United States vs. Vermont
Comparative Trends Analysis:
Total Industry Earnings Growth and Change, 1969-2022
Introduction
United States vs. Vermont
U.S.:
2022 Earnings = $26,500,469K
2022 Percent of State = 0.17%
Vermont:
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 portrays Vermont'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.
Vermont's overall real total industry earnings growth was 251.28% over 1969-2022 trailed 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 highlighting the total industry earnings growth of Vermont 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, Vermont's total industry earnings totaled 0.19% of the United States' total industry earnings, while in 2022 it totaled 0.17% thereby yielding a -0.01% share-shift.
   
 
Total Industry Earnings Share-Shift
2022 vs. 1969
 
Share-
Shift*
 
2022
vs.
1969
-0.01%
=
0.17%
-
0.19%
 
   
Vermont Real Total Industry Earnings:
Annual Percent Change, 1970-2022
Vermont Real Total Industry Earnings:
Annual Percent Change, 1970-2022
Figure 4.
Figure 4 shows the short-run pattern of Vermont'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, Vermont's real total industry earnings grew at an annual rate of 2.44% over 1970-2022. The state posted its highest growth in 1978 (9.63%) and recorded its lowest growth in 1974 (-4.44%). In 2022, Vermont's real total industry earnings grew by 0.82%
Vermont Real Total Industry Earnings:
Annual Percent Change and Decade Averages Over 1970-2022
Vermont 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 depicts the annual percent change in Vermont'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, Vermont's annual real total industry earnings growth rate averaged 2.97%. It averaged 3.81% in the 1980s, 2.67% during the 1990s, 1.73% in the 2000s, 1.33% during the 2010s, 1.35% 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 Vermont noted in the previous graph with the corresponding decade averages for the nation.
Relative to nationwide real total industry earnings growth trends, Vermont fell under the nation during the 1970s (2.97% vs. 3.13%), led the nation throughout the 1980s (3.81% vs. 2.62%), fell below the nation throughout the 1990s (2.67% vs. 3.43%), exceeded the nation in the 2000s (1.73% vs. 1.47%), fell under the nation over the 2010s (1.33% vs. 2.53%), and recorded underneath the nation over 2020-2022 (1.35% vs. 1.48%).
   
 
Real* Total Industry Earnings Growth:
Average Annual Percent Change
 
 
 
2.44
2.97
3.81
2.67
1.73
1.33
1.35
0.82
 
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.

   
 
Vermont:
Total Industry Earnings, 1969-2022
 
1969
 
1,227,584
0.189
6,501,001
100.0
N
0.19
1970
 
1,320,775
0.198
6,682,055
102.8
2.79
0.19
1971
 
1,399,716
0.206
6,793,089
104.5
1.66
0.19
1972
 
1,535,665
0.213
7,206,988
110.9
6.09
0.19
1973
 
1,691,241
0.225
7,531,690
115.9
4.51
0.18
1974
 
1,784,368
0.248
7,197,064
110.7
-4.44
0.18
1975
 
1,884,015
0.269
7,014,203
107.9
-2.54
0.18
1976
 
2,121,519
0.283
7,487,802
115.2
6.75
0.18
1977
 
2,310,209
0.302
7,655,783
117.8
2.24
0.18
1978
 
2,708,931
0.323
8,393,020
129.1
9.63
0.18
1979
 
3,038,824
0.351
8,647,025
133.0
3.03
0.18
1980
 
3,299,425
0.389
8,475,712
130.4
-1.98
0.18
1981
 
3,626,776
0.424
8,550,692
131.5
0.88
0.18
1982
 
3,822,058
0.448
8,536,906
131.3
-0.16
0.19
1983
 
4,121,902
0.467
8,830,881
135.8
3.44
0.19
1984
 
4,553,227
0.484
9,399,919
144.6
6.44
0.19
1985
 
5,005,704
0.501
9,985,844
153.6
6.23
0.19
1986
 
5,451,937
0.512
10,644,364
163.7
6.59
0.20
1987
 
6,047,853
0.528
11,453,833
176.2
7.60
0.20
1988
 
6,625,639
0.549
12,076,258
185.8
5.43
0.20
1989
 
7,167,531
0.573
12,517,300
192.5
3.65
0.21
1990
 
7,421,189
0.598
12,415,205
191.0
-0.82
0.20
1991
 
7,502,931
0.618
12,145,775
186.8
-2.17
0.20
1992
 
8,063,944
0.634
12,715,143
195.6
4.69
0.20
1993
 
8,411,612
0.650
12,940,942
199.1
1.78
0.20
1994
 
8,779,568
0.664
13,231,009
203.5
2.24
0.20
1995
 
9,074,376
0.678
13,393,122
206.0
1.23
0.19
1996
 
9,582,795
0.692
13,847,369
213.0
3.39
0.19
1997
 
10,059,895
0.704
14,288,203
219.8
3.18
0.19
1998
 
10,834,640
0.710
15,267,152
234.8
6.85
0.19
1999
 
11,689,580
0.720
16,235,302
249.7
6.34
0.19
2000
 
12,684,504
0.738
17,182,553
264.3
5.83
0.19
2001
 
13,506,631
0.753
17,936,617
275.9
4.39
0.20
2002
 
13,966,633
0.763
18,307,052
281.6
2.07
0.20
2003
 
14,463,890
0.779
18,568,683
285.6
1.43
0.20
2004
 
15,311,602
0.798
19,180,981
295.0
3.30
0.20
2005
 
15,785,712
0.821
19,221,099
295.7
0.21
0.20
2006
 
16,275,061
0.844
19,274,113
296.5
0.28
0.19
2007
 
16,831,322
0.866
19,434,136
298.9
0.83
0.19
2008
 
17,352,245
0.892
19,459,734
299.3
0.13
0.19
2009
 
17,104,575
0.889
19,235,698
295.9
-1.15
0.20
2010
 
17,797,100
0.905
19,662,262
302.4
2.22
0.20
2011
 
18,586,425
0.928
20,027,612
308.1
1.86
0.20
2012
 
18,975,648
0.945
20,072,829
308.8
0.23
0.19
2013
 
19,395,900
0.958
20,250,258
311.5
0.88
0.19
2014
 
19,667,799
0.971
20,250,820
311.5
0.00
0.19
2015
 
20,159,407
0.973
20,719,028
318.7
2.31
0.18
2016
 
20,489,536
0.983
20,847,275
320.7
0.62
0.18
2017
 
21,136,196
1.000
21,136,196
325.1
1.39
0.18
2018
 
21,843,878
1.020
21,405,703
329.3
1.28
0.18
2019
 
22,713,633
1.035
21,942,783
337.5
2.51
0.17
2020
 
22,972,483
1.046
21,954,875
337.7
0.06
0.17
2021
 
24,690,366
1.090
22,651,504
348.4
3.17
0.17
2022
 
26,500,469
1.160
22,836,767
351.3
0.82
0.17
Source: Calculations by the Vermont Regional Economic Analysis Project (VT-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 Vermont Regional Economic Analysis Project (VT-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.

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