United States vs. Wyoming
Comparative Trends Analysis:
Total Personal Income Growth and Change, 1969-2022
Introduction
United States vs. Wyoming
U.S.:
2022 TPI = $42,584,713K
2022 Percent of State = 0.20%
Wyoming:
2022 TPI = $21,820,248,000K
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 county patterns of economic growth and change.
The following graphs highlight trends in the pattern of growth and change in the total personal income of Wyoming. 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 2017 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 received by persons from participation in production, plus transfer receipts from government and business, plus government interest (which is treated like a transfer receipt). It is defined as the sum of wages and salaries, 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. Because the personal income of an area represents the income that is received by, or on behalf of, all the persons who live in that area, and because the estimates of some components of personal income (wages and salaries, supplements to wages and salaries, and contributions for government social insurance) are made on a place-of-work basis, state personal income includes an adjustment for residence. The residence adjustment represents the net flow of compensation (less contributions for government social insurance) of interstate commuters.
United States Total Personal Income, 1970-2022
Current vs. Constant Dollars (Billions)
United States Total Personal Income, 1970-2022
Current vs. Constant Dollars (Billions)
Figure 1.
Figure 1 depicts the United States' annual total personal income 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 personal income increased 2,450.51%, from $856B in 1970 to $21,820B in 2022. When measured in constant 2017 dollars to adjust for inflation, it advanced 334.44%, from $4,328B in 1970 to $18,804B in 2022.
Real Total Personal Income Indices (1969=100): 1969-2022
Real Total Personal Income Indices (1969=100): 1969-2022
Figure 2.
Figure 2 portrays Wyoming'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 1969 as a base figure of 100, and the real total personal incomes in later years as a percentage of the 1969 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.
Wyoming's overall real total personal income growth was 468.66% over 1969-2022 outpaced the United States' increase of 348.76%.
Total Personal Income as a Percent of the United States Total: 1969-2022
Total Personal Income as a Percent of the United States Total: 1969-2022
Figure 3.
Another interesting and insightful way of highlighting the total personal income growth of Wyoming 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 1969, Wyoming's total personal income totaled 0.15% of the United States' total personal income, while in 2022 it totaled 0.20% thereby yielding a +0.04% share-shift.
   
 
Total Personal Income Share-Shift
2022 vs. 1969
 
Share-
Shift*
 
2022
vs.
1969
+0.04%
=
0.20%
-
0.15%
 
   
Wyoming Real Total Personal Income:
Annual Percent Change, 1970-2022
Wyoming Real Total Personal Income:
Annual Percent Change, 1970-2022
Figure 4.
Figure 4 highlights the short-run pattern of Wyoming's real total personal income 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 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, Wyoming's real total personal income grew at an annual rate of 3.42% over 1970-2022. The state recorded its highest growth in 1978 (11.72%) and posted its lowest growth in 2009 (-7.48%). In 2022, Wyoming's real total personal income declined by -2.12%
Wyoming Real Total Personal Income:
Annual Percent Change and Decade Averages Over 1970-2022
Wyoming Real Total Personal Income:
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 personal income since 1970, but this time they are overlayed 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 personal income growth rate averaged 7.62%. It averaged 0.01% throughout the 1980s, 3.46% throughout the 1990s, 4.22% throughout the 2000s, 2.14% during the 2010s, 2.24% thus far this decade (2020-2022).
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 Wyoming noted in the previous graph with the corresponding decade averages for the nation.
Relative to nationwide real total personal income growth trends, Wyoming outgained the nation over the 1970s (7.62% vs. 3.50%), posted below the nation throughout the 1980s (0.01% vs. 3.16%), outpaced the nation over the 1990s (3.46% vs. 3.27%), outpaced the nation over the 2000s (4.22% vs. 2.06%), posted below the nation throughout the 2010s (2.14% vs. 2.72%), and outpaced the nation over 2020-2022 (2.24% vs. 2.10%).
   
 
Real* Total Personal Income Growth:
Average Annual Percent Change
 
 
 
3.42
7.62
0.01
3.46
4.22
2.14
2.24
-2.12
 
2.89
3.50
3.16
3.27
2.06
2.72
2.10
-4.19
 
   

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

   
 
Wyoming:
Total Personal Income, 1969-2022
 
1969
 
1,218,567
0.189
6,453,249
100.0
N
0.15
1970
 
1,347,928
0.198
6,819,427
105.7
5.67
0.16
1971
 
1,497,541
0.206
7,267,852
112.6
6.58
0.16
1972
 
1,684,506
0.213
7,905,510
122.5
8.77
0.17
1973
 
1,968,637
0.225
8,767,032
135.9
10.90
0.17
1974
 
2,302,703
0.248
9,287,714
143.9
5.94
0.18
1975
 
2,607,391
0.269
9,707,338
150.4
4.52
0.19
1976
 
2,890,363
0.283
10,201,401
158.1
5.09
0.19
1977
 
3,375,638
0.302
11,186,499
173.3
9.66
0.20
1978
 
4,033,706
0.323
12,497,540
193.7
11.72
0.22
1979
 
4,715,704
0.351
13,418,615
207.9
7.37
0.23
1980
 
5,507,299
0.389
14,147,398
219.2
5.43
0.24
1981
 
6,294,249
0.424
14,839,677
230.0
4.89
0.24
1982
 
6,611,457
0.448
14,767,276
228.8
-0.49
0.24
1983
 
6,568,956
0.467
14,073,520
218.1
-4.70
0.22
1984
 
6,848,332
0.484
14,138,054
219.1
0.46
0.21
1985
 
7,156,130
0.501
14,275,714
221.2
0.97
0.20
1986
 
7,125,342
0.512
13,911,521
215.6
-2.55
0.19
1987
 
6,833,645
0.528
12,942,019
200.6
-6.97
0.17
1988
 
6,993,870
0.549
12,747,416
197.5
-1.50
0.16
1989
 
7,632,006
0.573
13,328,454
206.5
4.56
0.17
1990
 
8,231,000
0.598
13,769,971
213.4
3.31
0.17
1991
 
8,650,746
0.618
14,003,862
217.0
1.70
0.17
1992
 
9,122,246
0.634
14,383,863
222.9
2.71
0.17
1993
 
9,646,841
0.650
14,841,294
230.0
3.18
0.17
1994
 
10,085,729
0.664
15,199,423
235.5
2.41
0.17
1995
 
10,563,190
0.678
15,590,504
241.6
2.57
0.17
1996
 
11,043,368
0.692
15,957,932
247.3
2.36
0.17
1997
 
11,864,553
0.704
16,851,383
261.1
5.60
0.17
1998
 
12,615,139
0.710
17,776,064
275.5
5.49
0.17
1999
 
13,476,758
0.720
18,717,459
290.0
5.30
0.17
2000
 
14,545,290
0.738
19,703,191
305.3
5.27
0.17
2001
 
15,440,766
0.753
20,505,121
317.7
4.07
0.17
2002
 
15,905,302
0.763
20,848,202
323.1
1.67
0.17
2003
 
16,937,217
0.779
21,743,930
336.9
4.30
0.18
2004
 
18,287,423
0.798
22,908,819
355.0
5.36
0.18
2005
 
20,004,393
0.821
24,357,876
377.5
6.33
0.19
2006
 
22,895,543
0.844
27,114,570
420.2
11.32
0.20
2007
 
24,408,327
0.866
28,182,857
436.7
3.94
0.20
2008
 
27,002,529
0.892
30,282,078
469.3
7.45
0.22
2009
 
24,912,751
0.889
28,016,724
434.1
-7.48
0.21
2010
 
26,185,429
0.905
28,929,700
448.3
3.26
0.21
2011
 
28,699,871
0.928
30,925,252
479.2
6.90
0.22
2012
 
30,844,405
0.945
32,627,843
505.6
5.51
0.22
2013
 
30,694,095
0.958
32,046,121
496.6
-1.78
0.22
2014
 
32,679,633
0.971
33,648,370
521.4
5.00
0.22
2015
 
32,755,555
0.973
33,664,842
521.7
0.05
0.21
2016
 
31,090,130
0.983
31,632,951
490.2
-6.04
0.20
2017
 
32,487,400
1.000
32,487,400
503.4
2.70
0.20
2018
 
34,025,191
1.020
33,342,667
516.7
2.63
0.19
2019
 
35,592,602
1.035
34,384,669
532.8
3.13
0.19
2020
 
37,866,368
1.046
36,189,008
560.8
5.25
0.19
2021
 
40,866,558
1.090
37,491,911
581.0
3.60
0.19
2022
 
42,584,713
1.160
36,697,356
568.7
-2.12
0.20
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_300_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 Personal Income, 1969-2022
 
1969
 
791,229,000
0.189
4,190,165,758
100.0
N
1970
 
855,525,000
0.198
4,328,265,709
103.3
3.30
1971
 
924,613,000
0.206
4,487,323,465
107.1
3.67
1972
 
1,016,408,000
0.213
4,770,076,966
113.8
6.30
1973
 
1,133,468,000
0.225
5,047,731,018
120.5
5.82
1974
 
1,244,912,000
0.248
5,021,223,733
119.8
-0.53
1975
 
1,362,505,000
0.269
5,072,617,275
121.1
1.02
1976
 
1,495,704,000
0.283
5,279,017,400
126.0
4.07
1977
 
1,651,632,000
0.302
5,473,329,799
130.6
3.68
1978
 
1,855,849,000
0.323
5,749,934,936
137.2
5.05
1979
 
2,073,296,000
0.351
5,899,598,782
140.8
2.60
1980
 
2,313,972,000
0.389
5,944,235,512
141.9
0.76
1981
 
2,590,995,000
0.424
6,108,676,176
145.8
2.77
1982
 
2,777,640,000
0.448
6,204,105,336
148.1
1.56
1983
 
2,969,333,000
0.467
6,361,584,112
151.8
2.54
1984
 
3,275,415,000
0.484
6,761,937,695
161.4
6.29
1985
 
3,508,482,000
0.501
6,999,046,441
167.0
3.51
1986
 
3,717,756,000
0.512
7,258,548,586
173.2
3.71
1987
 
3,931,800,000
0.528
7,446,308,852
177.7
2.59
1988
 
4,264,433,000
0.549
7,772,592,728
185.5
4.38
1989
 
4,605,107,000
0.573
8,042,309,775
191.9
3.47
1990
 
4,897,332,000
0.598
8,192,943,538
195.5
1.87
1991
 
5,072,291,000
0.618
8,211,045,100
196.0
0.22
1992
 
5,406,546,000
0.634
8,524,985,809
203.5
3.82
1993
 
5,643,648,000
0.650
8,682,535,385
207.2
1.85
1994
 
5,933,938,000
0.664
8,942,579,420
213.4
3.00
1995
 
6,278,125,000
0.678
9,266,058,093
221.1
3.62
1996
 
6,660,854,000
0.692
9,625,094,288
229.7
3.87
1997
 
7,068,422,000
0.704
10,039,373,926
239.6
4.30
1998
 
7,584,003,000
0.710
10,686,661,406
255.0
6.45
1999
 
7,978,449,000
0.720
11,081,025,264
264.5
3.69
2000
 
8,620,234,000
0.738
11,677,052,911
278.7
5.38
2001
 
8,990,104,000
0.753
11,938,732,039
284.9
2.24
2002
 
9,146,700,000
0.763
11,989,225,466
286.1
0.42
2003
 
9,474,684,000
0.779
12,163,560,736
290.3
1.45
2004
 
10,008,929,000
0.798
12,538,275,270
299.2
3.08
2005
 
10,540,800,000
0.821
12,834,755,927
306.3
2.36
2006
 
11,291,446,000
0.844
13,372,153,008
319.1
4.19
2007
 
11,925,044,000
0.866
13,769,145,681
328.6
2.97
2008
 
12,423,410,000
0.892
13,932,275,429
332.5
1.18
2009
 
12,058,253,000
0.889
13,560,635,845
323.6
-2.67
2010
 
12,547,501,000
0.905
13,862,497,514
330.8
2.23
2011
 
13,299,818,000
0.928
14,331,082,712
342.0
3.38
2012
 
13,905,749,000
0.945
14,709,785,897
351.1
2.64
2013
 
14,063,283,000
0.958
14,682,748,144
350.4
-0.18
2014
 
14,778,160,000
0.971
15,216,235,418
363.1
3.63
2015
 
15,467,113,000
0.973
15,896,476,839
379.4
4.47
2016
 
15,884,741,000
0.983
16,162,082,333
385.7
1.67
2017
 
16,658,962,000
1.000
16,658,962,000
397.6
3.07
2018
 
17,514,402,000
1.020
17,163,073,878
409.6
3.03
2019
 
18,343,601,000
1.035
17,721,060,157
422.9
3.25
2020
 
19,609,985,000
1.046
18,741,324,605
447.3
5.76
2021
 
21,392,812,000
1.090
19,626,252,970
468.4
4.72
2022
 
21,820,248,000
1.160
18,803,588,325
448.8
-4.19
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_300_SN
 
   
Copyright © 2023. Pacific Northwest Regional Economic Analysis Project (PNREAP). All Rights Reserved.

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