United States vs. Wyoming
Comparative Trends Analysis:
Total Industry Earnings Growth and Change, 1969-2022
Introduction
United States vs. Wyoming
U.S.:
2022 Earnings = $24,891,571K
2022 Percent of State = 0.16%
Wyoming:
2022 Earnings = $15,207,952,000K
Industry earnings are incomes received by people who are directly involved with producing goods and services. Earnings, referred to also as "labor and proprietors income", include (1) wage and salary disbursements, (2) other labor income such as employer contributions to private retirement and medical insurance programs, and (3) the net incomes of proprietors (i.e., the owners of unincorporated enterprises).
In contrast to the more frequently cited employment data, earnings data more accurately reflect qualitative differences in labor's contributions toward the production of goods and services, namely the productivity differences reflected in variations in earnings per job. Earnings data, therefore, are better for comparing and tracking long-term trends and identifying short-run shifts in the level and composition of economic activity within and among counties.
Just like the employment data compiled by BEA, earnings data are reported on a place-of-work, or more accurately on a place-where-earned, basis.
Note: the BEA earnings data presented and discussed here in the context of comparing and assessing the economic growth and performance of county and regional economies are entirely separate and apart from--and should not be confused with--corporate earnings, which are compiled from the balance sheets of individual private corporations.
United States Total Industry Earnings, 1970-2022
Current vs. Constant Dollars (Billions)
United States Total Industry Earnings, 1970-2022
Current vs. Constant Dollars (Billions)
Figure 1.
Figure 1 depicts the United States' annual total industry earnings over 1970-2022 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 the United States over time.
When measured in current dollars, the United States' total industry earnings increased 2,093.40%, from $693B in 1970 to $15,208B in 2022. When measured in constant 2017 dollars to adjust for inflation, it advanced 273.61%, from $3,508B in 1970 to $13,105B in 2022.
Real Total Industry Earnings Indices (1969=100): 1969-2022
Real Total Industry Earnings Indices (1969=100): 1969-2022
Figure 2.
Figure 2 shows Wyoming's real total industry earnings 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 industry earnings in 1969 as a base figure of 100, and the real total industry earningss in later years as a percentage of the 1969 base figure. This method allows for more direct comparison of differences in real total industry earnings growth between regions that may differ vastly in size.
Wyoming's overall real total industry earnings growth was 313.03% over 1969-2022 outpaced the United States' increase of 278.59%.
Total Industry Earnings as a Percent of the United States Total: 1969-2022
Total Industry Earnings as a Percent of the United States Total: 1969-2022
Figure 3.
Another interesting and insightful way of contrasting the total industry earnings growth of Wyoming is to trace its individual percentage contributions to the United States' total total industry earnings over time, as shown in Figure 3. A rising share means a region's total industry earnings grew faster, or declined less, than the United States' total industry earnings, while a declining share shows it grew more slowly.
In 1969, Wyoming's total industry earnings totaled 0.15% of the United States' total industry earnings, while in 2022 it comprised 0.16% thereby yielding a +0.01% share-shift.
   
 
Total Industry Earnings Share-Shift
2022 vs. 1969
 
Share-
Shift*
 
2022
vs.
1969
+0.01%
=
0.16%
-
0.15%
 
   
Wyoming Real Total Industry Earnings:
Annual Percent Change, 1970-2022
Wyoming Real Total Industry Earnings:
Annual Percent Change, 1970-2022
Figure 4.
Figure 4 shows the short-run pattern of Wyoming's real total industry earnings growth by tracking the year-to-year percent change over 1970-2022. The average annual percent change for the entire 53-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, Wyoming's real total industry earnings grew at an annual rate of 2.82% over 1970-2022. The state recorded its highest growth in 1978 (13.23%) and posted its lowest growth in 1983 (-8.79%). In 2022, Wyoming's real total industry earnings declined by -1.52%
Wyoming Real Total Industry Earnings:
Annual Percent Change and Decade Averages Over 1970-2022
Wyoming Real Total Industry Earnings:
Annual Percent Change and Decade Averages Over 1970-2022
Figure 5.
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 5 again illustrates the annual percent change in Wyoming's real total industry earnings since 1970, but this time they are displayed with average growth rates for the decade of the 1970s, 1980s, 1990s, 2000s, 2010s, and 2020-2022.
During the 1970s, Wyoming's annual real total industry earnings growth rate averaged 8.24%. It averaged -1.61% in the 1980s, 2.85% during the 1990s, 4.53% throughout the 2000s, 1.13% in the 2010s, -0.62% thus far this decade (2020-2022).
Real Total Industry Earnings Growth:
Average Annual Percent Change by Decade
Real Total Industry Earnings Growth:
Average Annual Percent Change by Decade
Figure 6.
Figure 6 compares the decade average growth rates for Wyoming noted in the previous graph with the corresponding decade averages for the nation.
Relative to nationwide real total industry earnings growth trends, Wyoming topped the nation during the 1970s (8.24% vs. 3.13%), recorded underneath the nation throughout the 1980s (-1.61% vs. 2.62%), fell under the nation in the 1990s (2.85% vs. 3.43%), outperformed the nation throughout the 2000s (4.53% vs. 1.47%), fell below the nation throughout the 2010s (1.13% vs. 2.53%), and posted below the nation over 2020-2022 (-0.62% vs. 1.48%).
   
 
Real* Total Industry Earnings Growth:
Average Annual Percent Change
 
 
 
2.82
8.24
-1.61
2.85
4.53
1.13
-0.62
-1.52
 
2.57
3.13
2.62
3.43
1.47
2.53
1.48
0.05
 
   

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

   
 
Wyoming:
Total Industry Earnings, 1969-2022
 
1969
 
980,672
0.189
5,193,412
100.0
N
0.15
1970
 
1,070,032
0.198
5,413,498
104.2
4.24
0.15
1971
 
1,181,243
0.206
5,732,798
110.4
5.90
0.16
1972
 
1,351,718
0.213
6,343,711
122.1
10.66
0.16
1973
 
1,595,588
0.225
7,105,714
136.8
12.01
0.17
1974
 
1,881,969
0.248
7,590,727
146.2
6.83
0.19
1975
 
2,124,992
0.269
7,911,363
152.3
4.22
0.20
1976
 
2,369,397
0.283
8,362,676
161.0
5.70
0.20
1977
 
2,803,955
0.302
9,292,004
178.9
11.11
0.22
1978
 
3,395,755
0.323
10,520,991
202.6
13.23
0.23
1979
 
4,013,502
0.351
11,420,488
219.9
8.55
0.24
1980
 
4,623,421
0.389
11,876,852
228.7
4.00
0.26
1981
 
5,197,409
0.424
12,253,705
235.9
3.17
0.27
1982
 
5,270,734
0.448
11,772,652
226.7
-3.93
0.26
1983
 
5,012,007
0.467
10,737,867
206.8
-8.79
0.23
1984
 
5,206,765
0.484
10,749,117
207.0
0.10
0.21
1985
 
5,431,677
0.501
10,835,615
208.6
0.80
0.21
1986
 
5,318,647
0.512
10,384,129
199.9
-4.17
0.19
1987
 
5,010,367
0.528
9,488,972
182.7
-8.62
0.17
1988
 
5,104,487
0.549
9,303,722
179.1
-1.95
0.16
1989
 
5,499,884
0.573
9,604,939
184.9
3.24
0.16
1990
 
5,954,978
0.598
9,962,322
191.8
3.72
0.16
1991
 
6,209,148
0.618
10,051,394
193.5
0.89
0.16
1992
 
6,549,361
0.634
10,326,965
198.8
2.74
0.16
1993
 
6,959,118
0.650
10,706,335
206.2
3.67
0.16
1994
 
7,195,050
0.664
10,843,104
208.8
1.28
0.16
1995
 
7,365,424
0.678
10,870,833
209.3
0.26
0.16
1996
 
7,613,703
0.692
11,001,984
211.8
1.21
0.15
1997
 
8,174,479
0.704
11,610,321
223.6
5.53
0.15
1998
 
8,528,389
0.710
12,017,401
231.4
3.51
0.15
1999
 
9,141,509
0.720
12,696,364
244.5
5.65
0.15
2000
 
9,763,725
0.738
13,226,037
254.7
4.17
0.15
2001
 
10,525,807
0.753
13,978,124
269.2
5.69
0.15
2002
 
10,987,523
0.763
14,402,122
277.3
3.03
0.16
2003
 
11,541,056
0.779
14,816,361
285.3
2.88
0.16
2004
 
12,069,280
0.798
15,119,295
291.1
2.04
0.16
2005
 
13,013,401
0.821
15,845,460
305.1
4.80
0.16
2006
 
15,044,916
0.844
17,817,286
343.1
12.44
0.18
2007
 
16,324,676
0.866
18,849,142
362.9
5.79
0.18
2008
 
18,194,968
0.892
20,404,809
392.9
8.25
0.20
2009
 
17,454,921
0.889
19,629,695
378.0
-3.80
0.20
2010
 
18,325,718
0.905
20,246,280
389.8
3.14
0.20
2011
 
19,473,737
0.928
20,983,726
404.0
3.64
0.21
2012
 
20,192,924
0.945
21,360,488
411.3
1.80
0.20
2013
 
20,821,636
0.958
21,738,796
418.6
1.77
0.20
2014
 
21,922,613
0.971
22,572,475
434.6
3.83
0.21
2015
 
21,804,070
0.973
22,409,346
431.5
-0.72
0.20
2016
 
20,366,744
0.983
20,722,339
399.0
-7.53
0.18
2017
 
20,949,932
1.000
20,949,932
403.4
1.10
0.18
2018
 
22,104,955
1.020
21,661,543
417.1
3.40
0.18
2019
 
22,626,745
1.035
21,858,844
420.9
0.91
0.17
2020
 
22,443,359
1.046
21,449,189
413.0
-1.87
0.17
2021
 
23,741,330
1.090
21,780,837
419.4
1.55
0.17
2022
 
24,891,571
1.160
21,450,299
413.0
-1.52
0.16
Source: Calculations by the Wyoming Regional Economic Analysis Project (WY-REAP)
with data provided by the U.S. Department of Commerce, Bureau of Economic Analysis
November 2023
REAP_PI_CA1400_1200_SN
 
   

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

   
 
United States:
Total Industry Earnings, 1969-2022
 
1969
 
653,665,000
0.189
3,461,658,635
100.0
N
1970
 
693,352,000
0.198
3,507,801,275
101.3
1.33
1971
 
742,094,000
0.206
3,601,523,902
104.0
2.67
1972
 
819,646,000
0.213
3,846,658,532
111.1
6.81
1973
 
918,964,000
0.225
4,092,469,383
118.2
6.39
1974
 
993,909,000
0.248
4,008,829,105
115.8
-2.04
1975
 
1,059,492,000
0.269
3,944,497,394
113.9
-1.60
1976
 
1,173,271,000
0.283
4,141,005,188
119.6
4.98
1977
 
1,303,767,000
0.302
4,320,542,816
124.8
4.34
1978
 
1,476,080,000
0.323
4,573,305,242
132.1
5.85
1979
 
1,648,363,000
0.351
4,690,444,754
135.5
2.56
1980
 
1,784,597,000
0.389
4,584,353,165
132.4
-2.26
1981
 
1,961,173,000
0.424
4,623,772,250
133.6
0.86
1982
 
2,053,729,000
0.448
4,587,185,902
132.5
-0.79
1983
 
2,188,018,000
0.467
4,687,672,466
135.4
2.19
1984
 
2,432,402,000
0.484
5,021,577,654
145.1
7.12
1985
 
2,615,791,000
0.501
5,218,223,348
150.7
3.92
1986
 
2,786,901,000
0.512
5,441,146,840
157.2
4.27
1987
 
2,996,000,000
0.528
5,674,027,499
163.9
4.28
1988
 
3,259,979,000
0.549
5,941,819,010
171.6
4.72
1989
 
3,467,027,000
0.573
6,054,778,994
174.9
1.90
1990
 
3,679,460,000
0.598
6,155,516,520
177.8
1.66
1991
 
3,789,428,000
0.618
6,134,341,309
177.2
-0.34
1992
 
4,059,023,000
0.634
6,400,225,481
184.9
4.33
1993
 
4,237,437,000
0.650
6,519,133,846
188.3
1.86
1994
 
4,456,948,000
0.664
6,716,721,924
194.0
3.03
1995
 
4,674,849,000
0.678
6,899,738,761
199.3
2.72
1996
 
4,956,180,000
0.692
7,161,799,344
206.9
3.80
1997
 
5,288,047,000
0.704
7,510,683,597
217.0
4.87
1998
 
5,707,014,000
0.710
8,041,785,619
232.3
7.07
1999
 
6,098,042,000
0.720
8,469,385,147
244.7
5.32
2000
 
6,598,743,000
0.738
8,938,721,519
258.2
5.54
2001
 
6,865,291,000
0.753
9,117,010,172
263.4
1.99
2002
 
7,001,002,000
0.763
9,176,707,606
265.1
0.65
2003
 
7,243,377,000
0.779
9,299,017,896
268.6
1.33
2004
 
7,674,785,000
0.798
9,614,272,113
277.7
3.39
2005
 
8,039,238,000
0.821
9,788,788,097
282.8
1.82
2006
 
8,519,349,000
0.844
10,089,233,775
291.5
3.07
2007
 
8,866,261,000
0.866
10,237,349,175
295.7
1.47
2008
 
9,014,085,000
0.892
10,108,876,304
292.0
-1.25
2009
 
8,688,913,000
0.889
9,771,497,172
282.3
-3.34
2010
 
9,023,916,000
0.905
9,969,635,637
288.0
2.03
2011
 
9,444,387,000
0.928
10,176,702,513
294.0
2.08
2012
 
9,854,834,000
0.945
10,424,645,101
301.1
2.44
2013
 
10,180,570,000
0.958
10,629,007,841
307.0
1.96
2014
 
10,613,874,000
0.971
10,928,505,678
315.7
2.82
2015
 
11,039,821,000
0.973
11,346,284,134
327.8
3.82
2016
 
11,311,477,000
0.983
11,508,970,941
332.5
1.43
2017
 
11,848,205,000
1.000
11,848,205,000
342.3
2.95
2018
 
12,438,590,000
1.020
12,189,079,542
352.1
2.88
2019
 
12,989,097,000
1.035
12,548,276,062
362.5
2.95
2020
 
13,158,025,000
1.046
12,575,166,053
363.3
0.21
2021
 
14,278,043,000
1.090
13,099,001,844
378.4
4.17
2022
 
15,207,952,000
1.160
13,105,445,395
378.6
0.05
Source: Calculations by the Wyoming Regional Economic Analysis Project (WY-REAP)
with data provided by the U.S. Department of Commerce, Bureau of Economic Analysis
November 2023
REAP_PI_CA1400_1200_SN
 
   
Copyright © 2023. Pacific Northwest Regional Economic Analysis Project (PNREAP). All Rights Reserved.

Please stay tuned...
while your request is processing:

Please wait while your request is being processed...
To offer the most comprehensive set of interactive options in support of your research, WY-REAP calculates and crunches most of the data and generates the narrative and graphic analysis on demand in response to your request.
Your request will soon be available.
Just a few more seconds....Your request has been generated and is now loading the results.