| Western Arizona (WACOG) vs. Arizona Comparative Trends Analysis: Total Industry Earnings Growth and Change, 1969-2022 Introduction Western Arizona (WACOG): 2022 Earnings = $10,709,979K 2022 Percent of State = 3.75% Arizona: 2022 Earnings = $285,840,783K 2022 Percent of U.S. = 1.88% 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. Figure 1. Figure 1 depicts Western Arizona (WACOG)'s annual total industry earnings over 1984-2022 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 Western Arizona (WACOG) over time. When measured in current dollars, Western Arizona (WACOG)'s total industry earnings increased 852.84%, from $1,124M in 1984 to $10,710M in 2022. When measured in constant 2017 dollars to adjust for inflation, it advanced 297.74%, from $2,320M in 1984 to $9,229M in 2022. Figure 2. Figure 2 tracks Western Arizona (WACOG)'s and Arizona's annual real total industry earnings for the period 1983-2022 to illustrate real total industry earnings patterns over time. During this 40-year period, Western Arizona (WACOG)'s real total industry earnings rose from $2,082M in 1983 to $9,229M in 2022, for a net gain of $7,147M, or 343.31%. In comparison, Arizona's real total industry earnings advanced from $52,907M in 1983 to $246,323M in 2022, for a net advance of $193,417M, or 365.58%. Figure 3. Figure 3 shows Western Arizona (WACOG)'s real total industry earnings growth in a broader context by offering direct comparisons across time with Arizona, the United States. The growth indices shown here express each region's real total industry earnings in 1983 as a base figure of 100, and the real total industry earningss in later years as a percentage of the 1983 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. Western Arizona (WACOG)'s overall real total industry earnings growth was 343.31% over 1983-2022 trailed Arizona's increase of 365.58%, and topped the United States' increase of 179.57%. Figure 4. Another interesting and insightful way of comparing the total industry earnings growth of Western Arizona (WACOG) is to trace its individual percentage contributions to Arizona's statewide total industry earnings over time, as shown in Figure 4. A rising share means a region's total industry earnings grew faster, or declined less, than Arizona's total industry earnings, while a declining share shows it grew more slowly. In 1983, Western Arizona (WACOG)'s total industry earnings comprised 3.94% of Arizona's total industry earnings, while in 2022 it totaled 3.75% thereby yielding a -0.19% share-shift. | | | | Total Industry Earnings Share-Shift 2022 vs. 1983 | Share- Shift* | | 2022 | vs. | 1983 | | -0.19% | = | 3.75% | - | 3.94% |
| | | | |
Figure 5. Figure 5 displays the short-run pattern of Western Arizona (WACOG)'s real total industry earnings growth by tracking the year-to-year percent change over 1984-2022. The average annual percent change for the entire 39-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, Western Arizona (WACOG)'s real total industry earnings grew at an annual rate of 3.98% over 1984-2022. Western Arizona (WACOG) posted its highest growth in 1987 (12.84%) and posted its lowest growth in 2009 (-4.29%). In 2022, Western Arizona (WACOG)'s real total industry earnings grew by 5.21% Figure 6. Over the past five decades some council of governments regions have experienced extreme swings in growth, and often such swings have tended to coincide with the decades themselves. Figure 6 again shows the annual percent change in Western Arizona (WACOG)'s real total industry earnings since 1984, but this time they are overlayed with average growth rates for the decade of the 1990s, 2000s, 2010s, and 2020-2022. During the 1990s, Western Arizona (WACOG)'s annual real total industry earnings growth rate averaged 4.51%. It averaged 3.27% in the 2000s, 2.20% during the 2010s, 3.83% thus far this decade (2020-2022). Figure 7. Figure 7 compares the decade average growth rates for Western Arizona (WACOG) noted in the previous graph with the corresponding decade averages for Arizona and the nation. As the chart reveals, Western Arizona (WACOG)'s average annual real total industry earnings growth fell below Arizona's average during the 1990s (4.51% vs. 5.71%), exceeded Arizona's average during the 2000s (3.27% vs. 2.59%), fell below Arizona's average during the 2010s (2.20% vs. 3.03%), and registered above Arizona's average over the 3 year period of the current decade, 2020-2022 (3.83% vs. 3.80%). Finally, relative to nationwide real total industry earnings growth trends, Western Arizona (WACOG) outpaced the nation during the 1990s (4.51% vs. 3.43%), topped the nation throughout the 2000s (3.27% vs. 1.47%), posted below the nation over the 2010s (2.20% vs. 2.53%), and exceeded the nation over 2020-2022 (3.83% vs. 1.48%). | | | | Real* Total Industry Earnings Growth: Average Annual Percent Change | | | | | | | | | | | | | | | | | 3.98 | 4.51 | 3.27 | 2.20 | 3.83 | 5.21 | | | 4.08 | 5.71 | 2.59 | 3.03 | 3.80 | 2.62 | | | 2.69 | 3.43 | 1.47 | 2.53 | 1.48 | 0.05 |
| | | | |
Tip: To augment your analysis click on the column headers in the following table to rank and/or sort the data. | | | | Western Arizona (WACOG): Total Industry Earnings, 1969-2022 | | | | | | | | | 1969 | | S | 0.189 | N | N | N | S | 1970 | | S | 0.198 | N | N | N | S | 1971 | | S | 0.206 | N | N | N | S | 1972 | | S | 0.213 | N | N | N | S | 1973 | | S | 0.225 | N | N | N | S | 1974 | | S | 0.248 | N | N | N | S | 1975 | | S | 0.269 | N | N | N | S | 1976 | | S | 0.283 | N | N | N | S | 1977 | | S | 0.302 | N | N | N | S | 1978 | | S | 0.323 | N | N | N | S | 1979 | | S | 0.351 | N | N | N | S | 1980 | | S | 0.389 | N | N | N | S | 1981 | | S | 0.424 | N | N | N | S | 1982 | | S | 0.448 | N | N | N | S | 1983 | | 971,751 | 0.467 | 2,081,907 | N | N | 3.94 | 1984 | | 1,124,002 | 0.484 | 2,320,448 | N | 11.46 | 3.98 | 1985 | | 1,268,042 | 0.501 | 2,529,608 | N | 9.01 | 4.02 | 1986 | | 1,342,011 | 0.512 | 2,620,143 | N | 3.58 | 3.87 | 1987 | | 1,561,170 | 0.528 | 2,956,649 | N | 12.84 | 4.16 | 1988 | | 1,771,225 | 0.549 | 3,228,333 | N | 9.19 | 4.35 | 1989 | | 1,809,066 | 0.573 | 3,159,334 | N | -2.14 | 4.28 | 1990 | | 1,955,824 | 0.598 | 3,271,977 | N | 3.57 | 4.41 | 1991 | | 2,144,873 | 0.618 | 3,472,129 | N | 6.12 | 4.55 | 1992 | | 2,261,995 | 0.634 | 3,566,690 | N | 2.72 | 4.46 | 1993 | | 2,479,897 | 0.650 | 3,815,226 | N | 6.97 | 4.53 | 1994 | | 2,549,906 | 0.664 | 3,842,766 | N | 0.72 | 4.25 | 1995 | | 2,879,064 | 0.678 | 4,249,290 | N | 10.58 | 4.41 | 1996 | | 2,834,986 | 0.692 | 4,096,623 | N | -3.59 | 3.97 | 1997 | | 3,102,179 | 0.704 | 4,406,066 | N | 7.55 | 3.99 | 1998 | | 3,390,352 | 0.710 | 4,777,364 | N | 8.43 | 3.94 | 1999 | | 3,509,832 | 0.720 | 4,874,699 | N | 2.04 | 3.81 | 2000 | | 3,754,801 | 0.738 | 5,086,290 | N | 4.34 | 3.73 | 2001 | | 4,013,221 | 0.753 | 5,329,501 | N | 4.78 | 3.82 | 2002 | | 4,389,169 | 0.763 | 5,753,194 | N | 7.95 | 4.04 | 2003 | | 4,751,662 | 0.779 | 6,100,164 | N | 6.03 | 4.16 | 2004 | | 5,325,230 | 0.798 | 6,670,963 | N | 9.36 | 4.26 | 2005 | | 5,687,158 | 0.821 | 6,924,833 | N | 3.81 | 4.14 | 2006 | | 6,078,796 | 0.844 | 7,198,953 | N | 3.96 | 3.98 | 2007 | | 6,281,918 | 0.866 | 7,253,361 | N | 0.76 | 3.95 | 2008 | | 6,207,249 | 0.892 | 6,961,141 | N | -4.03 | 3.96 | 2009 | | 5,924,138 | 0.889 | 6,662,249 | N | -4.29 | 4.07 | 2010 | | 6,125,351 | 0.905 | 6,767,297 | N | 1.58 | 4.19 | 2011 | | 6,416,662 | 0.928 | 6,914,208 | N | 2.17 | 4.21 | 2012 | | 6,294,919 | 0.945 | 6,658,894 | N | -3.69 | 3.96 | 2013 | | 6,744,265 | 0.958 | 7,041,339 | N | 5.74 | 4.06 | 2014 | | 6,722,019 | 0.971 | 6,921,283 | N | -1.71 | 3.89 | 2015 | | 7,208,417 | 0.973 | 7,408,521 | N | 7.04 | 3.98 | 2016 | | 7,425,958 | 0.983 | 7,555,612 | N | 1.99 | 3.92 | 2017 | | 7,861,200 | 1.000 | 7,861,200 | N | 4.04 | 3.91 | 2018 | | 8,088,440 | 1.020 | 7,926,191 | N | 0.83 | 3.77 | 2019 | | 8,535,154 | 1.035 | 8,245,490 | N | 4.03 | 3.74 | 2020 | | 8,946,478 | 1.046 | 8,550,177 | N | 3.70 | 3.72 | 2021 | | 9,561,639 | 1.090 | 8,772,065 | N | 2.60 | 3.65 | 2022 | | 10,709,979 | 1.160 | 9,229,319 | N | 5.21 | 3.75 |
Source: Calculations by the Arizona Regional Economic Analysis Project (AZ-REAP) with data provided by the U.S. Department of Commerce, Bureau of Economic Analysis November 2023 REAP_PI_CA1400_1200_PSN | | | | |
Tip: To augment your analysis click on the column headers in the following table to rank and/or sort the data. | | | | Arizona: Total Industry Earnings, 1969-2022 | | | | | | | | | 1969 | | 4,978,823 | 0.189 | 26,366,695 | 100.0 | N | 0.76 | 1970 | | 5,559,082 | 0.198 | 28,124,466 | 106.7 | 6.67 | 0.80 | 1971 | | 6,340,617 | 0.206 | 30,772,225 | 116.7 | 9.41 | 0.85 | 1972 | | 7,331,631 | 0.213 | 34,407,880 | 130.5 | 11.81 | 0.89 | 1973 | | 8,512,199 | 0.225 | 37,907,811 | 143.8 | 10.17 | 0.93 | 1974 | | 9,458,332 | 0.248 | 38,149,203 | 144.7 | 0.64 | 0.95 | 1975 | | 9,679,607 | 0.269 | 36,037,256 | 136.7 | -5.54 | 0.91 | 1976 | | 10,887,655 | 0.283 | 38,427,470 | 145.7 | 6.63 | 0.93 | 1977 | | 12,378,251 | 0.302 | 41,020,185 | 155.6 | 6.75 | 0.95 | 1978 | | 14,689,179 | 0.323 | 45,511,151 | 172.6 | 10.95 | 1.00 | 1979 | | 17,449,213 | 0.351 | 49,652,030 | 188.3 | 9.10 | 1.06 | 1980 | | 19,580,342 | 0.389 | 50,298,865 | 190.8 | 1.30 | 1.10 | 1981 | | 21,771,177 | 0.424 | 51,328,957 | 194.7 | 2.05 | 1.11 | 1982 | | 22,582,775 | 0.448 | 50,440,631 | 191.3 | -1.73 | 1.10 | 1983 | | 24,694,665 | 0.467 | 52,906,558 | 200.7 | 4.89 | 1.13 | 1984 | | 28,272,120 | 0.484 | 58,366,440 | 221.4 | 10.32 | 1.16 | 1985 | | 31,514,993 | 0.501 | 62,869,041 | 238.4 | 7.71 | 1.20 | 1986 | | 34,646,400 | 0.512 | 67,643,648 | 256.5 | 7.59 | 1.24 | 1987 | | 37,532,988 | 0.528 | 71,082,512 | 269.6 | 5.08 | 1.25 | 1988 | | 40,754,723 | 0.549 | 74,281,824 | 281.7 | 4.50 | 1.25 | 1989 | | 42,222,143 | 0.573 | 73,736,300 | 279.7 | -0.73 | 1.22 | 1990 | | 44,364,357 | 0.598 | 74,218,916 | 281.5 | 0.65 | 1.21 | 1991 | | 47,168,534 | 0.618 | 76,356,613 | 289.6 | 2.88 | 1.24 | 1992 | | 50,683,358 | 0.634 | 79,916,995 | 303.1 | 4.66 | 1.25 | 1993 | | 54,687,045 | 0.650 | 84,133,915 | 319.1 | 5.28 | 1.29 | 1994 | | 60,025,915 | 0.664 | 90,460,418 | 343.1 | 7.52 | 1.35 | 1995 | | 65,341,081 | 0.678 | 96,438,706 | 365.8 | 6.61 | 1.40 | 1996 | | 71,493,212 | 0.692 | 103,309,411 | 391.8 | 7.12 | 1.44 | 1997 | | 77,768,047 | 0.704 | 110,454,993 | 418.9 | 6.92 | 1.47 | 1998 | | 86,135,847 | 0.710 | 121,374,508 | 460.3 | 9.89 | 1.51 | 1999 | | 92,221,671 | 0.720 | 128,083,875 | 485.8 | 5.53 | 1.51 | 2000 | | 100,790,169 | 0.738 | 136,531,344 | 517.8 | 6.60 | 1.53 | 2001 | | 104,944,956 | 0.753 | 139,365,430 | 528.6 | 2.08 | 1.53 | 2002 | | 108,540,472 | 0.763 | 142,271,660 | 539.6 | 2.09 | 1.55 | 2003 | | 114,300,933 | 0.779 | 146,739,072 | 556.5 | 3.14 | 1.58 | 2004 | | 124,983,064 | 0.798 | 156,567,407 | 593.8 | 6.70 | 1.63 | 2005 | | 137,535,301 | 0.821 | 167,466,608 | 635.1 | 6.96 | 1.71 | 2006 | | 152,572,030 | 0.844 | 180,686,914 | 685.3 | 7.89 | 1.79 | 2007 | | 159,194,049 | 0.866 | 183,811,989 | 697.1 | 1.73 | 1.80 | 2008 | | 156,736,446 | 0.892 | 175,772,621 | 666.6 | -4.37 | 1.74 | 2009 | | 145,488,662 | 0.889 | 163,615,639 | 620.5 | -6.92 | 1.67 | 2010 | | 146,215,495 | 0.905 | 161,539,093 | 612.7 | -1.27 | 1.62 | 2011 | | 152,286,648 | 0.928 | 164,094,918 | 622.4 | 1.58 | 1.61 | 2012 | | 158,834,881 | 0.945 | 168,018,788 | 637.2 | 2.39 | 1.61 | 2013 | | 166,218,681 | 0.958 | 173,540,348 | 658.2 | 3.29 | 1.63 | 2014 | | 172,711,475 | 0.971 | 177,831,236 | 674.5 | 2.47 | 1.63 | 2015 | | 181,293,611 | 0.973 | 186,326,284 | 706.7 | 4.78 | 1.64 | 2016 | | 189,664,064 | 0.983 | 192,975,524 | 731.9 | 3.57 | 1.68 | 2017 | | 200,981,833 | 1.000 | 200,981,833 | 762.3 | 4.15 | 1.70 | 2018 | | 214,266,729 | 1.020 | 209,968,670 | 796.3 | 4.47 | 1.72 | 2019 | | 228,025,203 | 1.035 | 220,286,537 | 835.5 | 4.91 | 1.76 | 2020 | | 240,381,510 | 1.046 | 229,733,368 | 871.3 | 4.29 | 1.83 | 2021 | | 261,631,291 | 1.090 | 240,026,505 | 910.3 | 4.48 | 1.83 | 2022 | | 285,840,783 | 1.160 | 246,323,159 | 934.2 | 2.62 | 1.88 |
Source: Calculations by the Arizona Regional Economic Analysis Project (AZ-REAP) with data provided by the U.S. Department of Commerce, Bureau of Economic Analysis November 2023 REAP_PI_CA1400_1200_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 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 Arizona Regional Economic Analysis Project (AZ-REAP) with data provided by the U.S. Department of Commerce, Bureau of Economic Analysis November 2023 REAP_PI_CA1400_1200_PN | | | | |
| |