Washington vs. Florida
Comparative Trends Analysis:
Total Personal Income Growth and Change, 1958-2018
Introduction
Washington:
2018 TPI = $458,017,320K
2018 Percent of U.S. = 2.6%
2018 Rank = #14
Florida:
2018 TPI = $1,052,550,154K
2018 Percent of U.S. = 6.0%
2018 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 Chain-Weight 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, 1958-2018
Current vs. Constant Dollars (Millions)
Washington Total Personal Income, 1958-2018
Current vs. Constant Dollars (Millions)
Figure 1.
Figure 1 depicts Washington's annual total personal income over 1958-2018 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 6,852.0%, from $6,588M in 1958 to $458,017M in 2018. When measured in constant 2012 dollars to adjust for inflation, it advanced 925.7%, from $41,257M in 1958 to $423,189M in 2018.
Real Total Personal Income, 1958-2018 (Millions)
Real Total Personal Income, 1958-2018 (Millions)
Figure 2.
Figure 2 traces Washington's and Florida's annual real total personal income for the period 1958-2018 to illustrate real total personal income patterns over time. During this 61-year period, Washington's real total personal income rose from $41,257M in 1958 to $423,189M in 2018, for a net gain of $381,932M, or 925.7%. In comparison, Florida's real total personal income increased from $57,024M in 1958 to $972,512M in 2018, for a net advance of $915,489M, or 1,605.5%. Washington's real total personal income ranked 14th among the 51 states in 2018, Florida's ranked 4th.
Real Total Personal Income Indices (1958=100): 1958-2018
Real Total Personal Income Indices (1958=100): 1958-2018
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 925.7% over 1958-2018 trailed Florida's increase of 1,605.5%, and topped the United States' increase of 589.3%.
Total Personal Income as a Percent of the United States Total: 1958-2018
Total Personal Income as a Percent of the United States Total: 1958-2018
Figure 4.
Another interesting and insightful way of comparing the total personal income growth of Washington and Florida is to trace 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 comprised 1.8% of the United States' total personal income, while in 2018 it totaled 2.6% 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 2018 it accounted for 6.0%, resulting in a +3.6% share-shift.
   
 
Total Personal Income Share-Shift
2018 vs. 1958
 
Share-
Shift*
 
2018
vs.
1958
+0.85%
=
2.61%
-
1.75%
+3.57%
=
5.99%
-
2.42%
 
   
Washington Real Total Personal Income:
Annual Percent Change, 1959-2018
Washington Real Total Personal Income:
Annual Percent Change, 1959-2018
Figure 5.
Figure 5 displays the short-run pattern of Washington's real total personal income growth by tracking the year-to-year percent change over 1959-2018. The average annual percent change for the entire 60-year period is also illustrated 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 3.98% over 1959-2018. The state recorded its highest growth in 1966 (10.19%) and recorded its lowest growth in 2009 (-4.46%). In 2018, Washington's real total personal income grew by 4.69%
Washington Real Total Personal Income:
Annual Percent Change and Decade Averages Over 1959-2018
Washington Real Total Personal Income:
Annual Percent Change and Decade Averages Over 1959-2018
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 depicts 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 2010-2018.
During the 1960s, Washington's annual real total personal income growth rate averaged 5.15%. It averaged 4.43% during the 1970s, 3.13% in the 1980s, 4.80% throughout the 1990s, 2.29% throughout the 2000s, and 4.05% thus far this decade (2010 to 2018).
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 trailed Florida's average throughout the 1960s (5.15% vs. 7.28%), posted below Florida's average in the 1970s (4.43% vs. 6.22%), fell below Florida's average during the 1980s (3.13% vs. 5.75%), surpassed Florida's average during the 1990s (4.80% vs. 3.70%), lagged Florida's average throughout the 2000s (2.29% vs. 2.50%), and outperformed Florida's average over the 9 year period of the last decade, 2010-2018 (4.05% vs. 3.34%).
Finally, relative to nationwide real total personal income growth trends, Washington surpassed the nation over the 1960s (5.15% vs. 4.82%), recorded above the nation over the 1970s (4.43% vs. 3.50%), recorded underneath the nation during the 1980s (3.13% vs. 3.17%), exceeded the nation throughout the 1990s (4.80% vs. 3.29%), registered above the nation during the 2000s (2.29% vs. 2.05%), and surpassed the nation over 2010-2018 (4.05% vs. 2.68%).
   
 
Real* Total Personal Income Growth:
Average Annual Percent Change
 
 
 
3.98
5.15
4.43
3.13
4.80
2.29
4.05
4.69
 
4.89
7.28
6.22
5.75
3.70
2.50
3.34
3.09
 
3.29
4.82
3.50
3.17
3.29
2.05
2.68
2.39
 
   

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, 1958-2018
 
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
 
169,625,801
0.752
225,518,242
546.6
8.21
2.23
14
1999
 
181,364,803
0.763
237,581,287
575.9
5.35
2.27
14
2000
 
194,207,085
0.782
248,235,553
601.7
4.48
2.25
14
2001
 
199,075,219
0.797
249,661,666
605.1
0.57
2.21
15
2002
 
202,861,517
0.808
251,100,418
608.6
0.58
2.22
15
2003
 
210,864,222
0.824
256,033,685
620.6
1.96
2.22
15
2004
 
225,994,043
0.844
267,730,560
648.9
4.57
2.25
15
2005
 
235,226,474
0.868
270,960,782
656.8
1.21
2.22
15
2006
 
256,517,351
0.892
287,659,353
697.2
6.16
2.26
15
2007
 
278,655,913
0.914
304,748,478
738.7
5.94
2.32
14
2008
 
292,344,351
0.942
310,410,226
752.4
1.86
2.35
14
2009
 
279,037,778
0.941
296,552,148
718.8
-4.46
2.32
14
2010
 
286,732,273
0.957
299,600,097
726.2
1.03
2.29
15
2011
 
303,939,314
0.981
309,728,133
750.7
3.38
2.28
15
2012
 
328,949,369
1.000
328,949,369
797.3
6.21
2.35
14
2013
 
335,890,860
1.013
331,429,815
803.3
0.75
2.37
14
2014
 
362,951,551
1.029
352,832,320
855.2
6.46
2.42
14
2015
 
384,651,032
1.031
373,013,026
904.1
5.72
2.45
14
2016
 
404,232,131
1.042
387,808,443
940.0
3.97
2.51
14
2017
 
428,765,189
1.061
404,217,085
979.8
4.23
2.55
14
2018
 
458,017,320
1.082
423,188,876
1,025.7
4.69
2.61
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
May 2019
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, 1958-2018
 
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
 
415,546,714
0.752
552,471,168
968.8
6.97
5.47
4
1999
 
435,726,043
0.763
570,785,249
1,001.0
3.31
5.45
4
2000
 
471,082,210
0.782
602,137,419
1,055.9
5.49
5.45
4
2001
 
495,620,035
0.797
621,560,655
1,090.0
3.23
5.51
4
2002
 
512,579,522
0.808
634,466,972
1,112.6
2.08
5.60
4
2003
 
538,103,968
0.824
653,371,825
1,145.8
2.98
5.68
4
2004
 
587,659,123
0.844
696,187,846
1,220.9
6.55
5.86
4
2005
 
641,627,431
0.868
739,099,930
1,296.1
6.16
6.06
4
2006
 
697,871,163
0.892
782,594,885
1,372.4
5.88
6.14
4
2007
 
726,357,421
0.914
794,371,510
1,393.1
1.50
6.05
4
2008
 
727,016,081
0.942
771,943,174
1,353.7
-2.82
5.84
4
2009
 
682,319,559
0.941
725,146,725
1,271.7
-6.06
5.66
4
2010
 
725,801,140
0.957
758,373,272
1,329.9
4.58
5.79
4
2011
 
766,185,838
0.981
780,778,590
1,369.2
2.95
5.75
4
2012
 
791,918,553
1.000
791,918,553
1,388.8
1.43
5.66
4
2013
 
794,796,980
1.013
784,241,095
1,375.3
-0.97
5.61
4
2014
 
858,498,660
1.029
834,563,382
1,463.5
6.42
5.73
4
2015
 
919,226,924
1.031
891,414,783
1,563.2
6.81
5.85
4
2016
 
953,260,614
1.042
914,530,258
1,603.8
2.59
5.92
4
2017
 
1,000,624,065
1.061
943,335,312
1,654.3
3.15
5.95
4
2018
 
1,052,550,154
1.082
972,512,385
1,705.5
3.09
5.99
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
May 2019
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, 1958-2018
 
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
 
14,983,140,000
1.029
14,565,404,207
618.4
4.13
2015
 
15,711,634,000
1.031
15,236,262,607
646.8
4.61
2016
 
16,115,630,000
1.042
15,460,862,474
656.4
1.47
2017
 
16,820,250,000
1.061
15,857,239,825
673.2
2.56
2018
 
17,572,929,097
1.082
16,236,652,589
689.3
2.39
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
May 2019
REAP_PI_SA1400_300_PN
 
   
Copyright © 2019. Pacific Northwest Regional Economic Analysis Project (PNREAP). All Rights Reserved.

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