Custer County vs. Montana
Comparative Trends Analysis:
Gross Domestic Product Growth and Change, 2001-2021
Introduction
Custer County vs. Montana
Custer County:
2021 GDP = $552,917K
2021 Percent of State = 0.94%
Montana:
2021 GDP = $58,699,848K
2021 Percent of U.S. = 0.25%
Nationally, GDP (Gross Domestic Product) is widely regarded as the foremost blue-chip barometer for tracking and calibrating the economic performance of the economy nationwide. Like its closely followed national counterpart, the GDP of Custer County is the most comprehensive measure of output of all goods and services produced by labor and property located within Custer County. It is a market valuation of the goods and services-both private and public-produced within a regional economy.
Unlike the widely and frequently reported employment and job numbers that measure labor as one of the units of input into production, GDP is a valuation of the output. Also, while County Personal Income is representative of the "purchasing power" of those that reside within a county, think of Gross Domestic Product as representative of the "producing power" of that county.
For a more detailed and technical explanation of Gross Domestic Product (GDP) by County compiled by the Regional Product Branch of Bureau of Economic Analysis please refer to the A Primer on Local Area Gross Domestic Product Methodology article found on the BEA website.

BEA: Definition

GDP by county is the county counterpart of the Nation's gross domestic product (GDP), the Bureau's featured and most comprehensive measure of U.S. economic activity. GDP by county is derived as the sum of the GDP originating in all the industries in a county.

The statistics of real GDP by county are prepared in chained (2012) dollars. Real GDP by county is an inflation-adjusted measure of each county's gross product that is based on national prices for the goods and services produced within that county. The statistics of real GDP by county and of quantity indexes with a base year of 2012 were derived by applying national chain-type price indexes to the current-dollar GDP-by-county values for the 64 detailed NAICS-based industries for 1997 forward.

The chain-type index formula that is used in the national accounts is then used to calculate the values of total real GDP by county and of real GDP by county at more aggregated industry levels. Real GDP by county may reflect a substantial volume of output that is sold to other counties and regions. To the extent that a county's output is produced and sold in national markets at relatively uniform prices (or sold locally at national prices), real GDP by state captures the differences across states that reflect the relative differences in the mix of goods and services that the counties produce. However, real GDP by county does not capture geographic differences in the prices of goods and services that are produced and sold locally.

United States. Bureau of Economic Analysis, Regional Product Division.
BEA News Release (GDP by State). 2013. Web.
https://www.bea.gov/data/gdp/gdp-state.

BEA: Relation of GDP by county to U.S. Gross Domestic Product (GDP)

An industry's GDP by county, or its value added, in practice, is calculated as the sum of incomes earned by labor and capital and the costs incurred in the production of goods and services. That is, it includes the wages and salaries that workers earn, the income earned by individual or joint entrepreneurs as well as by corporations, and business taxes such as sales, property, and Federal excise taxes that count as a business expense.

GDP is calculated as the sum of what consumers, businesses, and government spend on final goods and services, plus investment and net foreign trade. In theory, incomes earned should equal what is spent, but due to different data sources, income earned, usually referred to as gross domestic income (GDI), does not always equal what is spent (GDP). The difference is referred to as the "statistical discrepancy."

Starting with the 2004 comprehensive revision, BEA's annual industry accounts and its GDP-by-county accounts allocate the statistical discrepancy across all private-sector industries. Therefore, the GDP-by-county statistics are now conceptually more similar to the GDP statistics in the national accounts than they had been in the past.

U.S. real GDP by county for the advance year, 2012, may differ from the Annual Industry Accounts' GDP by industry and, hence NIPA (National Income and Product Account) GDP, because of different sources and vintages of data used to estimate GDP by state and NIPA GDP. For the revised years of 2009-2011, U.S. GDP by county is nearly identical to GDP by industry except for small differences resulting from the GDP-by-county accounts' exclusion of overseas Federal military and civilian activity (because it cannot be attributed to a particular state). The GDP-by-industry statistics are identical to those from the 2012 annual revision of the NIPAs, released in July 2012. However, because of revisions since July 2012, GDP in the NIPAs may differ from U.S. GDP by county.

United States. Bureau of Economic Analysis, Regional Product Division.
BEA News Release (GDP by State). 2013. Web.
https://www.bea.gov/data/gdp/gdp-state.

Custer County Gross Domestic Product, 2002-2021
Current vs. Chained 2012 Dollars (Millions)
Custer County Gross Domestic Product, 2002-2021
Current vs. Chained 2012 Dollars (Millions)
Figure 1.
Figure 1 depicts Custer County's annual gross domestic product over 2002-2021 in current and constant (chained 2012) dollars. Constant dollar measurements remove the effects of inflation. They allow for comparison of changes in the real total good and services output of Custer County over time.
When measured in current dollars, Custer County's GDP increased 123.09%, from $248M in 2002 to $553M in 2021. When measured in constant 2012 dollars to adjust for inflation, it advanced 39.29%, from $324M in 2002 to $451M in 2021.
Real Gross Domestic Product, 2001-2021 (Millions)
Real Gross Domestic Product, 2001-2021 (Millions)
Figure 2.
Figure 2 traces Custer County's and Montana's annual real gross domestic product for the period 2001-2021 to illustrate real gross domestic product patterns over time. During this 21-year period, Custer County's real gross domestic product rose from $326M in 2001 to $451M in 2021, for a net gain of $126M, or 38.66%. In comparison, Montana's real GDP advanced from $31,533M in 2001 to $48,976M in 2021, for a net advance of $17,444M, or 55.32%.
Real Gross Domestic Product Indices (2001=100): 2001-2021
Real Gross Domestic Product Indices (2001=100): 2001-2021
Figure 3.
Figure 3 shows Custer County's real gross domestic product growth in a broader context by offering direct comparisons across time with Montana, the United States. The growth indices shown here express each region's real gross domestic product in 2001 as a base figure of 100, and the real gross domestic products in later years as a percentage of the 2001 base figure. This method allows for more direct comparison of differences in real gross domestic product growth between regions that may differ vastly in size.
Custer County's overall real GDP growth was 38.66% over 2001-2021 trailed Montana's increase of 55.32%, and fell below the United States' increase of 47.85%.
Gross Domestic Product as a Percent of the Montana Total: 2001-2021
Gross Domestic Product as a Percent of the Montana Total: 2001-2021
Figure 4.
Another interesting and insightful way of contrasting the gross domestic product growth of Custer County is to compare its individual percentage contributions to Montana's statewide gross domestic product over time, as shown in Figure 4. A rising share means a region's gross domestic product grew faster, or declined less, than Montana's gross domestic product, while a declining share shows it grew more slowly.
In 2001, Custer County's GDP totaled 1.06% of Montana's GDP, while in 2021 it comprised 0.94% thereby yielding a -0.12% share-shift.
   
 
Gross Domestic Product Share-Shift
2021 vs. 2001
 
Share-
Shift*
 
2021
vs.
2001
-0.12%
=
0.94%
-
1.06%
 
   
Custer County Real Gross Domestic Product:
Annual Percent Change, 2002-2021
Custer County Real Gross Domestic Product:
Annual Percent Change, 2002-2021
Figure 5.
Figure 5 highlights the short-run pattern of Custer County's real gross domestic product growth by tracking the year-to-year percent change over 2002-2021. The average annual percent change for the entire 20-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, Custer County's real GDP grew at an annual rate of 1.77% over 2002-2021. The county posted its highest growth in 2010 (9.27%) and recorded its lowest growth in 2016 (-12.72%). In 2021, Custer County's real GDP grew by 7.19%
Custer County Real Gross Domestic Product:
Annual Percent Change and Decade Averages Over 2002-2021
Custer County Real Gross Domestic Product:
Annual Percent Change and Decade Averages Over 2002-2021
Figure 6.
Figure 6 again traces the annual percent change in Custer County's real gross domestic product since 2002, but this time they are displayed with average growth rates for the decade of the 2000s, 2010s, and 2020-2021.
During 2002-2009, Custer County's annual real GDP growth rate averaged 2.11%. It averaged 1.39% throughout the 2010s, 2.27% thus far this decade (2020-2021).
Real Gross Domestic Product Growth:
Average Annual Percent Change by Decade
Real Gross Domestic Product Growth:
Average Annual Percent Change by Decade
Figure 7.
Figure 7 compares the decade average growth rates for Custer County noted in the previous graph with the corresponding decade averages for Montana and the nation. As the chart reveals, Custer County's average annual real gross domestic product growth lagged Montana's average during the 2000s (2.11% vs. 2.89%), amounted to less than Montana's average throughout the 2010s (1.39% vs. 1.74%), and outperformed Montana's average over the 2 year period of the current decade, 2020-2021 (2.27% vs. 2.24%).
Finally, relative to nationwide real gross domestic product growth trends, Custer County outgained the nation in the 2000s (2.11% vs. 1.77%), recorded underneath the nation during the 2010s (1.39% vs. 2.25%), and exceeded the nation over 2020-2021 (2.27% vs. 1.59%).
   
 
Real* Gross Domestic Product Growth:
Average Annual Percent Change
 
 
 
1.77
2.11
1.39
2.27
7.19
 
2.25
2.89
1.74
2.24
4.76
 
1.99
1.77
2.25
1.59
5.95
 
   

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

   
 
Custer County:
Gross Domestic Product, 2001-2021
 
2001
 
242,935
0.708
325,505
100.0
N
1.06
2002
 
247,848
0.705
324,026
99.5
-0.45
1.04
2003
 
269,265
0.745
342,105
105.1
5.58
1.05
2004
 
285,673
0.763
350,606
107.7
2.48
1.01
2005
 
302,214
0.786
361,225
111.0
3.03
0.98
2006
 
322,370
0.809
371,589
114.2
2.87
0.97
2007
 
354,667
0.849
389,943
119.8
4.94
0.98
2008
 
352,157
0.824
378,563
116.3
-2.92
0.95
2009
 
358,691
0.835
383,580
117.8
1.33
0.99
2010
 
398,578
0.912
419,125
128.8
9.27
1.04
2011
 
415,358
0.931
427,787
131.4
2.07
1.01
2012
 
459,446
1.000
459,446
141.1
7.40
1.09
2013
 
495,603
1.052
483,469
148.5
5.23
1.13
2014
 
522,754
1.092
501,655
154.1
3.76
1.16
2015
 
539,869
1.122
515,483
158.4
2.76
1.16
2016
 
473,438
0.979
449,908
138.2
-12.72
1.04
2017
 
482,287
0.976
448,479
137.8
-0.32
0.99
2018
 
472,705
0.930
427,366
131.3
-4.71
0.93
2019
 
492,462
0.941
432,556
132.9
1.21
0.95
2020
 
491,911
0.916
421,071
129.4
-2.66
0.94
2021
 
552,917
0.982
451,344
138.7
7.19
0.94
Source: Calculations by the Montana Regional Economic Analysis Project (MT-REAP)
with data provided by the U.S. Department of Commerce, Bureau of Economic Analysis
November 2022
REAP_PI_CA1400_2000_PSN
 
   

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

   
 
Montana:
Gross Domestic Product, 2001-2021
 
2001
 
22,847,617
0.745
31,532,614
100.0
N
0.22
2002
 
23,942,069
0.768
32,503,668
103.1
3.08
0.22
2003
 
25,714,882
0.799
33,810,537
107.2
4.02
0.22
2004
 
28,160,519
0.839
35,528,617
112.7
5.08
0.23
2005
 
30,875,789
0.883
37,373,938
118.5
5.19
0.24
2006
 
33,166,094
0.911
38,577,557
122.3
3.22
0.24
2007
 
36,233,233
0.955
40,438,290
128.2
4.82
0.25
2008
 
37,224,917
0.956
40,471,099
128.3
0.08
0.25
2009
 
36,187,752
0.933
39,513,414
125.3
-2.37
0.25
2010
 
38,336,057
0.963
40,793,749
129.4
3.24
0.25
2011
 
40,995,063
0.989
41,875,685
132.8
2.65
0.26
2012
 
42,340,869
1.000
42,340,869
134.3
1.11
0.26
2013
 
43,687,893
1.015
42,968,239
136.3
1.48
0.26
2014
 
45,177,210
1.035
43,829,121
139.0
2.00
0.26
2015
 
46,604,059
1.072
45,395,732
144.0
3.57
0.26
2016
 
45,490,901
1.050
44,436,808
140.9
-2.11
0.24
2017
 
48,533,884
1.086
45,974,276
145.8
3.46
0.25
2018
 
50,916,937
1.100
46,584,123
147.7
1.33
0.25
2019
 
51,925,448
1.107
46,886,242
148.7
0.65
0.24
2020
 
52,355,835
1.104
46,750,440
148.3
-0.29
0.25
2021
 
58,699,848
1.157
48,976,203
155.3
4.76
0.25
Source: Calculations by the Montana Regional Economic Analysis Project (MT-REAP)
with data provided by the U.S. Department of Commerce, Bureau of Economic Analysis
November 2022
REAP_PI_CA1400_2000_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:
Gross Domestic Product, 2001-2021
 
2001
 
10,581,929,000
0.816
13,263,417,000
100.0
N
2002
 
10,929,108,000
0.830
13,488,357,000
101.7
1.70
2003
 
11,456,450,000
0.853
13,865,519,000
104.5
2.80
2004
 
12,217,196,000
0.886
14,399,696,000
108.6
3.85
2005
 
13,039,197,000
0.917
14,901,269,000
112.3
3.48
2006
 
13,815,583,000
0.942
15,315,943,000
115.5
2.78
2007
 
14,474,228,000
0.961
15,623,871,000
117.8
2.01
2008
 
14,769,862,000
0.962
15,642,962,000
117.9
0.12
2009
 
14,478,067,000
0.937
15,236,262,000
114.9
-2.60
2010
 
15,048,970,000
0.963
15,648,991,000
118.0
2.71
2011
 
15,599,731,000
0.978
15,891,534,000
119.8
1.55
2012
 
16,253,970,000
1.000
16,253,970,000
122.5
2.28
2013
 
16,843,196,000
1.018
16,553,348,000
124.8
1.84
2014
 
17,550,687,000
1.042
16,932,051,000
127.7
2.29
2015
 
18,206,023,000
1.070
17,390,295,000
131.1
2.71
2016
 
18,695,106,000
1.088
17,680,274,000
133.3
1.67
2017
 
19,477,337,000
1.112
18,076,651,000
136.3
2.24
2018
 
20,533,058,000
1.145
18,609,078,000
140.3
2.95
2019
 
21,380,976,000
1.171
19,036,052,000
143.5
2.29
2020
 
21,060,474,000
1.139
18,509,143,000
139.6
-2.77
2021
 
23,315,081,000
1.206
19,609,812,000
147.8
5.95
Source: Calculations by the Montana Regional Economic Analysis Project (MT-REAP)
with data provided by the U.S. Department of Commerce, Bureau of Economic Analysis
November 2022
REAP_PI_CA1400_2000_PN
 
   
Copyright © 2023. Pacific Northwest Regional Economic Analysis Project (PNREAP). All Rights Reserved.

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