Phoenix-Mesa-Chandler MSA vs. Arizona
Comparative Trends Analysis:
Total Industry Earnings Growth and Change, 1969-2022
Introduction
Phoenix-Mesa-Chandler MSA vs. Arizona
Phoenix-Mesa-Chandler MSA:
2022 Earnings = $220,174,864K
2022 Percent of State = 1.58%
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.
Phoenix-Mesa-Chandler MSA Total Industry Earnings, 1970-2022
Current vs. Constant Dollars (Millions)
Phoenix-Mesa-Chandler MSA Total Industry Earnings, 1970-2022
Current vs. Constant Dollars (Millions)
Figure 1.
Figure 1 depicts the Phoenix-Mesa-Chandler MSA's 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 Phoenix-Mesa-Chandler MSA over time.
When measured in current dollars, the Phoenix-Mesa-Chandler MSA's total industry earnings increased 6,224.20%, from $3,481M in 1970 to $220,175M in 2022. When measured in constant 2017 dollars to adjust for inflation, it advanced 977.22%, from $17,613M in 1970 to $189,736M in 2022.
Real Total Industry Earnings, 1969-2022 (Millions)
Real Total Industry Earnings, 1969-2022 (Millions)
Figure 2.
Figure 2 tracks the Phoenix-Mesa-Chandler MSA's and Arizona's annual real total industry earnings for the period 1969-2022 to illustrate real total industry earnings patterns over time. During this 54-year period, the Phoenix-Mesa-Chandler MSA's real total industry earnings rose from $16,458M in 1969 to $189,736M in 2022, for a net gain of $173,278M, or 1,052.87%. In comparison, Arizona's real total industry earnings advanced from $26,367M in 1969 to $246,323M in 2022, for a net gain of $219,956M, or 834.22%.
Real Total Industry Earnings Indices (1969=100): 1969-2022
Real Total Industry Earnings Indices (1969=100): 1969-2022
Figure 3.
Figure 3 portrays the Phoenix-Mesa-Chandler MSA'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 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.
The Phoenix-Mesa-Chandler MSA's overall real total industry earnings growth was 1,052.87% over 1969-2022 outpaced Arizona's increase of 834.22%, and outpaced the United States' increase of 278.59%.
Total Industry Earnings as a Percent of the Arizona Total: 1969-2022
Total Industry Earnings as a Percent of the Arizona Total: 1969-2022
Figure 4.
Another interesting and insightful way of comparing the total industry earnings growth of the Phoenix-Mesa-Chandler MSA is to compare 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 1969, the Phoenix-Mesa-Chandler MSA's total industry earnings comprised 62.42% of Arizona's total industry earnings, while in 2022 it totaled 77.03% thereby yielding a +14.61% share-shift.
   
 
Total Industry Earnings Share-Shift
2022 vs. 1969
 
Share-
Shift*
 
2022
vs.
1969
+14.61%
=
77.03%
-
62.42%
 
   
Phoenix-Mesa-Chandler MSA Real Total Industry Earnings:
Annual Percent Change, 1970-2022
Phoenix-Mesa-Chandler MSA Real Total Industry Earnings:
Annual Percent Change, 1970-2022
Figure 5.
Figure 5 highlights the short-run pattern of the Phoenix-Mesa-Chandler MSA'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 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, the Phoenix-Mesa-Chandler MSA's real total industry earnings grew at an annual rate of 4.82% over 1970-2022. The Phoenix-Mesa-Chandler MSA recorded its highest growth in 1978 (12.40%) and recorded its lowest growth in 2009 (-8.12%). In 2022, the Phoenix-Mesa-Chandler MSA's real total industry earnings grew by 2.84%
Phoenix-Mesa-Chandler MSA Real Total Industry Earnings:
Annual Percent Change and Decade Averages Over 1970-2022
Phoenix-Mesa-Chandler MSA Real Total Industry Earnings:
Annual Percent Change and Decade Averages Over 1970-2022
Figure 6.
Over the past five decades some msas have experienced extreme swings in growth, and often such swings have tended to coincide with the decades themselves. Figure 6 again illustrates the annual percent change in the Phoenix-Mesa-Chandler MSA'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, the Phoenix-Mesa-Chandler MSA's annual real total industry earnings growth rate averaged 7.14%. It averaged 4.83% during the 1980s, 6.24% during the 1990s, 2.46% throughout the 2000s, 3.59% in the 2010s, 4.31% 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 7.
Figure 7 compares the decade average growth rates for the Phoenix-Mesa-Chandler MSA noted in the previous graph with the corresponding decade averages for Arizona and the nation. As the chart reveals, the Phoenix-Mesa-Chandler MSA's average annual real total industry earnings growth exceeded Arizona's average throughout the 1970s (7.14% vs. 6.66%), outgained Arizona's average in the 1980s (4.83% vs. 4.10%), surpassed Arizona's average during the 1990s (6.24% vs. 5.71%), recorded under Arizona's average throughout the 2000s (2.46% vs. 2.59%), outpaced Arizona's average in the 2010s (3.59% vs. 3.03%), and recorded above Arizona's average over the 3 year period of the current decade, 2020-2022 (4.31% vs. 3.80%).
Finally, relative to nationwide real total industry earnings growth trends, the Phoenix-Mesa-Chandler MSA outgained the nation during the 1970s (7.14% vs. 3.13%), exceeded the nation during the 1980s (4.83% vs. 2.62%), surpassed the nation throughout the 1990s (6.24% vs. 3.43%), registered above the nation during the 2000s (2.46% vs. 1.47%), outperformed the nation in the 2010s (3.59% vs. 2.53%), and exceeded the nation over 2020-2022 (4.31% vs. 1.48%).
   
 
Real* Total Industry Earnings Growth:
Average Annual Percent Change
 
 
 
4.82
7.14
4.83
6.24
2.46
3.59
4.31
2.84
 
4.38
6.66
4.10
5.71
2.59
3.03
3.80
2.62
 
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.

   
 
Phoenix-Mesa-Chandler MSA:
Total Industry Earnings, 1969-2022
 
1969
 
3,107,701
0.189
16,457,666
100.0
N
0.54
1970
 
3,481,468
0.198
17,613,417
107.0
7.02
0.57
1971
 
3,939,623
0.206
19,119,743
116.2
8.55
0.61
1972
 
4,557,428
0.213
21,388,342
130.0
11.87
0.64
1973
 
5,310,113
0.225
23,647,798
143.7
10.56
0.67
1974
 
5,928,127
0.248
23,910,487
145.3
1.11
0.69
1975
 
5,959,443
0.269
22,187,055
134.8
-7.21
0.65
1976
 
6,812,062
0.283
24,042,855
146.1
8.36
0.67
1977
 
7,833,761
0.302
25,960,237
157.7
7.97
0.69
1978
 
9,418,200
0.323
29,180,196
177.3
12.40
0.73
1979
 
11,358,049
0.351
32,319,520
196.4
10.76
0.79
1980
 
12,829,832
0.389
32,957,850
200.3
1.98
0.82
1981
 
14,323,284
0.424
33,769,383
205.2
2.46
0.83
1982
 
14,960,219
0.448
33,414,976
203.0
-1.05
0.83
1983
 
16,526,516
0.467
35,406,881
215.1
5.96
0.85
1984
 
19,150,015
0.484
39,534,291
240.2
11.66
0.89
1985
 
21,623,002
0.501
43,135,577
262.1
9.11
0.93
1986
 
23,890,599
0.512
46,644,017
283.4
8.13
0.96
1987
 
25,948,436
0.528
49,142,904
298.6
5.36
0.97
1988
 
28,304,662
0.549
51,589,651
313.5
4.98
0.97
1989
 
29,444,114
0.573
51,420,887
312.4
-0.33
0.95
1990
 
30,977,887
0.598
51,824,152
314.9
0.78
0.94
1991
 
32,716,357
0.618
52,961,370
321.8
2.19
0.97
1992
 
35,158,662
0.634
55,437,815
336.9
4.68
0.97
1993
 
37,909,640
0.650
58,322,523
354.4
5.20
1.00
1994
 
41,895,031
0.664
63,136,764
383.6
8.25
1.06
1995
 
46,146,983
0.678
68,109,607
413.8
7.88
1.10
1996
 
51,304,152
0.692
74,135,734
450.5
8.85
1.16
1997
 
56,185,363
0.704
79,800,820
484.9
7.64
1.19
1998
 
62,820,267
0.710
88,520,393
537.9
10.93
1.23
1999
 
67,535,568
0.720
93,798,097
569.9
5.96
1.23
2000
 
74,438,753
0.738
100,835,460
612.7
7.50
1.25
2001
 
76,373,327
0.753
101,422,707
616.3
0.58
1.23
2002
 
78,489,909
0.763
102,882,265
625.1
1.44
1.24
2003
 
82,186,314
0.779
105,510,455
641.1
2.55
1.26
2004
 
91,134,081
0.798
114,164,482
693.7
8.20
1.32
2005
 
101,373,718
0.821
123,435,311
750.0
8.12
1.40
2006
 
113,246,982
0.844
134,115,327
814.9
8.65
1.47
2007
 
117,658,655
0.866
135,853,516
825.5
1.30
1.47
2008
 
114,301,019
0.892
128,183,267
778.9
-5.65
1.40
2009
 
104,725,192
0.889
117,773,295
715.6
-8.12
1.33
2010
 
104,990,941
0.905
115,994,146
704.8
-1.51
1.29
2011
 
110,086,104
0.928
118,622,154
720.8
2.27
1.29
2012
 
115,960,717
0.945
122,665,620
745.3
3.41
1.30
2013
 
121,812,257
0.958
127,177,892
772.8
3.68
1.33
2014
 
127,852,537
0.971
131,642,525
799.9
3.51
1.33
2015
 
135,140,259
0.973
138,891,724
843.9
5.51
1.35
2016
 
142,057,670
0.983
144,537,941
878.2
4.07
1.38
2017
 
150,398,531
1.000
150,398,531
913.9
4.05
1.39
2018
 
161,305,276
1.020
158,069,591
960.5
5.10
1.42
2019
 
173,066,938
1.035
167,193,433
1,015.9
5.77
1.46
2020
 
182,825,020
1.046
174,726,449
1,061.7
4.51
1.52
2021
 
201,093,873
1.090
184,488,099
1,121.0
5.59
1.54
2022
 
220,174,864
1.160
189,735,584
1,152.9
2.84
1.58
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
 
   

Interactive TableTip: 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
 
   

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

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