4.53
1.79
20
1970
 
14,963,601
0.223
67,068,267
174.3
0.74
1.75
20
1971
 
15,755,947
0.233
67,741,292
176.0
1.00
1.71
20
1972
 
16,989,715
0.241
70,628,622
183.5
4.26
1.67
20
1973
 
19,127,287
0.254
75,446,856
196.1
6.82
1.69
20
1974
 
21,698,528
0.280
77,516,891
201.4
2.74
1.75
19
1975
 
24,547,939
0.303
80,936,166
210.3
4.41
1.80
19
1976
 
27,219,877
0.320
85,080,727
221.1
5.12
1.82
18
1977
 
30,214,671
0.341
88,668,479
230.4
4.22
1.83
18
1978
 
35,172,996
0.365
96,462,156
250.7
8.79
1.90
18
1979
 
40,388,261
0.397
101,743,906
264.4
5.48
1.95
18
1980
 
45,791,768
0.440
104,169,267
270.7
2.38
1.98
18
1981
 
51,106,487
0.478
106,848,042
277.7
2.57
1.98
18
1982
 
54,139,646
0.505
107,249,695
278.7
0.38
1.96
17
1983
 
57,662,556
0.527
109,514,284
284.6
2.11
1.95
17
1984
 
61,887,083
0.546
113,252,966
294.3
3.41
1.89
18
1985
 
65,734,074
0.566
116,174,886
301.9
2.58
1.88
18
1986
 
70,366,088
0.578
121,728,001
316.3
4.78
1.90
17
1987
 
74,684,332
0.597
125,204,245
325.4
2.86
1.90
17
1988
 
81,318,656
0.620
131,214,148
341.0
4.80
1.91
17
1989
 
89,962,254
0.646
139,172,126
361.7
6.06
1.95
16
1990
 
98,856,108
0.674
146,583,790
380.9
5.33
2.02
15
1991
 
105,798,375
0.697
151,895,674
394.7
3.62
2.09
15
1992
 
114,253,674
0.715
159,808,759
415.3
5.21
2.11
15
1993
 
120,065,517
0.733
163,847,101
425.8
2.53
2.13
15
1994
 
126,288,890
0.748
168,828,643
438.7
3.04
2.13
15
1995
 
133,508,969
0.764
174,850,659
454.4
3.57
2.13
15
1996
 
143,601,196
0.780
184,148,954
478.5
5.32
2.16
14
1997
 
154,903,989
0.793
195,272,718
507.5
6.04
2.19
14
1998
 
169,763,415
0.799
212,374,168
551.9
8.76
2.24
14
1999
 
181,382,731
0.811
223,625,608
581.1
5.30
2.27
14
2000
 
194,093,106
0.831
233,478,613
606.7
4.41
2.25
14
2001
 
198,547,288
0.847
234,312,793
608.9
0.36
2.21
15
2002
 
202,782,060
0.859
236,141,814
613.7
0.78
2.22
15
2003
 
210,413,123
0.876
240,274,429
624.4
1.75
2.22
15
2004
 
226,511,608
0.897
252,512,857
656.2
5.09
2.25
15
2005
 
236,271,199
0.923
256,090,004
665.5
1.42
2.23
15
2006
 
257,104,210
0.947
271,410,244
705.3
5.98
2.26
15
2007
 
279,088,841
0.971
287,418,221
746.9
5.90
2.33
14
2008
 
293,949,341
1.001
293,758,398
763.4
2.21
2.35
14
2009
 
278,991,093
1.000
278,991,093
725.0
-5.03
2.31
15
2010
 
284,523,758
1.017
279,897,060
727.4
0.32
2.28
15
2011
 
301,567,633
1.041
289,554,036
752.5
3.45
2.28
15
2012
 
326,408,854
1.061
307,581,774
799.3
6.23
2.35
14
2013
 
333,168,842
1.075
309,832,275
805.2
0.73
2.37
14
2014
 
355,676,661
1.092
325,860,432
846.8
5.17
2.40
14
2015
 
372,125,338
1.095
339,741,206
882.9
4.26
2.41
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
November 2016
REAP_PI_SA1400_300_PSN
 
   
   
 
Florida:
Total Personal Income, 1958-2015
 
1958
 
9,080,435
0.170
53,426,895
100.0
N
2.41
11
1959
 
10,006,318
0.173
58,004,278
108.6
8.57
2.50
10
1960
 
10,479,655
0.175
59,764,214
111.9
3.03
2.51
10
1961
 
11,106,051
0.177
62,678,769
117.3
4.88
2.54
10
1962
 
11,986,123
0.179
66,857,000
125.1
6.67
2.58
10
1963
 
12,880,384
0.181
71,017,169
132.9
6.22
2.64
10
1964
 
14,111,984
0.184
76,683,063
143.5
7.98
2.70
10
1965
 
15,452,114
0.187
82,768,836
154.9
7.94
2.74
10
1966
 
16,977,969
0.191
88,690,221
166.0
7.15
2.77
10
1967
 
18,785,941
0.196
95,724,540
179.2
7.93
2.86
10
1968
 
21,611,770
0.204
105,997,204
198.4
10.73
3.00
10
1969
 
25,165,121
0.213
118,074,044
221.0
11.39
3.18
9
1970
 
28,474,028
0.223
127,623,271
238.9
8.09
3.33
9
1971
 
31,975,467
0.233
137,475,674
257.3
7.72
3.46
9
1972
 
36,785,616
0.241
152,922,952
286.2
11.24
3.62
9
1973
 
42,791,356
0.254
168,788,877
315.9
10.38
3.78
9
1974
 
48,155,185
0.280
172,031,956
322.0
1.92
3.88
9
1975
 
52,615,177
0.303
173,475,691
324.7
0.84
3.87
9
1976
 
57,334,261
0.320
179,208,768
335.4
3.30
3.84
9
1977
 
64,182,990
0.341
188,352,477
352.5
5.10
3.90
8
1978
 
74,169,866
0.365
203,411,310
380.7
8.00
4.01
8
1979
 
85,170,098
0.397
214,555,870
401.6
5.48
4.12
8
1980
 
100,174,719
0.440
227,882,161
426.5
6.21
4.34
7
1981
 
115,826,766
0.478
242,158,362
453.3
6.26
4.48
7
1982
 
125,266,195
0.505
248,150,149
464.5
2.47
4.53
6
1983
 
139,241,897
0.527
264,451,972
495.0
6.57
4.71
6
1984
 
154,951,730
0.546
283,560,673
530.7
7.23
4.74
6
1985
 
170,340,970
0.566
301,051,518
563.5
6.17
4.86
5
1986
 
184,230,468
0.578
318,704,750
596.5
5.86
4.96
5
1987
 
199,396,960
0.597
334,278,223
625.7
4.89
5.06
4
1988
 
218,709,966
0.620
352,906,003
660.5
5.57
5.13
4
1989
 
244,145,082
0.646
377,693,851
706.9
7.02
5.30
4
1990
 
260,093,568
0.674
385,666,619
721.9
2.11
5.32
4
1991
 
270,301,132
0.697
388,073,755
726.4
0.62
5.35
4
1992
 
286,472,913
0.715
400,695,042
750.0
3.25
5.30
4
1993
 
304,269,718
0.733
415,220,893
777.2
3.63
5.40
4
1994
 
320,445,032
0.748
428,385,268
801.8
3.17
5.40
4
1995
 
344,347,697
0.764
450,976,606
844.1
5.27
5.49
4
1996
 
366,382,132
0.780
469,835,129
879.4
4.18
5.50
4
1997
 
388,030,818
0.793
489,153,527
915.6
4.11
5.48
4
1998
 
419,558,498
0.799
524,868,017
982.4
7.30
5.53
4
1999
 
441,185,618
0.811
543,934,925
1,018.1
3.63
5.52
4
2000
 
477,315,998
0.831
574,173,290
1,074.7
5.56
5.53
4
2001
 
503,630,546
0.847
594,352,514
1,112.5
3.51
5.60
4
2002
 
522,698,930
0.859
608,688,330
1,139.3
2.41
5.71
4
2003
 
546,581,820
0.876
624,151,350
1,168.2
2.54
5.76
4
2004
 
593,212,601
0.897
661,307,427
1,237.8
5.95
5.90
4
2005
 
647,093,731
0.923
701,372,986
1,312.8
6.06
6.10
4
2006
 
703,750,490
0.947
742,909,236
1,390.5
5.92
6.18
4
2007
 
730,814,302
0.971
752,625,386
1,408.7
1.31
6.09
4
2008
 
734,691,254
1.001
734,214,015
1,374.2
-2.45
5.88
4
2009
 
691,355,724
1.000
691,355,724
1,294.0
-5.84
5.72
4
2010
 
728,063,852
1.017
716,224,658
1,340.6
3.60
5.84
4
2011
 
773,315,948
1.041
742,509,240
1,389.8
3.67
5.84
4
2012
 
793,103,892
1.061
747,358,103
1,398.8
0.65
5.70
4
2013
 
798,885,890
1.075
742,928,514
1,390.6
-0.59
5.68
4
2014
 
853,317,759
1.092
781,784,479
1,463.3
5.23
5.77
4
2015
 
900,636,248
1.095
822,258,562
1,539.0
5.18
5.82
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
November 2016
REAP_PI_SA1400_300_PSN
 
   
   
 
United States:
Total Personal Income, 1958-2015
 
1958
 
376,690,281
0.170
2,216,346,676
100.0
N
1959
 
400,673,993
0.173
2,322,613,141
104.8
4.79
1960
 
418,095,000
0.175
2,384,345,595
107.6
2.66
1961
 
436,553,000
0.177
2,463,756,420
111.2
3.33
1962
 
464,248,000
0.179
2,589,513,610
116.8
5.10
1963
 
487,847,000
0.181
2,689,788,830
121.4
3.87
1964
 
522,796,000
0.184
2,840,819,432
128.2
5.61
1965
 
564,631,000
0.187
3,024,430,875
136.5
6.46
1966
 
612,945,000
0.191
3,201,927,598
144.5
5.87
1967
 
656,851,000
0.196
3,347,011,465
151.0
4.53
1968
 
720,704,000
0.204
3,534,768,748
159.5
5.61
1969
 
791,150,000
0.213
3,712,053,676
167.5
5.02
1970
 
855,078,000
0.223
3,832,540,003
172.9
3.25
1971
 
923,964,000
0.233
3,972,500,967
179.2
3.65
1972
 
1,015,526,000
0.241
4,221,683,642
190.5
6.27
1973
 
1,131,213,000
0.254
4,462,026,665
201.3
5.69
1974
 
1,242,433,000
0.280
4,438,528,865
200.3
-0.53
1975
 
1,359,998,000
0.303
4,484,002,638
202.3
1.02
1976
 
1,491,506,000
0.320
4,661,976,057
210.3
3.97
1977
 
1,646,968,000
0.341
4,833,219,862
218.1
3.67
1978
 
1,851,867,000
0.365
5,078,756,548
229.1
5.08
1979
 
2,068,806,000
0.397
5,211,623,337
235.1
2.62
1980
 
2,307,005,000
0.440
5,248,083,441
236.8
0.70
1981
 
2,584,340,000
0.478
5,403,064,958
243.8
2.95
1982
 
2,767,657,000
0.505
5,482,680,269
247.4
1.47
1983
 
2,957,901,000
0.527
5,617,725,486
253.5
2.46
1984
 
3,268,535,000
0.546
5,981,398,115
269.9
6.47
1985
 
3,501,927,000
0.566
6,189,118,448
279.2
3.47
1986
 
3,712,243,000
0.578
6,421,899,111
289.8
3.76
1987
 
3,940,859,000
0.597
6,606,637,050
298.1
2.88
1988
 
4,260,753,000
0.620
6,875,065,350
310.2
4.06
1989
 
4,603,969,000
0.646
7,122,366,609
321.4
3.60
1990
 
4,890,453,000
0.674
7,251,561,388
327.2
1.81
1991
 
5,055,766,000
0.697
7,258,608,511
327.5
0.10
1992
 
5,402,109,000
0.715
7,556,031,275
340.9
4.10
1993
 
5,639,780,000
0.733
7,696,311,358
347.3
1.86
1994
 
5,930,316,000
0.748
7,927,911,982
357.7
3.01
1995
 
6,275,761,000
0.764
8,219,080,360
370.8
3.67
1996
 
6,661,697,000
0.780
8,542,718,098
385.4
3.94
1997
 
7,075,132,000
0.793
8,918,945,630
402.4
4.40
1998
 
7,588,703,000
0.799
9,493,473,529
428.3
6.44
1999
 
7,988,183,000
0.811
9,848,579,707
444.4
3.74
2000
 
8,634,847,000
0.831
10,387,036,124
468.7
5.47
2001
 
8,987,890,000
0.847
10,606,932,119
478.6
2.12
2002
 
9,150,761,000
0.859
10,656,156,184
480.8
0.46
2003
 
9,484,225,000
0.876
10,830,202,576
488.7
1.63
2004
 
10,047,876,000
0.897
11,201,270,861
505.4
3.43
2005
 
10,610,320,000
0.923
11,500,330,584
518.9
2.67
2006
 
11,381,350,000
0.947
12,014,641,768
542.1
4.47
2007
 
11,995,419,000
0.971
12,353,421,145
557.4
2.82
2008
 
12,492,705,000
1.001
12,484,590,016
563.3
1.06
2009
 
12,079,444,000
1.000
12,079,444,000
545.0
-3.25
2010
 
12,459,613,000
1.017
12,257,004,712
553.0
1.47
2011
 
13,233,436,000
1.041
12,706,253,541
573.3
3.67
2012
 
13,904,485,000
1.061
13,102,482,072
591.2
3.12
2013
 
14,068,960,000
1.075
13,083,510,025
590.3
-0.14
2014
 
14,801,624,000
1.092
13,560,809,895
611.9
3.65
2015
 
15,463,981,000
1.095
14,118,231,202
637.0
4.11
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 2016
REAP_PI_SA1400_300_PN
 
   
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