Franklin County vs. Vermont
Comparative Trends Analysis:
Total Personal Income Growth and Change, 1969-2022
Introduction
Franklin County vs. Vermont
Franklin County:
2022 TPI = $2,840,381K
2022 Percent of State = 6.96%
Vermont:
2022 TPI = $40,790,337K
2022 Percent of U.S. = 0.19%
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 Franklin County and Vermont 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 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.
Franklin County Total Personal Income, 1970-2022
Current vs. Constant Dollars (Millions)
Franklin County Total Personal Income, 1970-2022
Current vs. Constant Dollars (Millions)
Figure 1.
Figure 1 depicts Franklin County's 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 Franklin County over time.
When measured in current dollars, Franklin County's total personal income increased 2,488.66%, from $110M in 1970 to $2,840M in 2022. When measured in constant 2017 dollars to adjust for inflation, it advanced 340.94%, from $555M in 1970 to $2,448M in 2022.
Real Total Personal Income, 1969-2022 (Millions)
Real Total Personal Income, 1969-2022 (Millions)
Figure 2.
Figure 2 traces Franklin County's and Vermont's annual real total personal income for the period 1969-2022 to illustrate real total personal income patterns over time. During this 54-year period, Franklin County's real total personal income rose from $533M in 1969 to $2,448M in 2022, for a net gain of $1,914M, or 358.82%. In comparison, Vermont's real total personal income advanced from $8,025M in 1969 to $35,151M in 2022, for a net gain of $27,126M, or 338.00%.
Real Total Personal Income Indices (1969=100): 1969-2022
Real Total Personal Income Indices (1969=100): 1969-2022
Figure 3.
Figure 3 shows Franklin County's real total personal income growth in a broader context by offering direct comparisons across time with Vermont, 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.
Franklin County's overall real total personal income growth was 358.82% over 1969-2022 outpaced Vermont's increase of 338.00%, and topped the United States' increase of 348.76%.
Total Personal Income as a Percent of the Vermont Total: 1969-2022
Total Personal Income as a Percent of the Vermont Total: 1969-2022
Figure 4.
Another interesting and insightful way of contrasting the total personal income growth of Franklin County is to compare its individual percentage contributions to Vermont's statewide total personal income over time, as shown in Figure 4. A rising share means a region's total personal income grew faster, or declined less, than Vermont's total personal income, while a declining share shows it grew more slowly.
In 1969, Franklin County's total personal income totaled 6.65% of Vermont's total personal income, while in 2022 it equated to 6.96% thereby yielding a +0.32% share-shift.
   
 
Total Personal Income Share-Shift
2022 vs. 1969
 
Share-
Shift*
 
2022
vs.
1969
+0.32%
=
6.96%
-
6.65%
 
   
Franklin County Real Total Personal Income:
Annual Percent Change, 1970-2022
Franklin County Real Total Personal Income:
Annual Percent Change, 1970-2022
Figure 5.
Figure 5 shows the short-run pattern of Franklin County'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, Franklin County's real total personal income grew at an annual rate of 2.95% over 1970-2022. The county posted its highest growth in 1978 (7.41%) and recorded its lowest growth in 1974 (-3.55%). In 2022, Franklin County's real total personal income declined by -3.09%
Franklin County Real Total Personal Income:
Annual Percent Change and Decade Averages Over 1970-2022
Franklin County Real Total Personal Income:
Annual Percent Change and Decade Averages Over 1970-2022
Figure 6.
Over the past five decades some counties 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 Franklin County's real total personal income 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, Franklin County's annual real total personal income growth rate averaged 3.23%. It averaged 3.78% throughout the 1980s, 3.19% in the 1990s, 2.69% during the 2000s, 2.25% in the 2010s, 1.68% 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 7.
Figure 7 compares the decade average growth rates for Franklin County noted in the previous graph with the corresponding decade averages for Vermont and the nation. As the chart reveals, Franklin County's average annual real total personal income growth amounted to less than Vermont's average throughout the 1970s (3.23% vs. 3.63%), fell below Vermont's average during the 1980s (3.78% vs. 4.24%), outperformed Vermont's average during the 1990s (3.19% vs. 2.77%), outpaced Vermont's average during the 2000s (2.69% vs. 2.28%), exceeded Vermont's average during the 2010s (2.25% vs. 1.73%), and exceeded Vermont's average over the 3 year period of the current decade, 2020-2022 (1.68% vs. 1.54%).
Finally, relative to nationwide real total personal income growth trends, Franklin County fell below the nation over the 1970s (3.23% vs. 3.50%), exceeded the nation during the 1980s (3.78% vs. 3.16%), recorded underneath the nation throughout the 1990s (3.19% vs. 3.27%), exceeded the nation in the 2000s (2.69% vs. 2.06%), recorded underneath the nation in the 2010s (2.25% vs. 2.72%), and posted below the nation over 2020-2022 (1.68% vs. 2.10%).
   
 
Real* Total Personal Income Growth:
Average Annual Percent Change
 
 
 
2.95
3.23
3.78
3.19
2.69
2.25
1.68
-3.09
 
2.85
3.63
4.24
2.77
2.28
1.73
1.54
-3.25
 
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.

   
 
Franklin County:
Total Personal Income, 1969-2022
 
1969
 
100,736
0.189
533,475
100.0
N
6.65
1970
 
109,724
0.198
555,115
104.1
4.06
6.59
1971
 
118,466
0.206
574,938
107.8
3.57
6.57
1972
 
129,638
0.213
608,401
114.0
5.82
6.52
1973
 
142,616
0.225
635,119
119.1
4.39
6.53
1974
 
151,882
0.248
612,600
114.8
-3.55
6.42
1975
 
175,128
0.269
652,003
122.2
6.43
6.76
1976
 
192,828
0.283
680,577
127.6
4.38
6.70
1977
 
202,679
0.302
671,656
125.9
-1.31
6.50
1978
 
232,837
0.323
721,394
135.2
7.41
6.52
1979
 
256,303
0.351
729,315
136.7
1.10
6.38
1980
 
288,459
0.389
741,006
138.9
1.60
6.40
1981
 
322,139
0.424
759,493
142.4
2.49
6.36
1982
 
346,991
0.448
775,035
145.3
2.05
6.32
1983
 
372,084
0.467
797,163
149.4
2.86
6.30
1984
 
408,293
0.484
842,901
158.0
5.74
6.30
1985
 
445,769
0.501
889,261
166.7
5.50
6.34
1986
 
477,560
0.512
932,388
174.8
4.85
6.31
1987
 
505,606
0.528
957,551
179.5
2.70
6.19
1988
 
545,246
0.549
993,796
186.3
3.79
6.08
1989
 
604,444
0.573
1,055,595
197.9
6.22
6.10
1990
 
638,770
0.598
1,068,624
200.3
1.23
6.21
1991
 
657,998
0.618
1,065,170
199.7
-0.32
6.26
1992
 
719,022
0.634
1,133,746
212.5
6.44
6.40
1993
 
751,442
0.650
1,156,065
216.7
1.97
6.44
1994
 
787,490
0.664
1,186,765
222.5
2.66
6.44
1995
 
822,901
0.678
1,214,542
227.7
2.34
6.40
1996
 
852,840
0.692
1,232,374
231.0
1.47
6.30
1997
 
904,868
0.704
1,285,196
240.9
4.29
6.30
1998
 
967,196
0.710
1,362,881
255.5
6.04
6.26
1999
 
1,038,021
0.720
1,441,676
270.2
5.78
6.36
2000
 
1,134,336
0.738
1,536,583
288.0
6.58
6.42
2001
 
1,176,485
0.753
1,562,356
292.9
1.68
6.26
2002
 
1,188,636
0.763
1,558,029
292.1
-0.28
6.19
2003
 
1,227,806
0.779
1,576,252
295.5
1.17
6.16
2004
 
1,348,720
0.798
1,689,554
316.7
7.19
6.41
2005
 
1,402,939
0.821
1,708,256
320.2
1.11
6.53
2006
 
1,422,120
0.844
1,684,178
315.7
-1.41
6.24
2007
 
1,558,727
0.866
1,799,770
337.4
6.86
6.48
2008
 
1,667,615
0.892
1,870,153
350.6
3.91
6.55
2009
 
1,663,804
0.889
1,871,104
350.7
0.05
6.60
2010
 
1,712,258
0.905
1,891,705
354.6
1.10
6.59
2011
 
1,853,089
0.928
1,996,777
374.3
5.55
6.73
2012
 
1,902,641
0.945
2,012,653
377.3
0.80
6.73
2013
 
1,951,378
0.958
2,037,333
381.9
1.23
6.81
2014
 
2,034,738
0.971
2,095,055
392.7
2.83
6.85
2015
 
2,060,013
0.973
2,117,199
396.9
1.06
6.73
2016
 
2,114,514
0.983
2,151,433
403.3
1.62
6.80
2017
 
2,205,206
1.000
2,205,206
413.4
2.50
6.90
2018
 
2,275,155
1.020
2,229,517
417.9
1.10
6.87
2019
 
2,415,902
1.035
2,333,912
437.5
4.68
6.94
2020
 
2,604,109
1.046
2,488,755
466.5
6.63
6.99
2021
 
2,753,051
1.090
2,525,712
473.4
1.48
6.95
2022
 
2,840,381
1.160
2,447,697
458.8
-3.09
6.96
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_300_PSN
 
   

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

   
 
Vermont:
Total Personal Income, 1969-2022
 
1969
 
1,515,435
0.189
8,025,393
100.0
N
0.19
1970
 
1,663,931
0.198
8,418,147
104.9
4.89
0.19
1971
 
1,802,291
0.206
8,746,862
109.0
3.90
0.19
1972
 
1,989,067
0.213
9,334,837
116.3
6.72
0.20
1973
 
2,183,882
0.225
9,725,593
121.2
4.19
0.19
1974
 
2,364,027
0.248
9,535,058
118.8
-1.96
0.19
1975
 
2,591,785
0.269
9,649,237
120.2
1.20
0.19
1976
 
2,876,016
0.283
10,150,764
126.5
5.20
0.19
1977
 
3,120,096
0.302
10,339,661
128.8
1.86
0.19
1978
 
3,573,412
0.323
11,071,421
138.0
7.08
0.19
1979
 
4,014,867
0.351
11,424,372
142.4
3.19
0.19
1980
 
4,506,540
0.389
11,576,603
144.2
1.33
0.19
1981
 
5,061,344
0.424
11,932,911
148.7
3.08
0.20
1982
 
5,491,146
0.448
12,264,962
152.8
2.78
0.20
1983
 
5,906,012
0.467
12,653,209
157.7
3.17
0.20
1984
 
6,480,322
0.484
13,378,315
166.7
5.73
0.20
1985
 
7,031,154
0.501
14,026,400
174.8
4.84
0.20
1986
 
7,564,819
0.512
14,769,556
184.0
5.30
0.20
1987
 
8,173,313
0.528
15,479,173
192.9
4.80
0.21
1988
 
8,965,124
0.549
16,340,334
203.6
5.56
0.21
1989
 
9,903,085
0.573
17,294,642
215.5
5.84
0.22
1990
 
10,293,914
0.598
17,221,102
214.6
-0.43
0.21
1991
 
10,507,320
0.618
17,009,292
211.9
-1.23
0.21
1992
 
11,227,015
0.634
17,702,641
220.6
4.08
0.21
1993
 
11,661,131
0.650
17,940,202
223.5
1.34
0.21
1994
 
12,223,050
0.664
18,420,414
229.5
2.68
0.21
1995
 
12,862,199
0.678
18,983,675
236.5
3.06
0.20
1996
 
13,545,648
0.692
19,573,787
243.9
3.11
0.20
1997
 
14,358,996
0.704
20,394,273
254.1
4.19
0.20
1998
 
15,458,643
0.710
21,782,861
271.4
6.81
0.20
1999
 
16,326,189
0.720
22,674,948
282.5
4.10
0.20
2000
 
17,680,211
0.738
23,949,786
298.4
5.62
0.21
2001
 
18,797,433
0.753
24,962,727
311.0
4.23
0.21
2002
 
19,198,107
0.763
25,164,314
313.6
0.81
0.21
2003
 
19,945,829
0.779
25,606,374
319.1
1.76
0.21
2004
 
21,049,089
0.798
26,368,383
328.6
2.98
0.21
2005
 
21,477,398
0.821
26,151,446
325.9
-0.82
0.20
2006
 
22,803,466
0.844
27,005,526
336.5
3.27
0.20
2007
 
24,062,984
0.866
27,784,110
346.2
2.88
0.20
2008
 
25,449,395
0.892
28,540,311
355.6
2.72
0.20
2009
 
25,216,382
0.889
28,358,185
353.4
-0.64
0.21
2010
 
25,988,718
0.905
28,712,374
357.8
1.25
0.21
2011
 
27,547,769
0.928
29,683,816
369.9
3.38
0.21
2012
 
28,291,866
0.945
29,927,715
372.9
0.82
0.20
2013
 
28,665,970
0.958
29,928,660
372.9
0.00
0.20
2014
 
29,724,479
0.971
30,605,615
381.4
2.26
0.20
2015
 
30,597,984
0.973
31,447,378
391.8
2.75
0.20
2016
 
31,073,264
0.983
31,615,791
393.9
0.54
0.20
2017
 
31,960,192
1.000
31,960,192
398.2
1.09
0.19
2018
 
33,117,074
1.020
32,452,766
404.4
1.54
0.19
2019
 
34,824,056
1.035
33,642,205
419.2
3.67
0.19
2020
 
37,273,845
1.046
35,622,731
443.9
5.89
0.19
2021
 
39,603,541
1.090
36,333,191
452.7
1.99
0.19
2022
 
40,790,337
1.160
35,151,053
438.0
-3.25
0.19
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_300_PSN
 
   

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 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_300_PN
 
   
Copyright © 2023. Pacific Northwest Regional Economic Analysis Project (PNREAP). All Rights Reserved.

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