Phillips County vs. Montana
Comparative Trends Analysis:
Per Capita Personal Income Growth and Change, 1969-2022
Introduction
Phillips County vs. Montana
Phillips County:
2022 PCI = $44,965
2022 Percent of State = 73.73%
Montana:
2022 PCI = $60,984
Per Capita Income (PCI) is one of the most widely used indicators for gauging the economic performance and changing fortunes of local economies. It is used as a yardstick to assess the economic well being of a region's residents and the quality of consumer markets. It serves as a barometer for calibrating the economic performance of a region over time and to judge differences in relative economic prosperity between regions. Shifting trends in local per capita income growth have important social and political ramifications and significant implications in formulating local economic development strategies and initiatives.
Data Definition:
This measure of income is calculated as the total personal income of the residents of an area divided by the population of the area. Per capita personal income is often used as an indicator of consumers' purchasing power and of the economic well-being of the residents of an area.
Personal income is measured as a flow throughout the year, while the measurement of population is at one point in mid-year. Therefore, per capita income is distorted if a significant change in population occurs during the year.
For smaller counties in particular, per capita income in any given year may be exceptionally high or low for the short run because of unusual local conditions, such as a bumper crop, a catastrophe, or a major construction project as the building of a dam or nuclear power plant.
Farm incomes are notorious for being especially volatile year-to-year, owing to changing weather, commodity market conditions, and alterations in government programs. Therefore, the per capita income of farm-dependent counties may exhibit sharp fluctuations over time.
The presence of large institutional populations--such as residents attending a local college or the residents of a local prison or state mental institution--can significantly lower the per capita income estimates of an area. Such results may not reflect the relative economic well being of the non-institutional population and may mislead if care is not given to their interpretation.
Phillips County Per Capita Personal Income, 1970-2022
Current vs. Constant Dollars
Phillips County Per Capita Personal Income, 1970-2022
Current vs. Constant Dollars
Figure 1.
Figure 1 depicts Phillips County's annual per capita 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 Phillips County over time.
When measured in current dollars, Phillips County's per capita personal income increased 1,177.10%, from $3,521 in 1970 to $44,965 in 2022. When measured in constant 2017 dollars to adjust for inflation, it advanced 117.53%, from $17,813 in 1970 to $38,749 in 2022.
Real Per Capita Personal Income, 1969-2022
Real Per Capita Personal Income, 1969-2022
Figure 2.
Figure 2 tracks Phillips County's and Montana's annual real per capita personal income for the period 1969-2022 to illustrate real per capita personal income patterns over time. During this 54-year period, Phillips County's real per capita personal income rose from $15,183 in 1969 to $38,749 in 2022, for a net gain of $23,566, or 155.21%. In comparison, Montana's real per capita personal income advanced from $17,936 in 1969 to $52,553 in 2022, for a net gain of $34,617, or 193.00%.
Real Per Capita Personal Income Indices (1969=100): 1969-2022
Real Per Capita Personal Income Indices (1969=100): 1969-2022
Figure 3.
Figure 3 shows Phillips County's real per capita personal income 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 per capita personal income in 1969 as a base figure of 100, and the real per capita personal incomes in later years as a percentage of the 1969 base figure. This method allows for more direct comparison of differences in real per capita personal income growth between regions that may differ vastly in size.
Phillips County's overall real per capita personal income growth was 155.21% over 1969-2022 trailed Montana's increase of 193.00%, and fell below the United States' increase of 171.04%.
Per Capita Personal Income as a Percent of the U.S. Average: 1969-2022
Per Capita Personal Income as a Percent of the U.S. Average: 1969-2022
Figure 4.
Figure 4 depicts the trends for per capita personal income relative to the national average by tracing Phillips County and Montana per capita personal income as a percent of the national average over 1969-2022.
In 1969, Phillips County's per capita personal income amounted to 72.94% of the national average; in 2022, it approximated 68.68%. Similarly, in 1969, Montana's per capita personal income totaled 86.17% of the national average; in 2022, it consisted of 93.15%.
Phillips County Real Per Capita Personal Income:
Annual Percent Change, 1970-2022
Phillips County Real Per Capita Personal Income:
Annual Percent Change, 1970-2022
Figure 5.
Figure 5 shows the short-run pattern of Phillips County's real per capita 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 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, Phillips County's real per capita personal income grew at an annual rate of 2.33% over 1970-2022. The county recorded its highest growth in 1986 (29.53%) and recorded its lowest growth in 1976 (-20.16%). In 2022, Phillips County's real per capita personal income declined by -0.32%
Phillips County Real Per Capita Personal Income:
Annual Percent Change and Decade Averages Over 1970-2022
Phillips County Real Per Capita 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 illustrates the annual percent change in Phillips County's real per capita 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, Phillips County's annual real per capita personal income growth rate averaged 3.62%. It averaged 3.80% in the 1980s, -0.13% throughout the 1990s, 3.56% in the 2000s, 1.14% in the 2010s, 1.10% thus far this decade (2020-2022).
Real Per Capita Personal Income Growth:
Average Annual Percent Change by Decade
Real Per Capita Personal Income Growth:
Average Annual Percent Change by Decade
Figure 7.
Figure 7 compares the decade average growth rates for Phillips County noted in the previous graph with the corresponding decade averages for Montana and the nation. As the chart reveals, Phillips County's average annual real per capita personal income growth surpassed Montana's average during the 1970s (3.62% vs. 2.89%), exceeded Montana's average during the 1980s (3.80% vs. 0.87%), trailed Montana's average during the 1990s (-0.13% vs. 1.64%), surpassed Montana's average during the 2000s (3.56% vs. 2.56%), trailed Montana's average throughout the 2010s (1.14% vs. 2.16%), and posted below Montana's average over the 3 year period of the current decade, 2020-2022 (1.10% vs. 3.16%).
Finally, relative to nationwide real per capita personal income growth trends, Phillips County surpassed the nation in the 1970s (3.62% vs. 2.37%), recorded above the nation in the 1980s (3.80% vs. 2.19%), trailed the nation over the 1990s (-0.13% vs. 2.01%), registered above the nation in the 2000s (3.56% vs. 1.10%), trailed the nation during the 2010s (1.14% vs. 1.97%), and lagged the nation over 2020-2022 (1.10% vs. 1.78%).
   
 
Real* Per Capita Personal Income Growth:
Average Annual Percent Change
 
 
 
2.33
3.62
3.80
-0.13
3.56
1.14
1.10
-0.32
 
2.09
2.89
0.87
1.64
2.56
2.16
3.16
-1.82
 
1.92
2.37
2.19
2.01
1.10
1.97
1.78
-4.55
 
   

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

   
 
Phillips County:
Per Capita Personal Income, 1969-2022
 
1969
 
2,867
0.189
15,183
100.0
N
84.65
72.94
1970
 
3,521
0.198
17,813
117.3
17.32
94.26
83.87
1971
 
3,392
0.206
16,462
108.4
-7.58
86.53
75.87
1972
 
4,537
0.213
21,291
140.2
29.33
101.00
93.41
1973
 
6,175
0.225
27,501
181.1
29.17
119.93
115.15
1974
 
5,640
0.248
22,750
149.8
-17.28
102.17
96.66
1975
 
5,612
0.269
20,894
137.6
-8.16
93.88
88.74
1976
 
4,727
0.283
16,682
109.9
-20.16
74.59
68.75
1977
 
4,831
0.302
16,010
105.4
-4.03
71.70
64.28
1978
 
6,612
0.323
20,484
134.9
27.94
85.11
79.12
1979
 
6,451
0.351
18,357
120.9
-10.38
77.73
69.88
1980
 
7,204
0.389
18,505
121.9
0.81
78.74
70.74
1981
 
9,114
0.424
21,488
141.5
16.12
88.46
80.72
1982
 
8,958
0.448
20,009
131.8
-6.88
83.43
74.71
1983
 
8,867
0.467
18,996
125.1
-5.06
79.47
69.81
1984
 
9,549
0.484
19,714
129.8
3.78
81.71
68.75
1985
 
8,821
0.501
17,597
115.9
-10.74
74.50
59.82
1986
 
11,675
0.512
22,794
150.1
29.53
93.85
75.41
1987
 
13,079
0.528
24,770
163.1
8.67
101.68
80.60
1988
 
12,247
0.549
22,323
147.0
-9.88
91.77
70.22
1989
 
14,277
0.573
24,933
164.2
11.69
97.05
76.52
1990
 
14,427
0.598
24,135
159.0
-3.20
93.25
73.53
1991
 
15,006
0.618
24,292
160.0
0.65
91.93
74.84
1992
 
15,121
0.634
23,842
157.0
-1.85
89.13
71.74
1993
 
16,320
0.650
25,108
165.4
5.31
90.98
75.16
1994
 
15,673
0.664
23,620
155.6
-5.93
86.68
69.50
1995
 
15,306
0.678
22,591
148.8
-4.35
81.81
64.92
1996
 
14,935
0.692
21,581
142.1
-4.47
77.07
60.40
1997
 
15,465
0.704
21,965
144.7
1.78
76.84
59.65
1998
 
17,590
0.710
24,786
163.2
12.84
82.08
63.98
1999
 
17,479
0.720
24,277
159.9
-2.05
80.46
61.13
2000
 
18,684
0.738
25,309
166.7
4.25
81.30
61.16
2001
 
20,274
0.753
26,924
177.3
6.38
84.79
64.27
2002
 
19,966
0.763
26,171
172.4
-2.80
81.44
62.78
2003
 
22,655
0.779
29,084
191.6
11.13
86.75
69.37
2004
 
25,683
0.798
32,173
211.9
10.62
91.61
75.13
2005
 
26,019
0.821
31,682
208.7
-1.53
87.20
72.95
2006
 
25,386
0.844
30,064
198.0
-5.11
79.65
67.08
2007
 
28,743
0.866
33,187
218.6
10.39
84.93
72.61
2008
 
30,504
0.892
34,209
225.3
3.08
85.76
74.67
2009
 
30,175
0.889
33,935
223.5
-0.80
87.52
76.77
2010
 
31,791
0.905
35,122
231.3
3.50
88.31
78.38
2011
 
34,727
0.928
37,420
246.5
6.54
91.02
81.42
2012
 
36,456
0.945
38,564
254.0
3.06
90.64
82.41
2013
 
34,436
0.958
35,953
236.8
-6.77
85.78
77.56
2014
 
32,600
0.971
33,566
221.1
-6.64
77.89
70.43
2015
 
34,223
0.973
35,173
231.7
4.78
79.40
71.21
2016
 
33,820
0.983
34,410
226.6
-2.17
78.09
69.06
2017
 
34,788
1.000
34,788
229.1
1.10
76.67
68.21
2018
 
37,246
1.020
36,499
240.4
4.92
78.89
69.87
2019
 
38,940
1.035
37,618
247.8
3.07
78.43
70.10
2020
 
42,234
1.046
40,363
265.8
7.30
78.87
71.40
2021
 
42,371
1.090
38,872
256.0
-3.69
72.62
65.76
2022
 
44,965
1.160
38,749
255.2
-0.32
73.73
68.68
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 2023
REAP_PI_CA1400_700_PSN
 
   

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

   
 
Montana:
Per Capita Personal Income, 1969-2022
 
1969
 
3,387
0.189
17,936
100.0
N
86.17
1970
 
3,735
0.198
18,898
105.4
5.36
88.98
1971
 
3,920
0.206
19,025
106.1
0.67
87.68
1972
 
4,492
0.213
21,081
117.5
10.81
92.49
1973
 
5,149
0.225
22,930
127.8
8.77
96.01
1974
 
5,521
0.248
22,267
124.1
-2.89
94.61
1975
 
5,978
0.269
22,256
124.1
-0.05
94.53
1976
 
6,337
0.283
22,365
124.7
0.49
92.17
1977
 
6,739
0.302
22,331
124.5
-0.15
89.66
1978
 
7,768
0.323
24,068
134.2
7.78
92.96
1979
 
8,299
0.351
23,615
131.7
-1.88
89.89
1980
 
9,148
0.389
23,500
131.0
-0.49
89.83
1981
 
10,303
0.424
24,291
135.4
3.37
91.25
1982
 
10,737
0.448
23,983
133.7
-1.27
89.55
1983
 
11,157
0.467
23,904
133.3
-0.33
87.85
1984
 
11,687
0.484
24,127
134.5
0.94
84.15
1985
 
11,840
0.501
23,619
131.7
-2.11
80.29
1986
 
12,440
0.512
24,288
135.4
2.83
80.35
1987
 
12,862
0.528
24,360
135.8
0.30
79.26
1988
 
13,346
0.549
24,326
135.6
-0.14
76.52
1989
 
14,711
0.573
25,692
143.2
5.61
78.85
1990
 
15,470
0.598
25,881
144.3
0.74
78.85
1991
 
16,323
0.618
26,424
147.3
2.10
81.41
1992
 
16,965
0.634
26,750
149.1
1.23
80.49
1993
 
17,939
0.650
27,598
153.9
3.17
82.62
1994
 
18,082
0.664
27,250
151.9
-1.26
80.18
1995
 
18,710
0.678
27,614
154.0
1.33
79.35
1996
 
19,378
0.692
28,001
156.1
1.40
78.37
1997
 
20,127
0.704
28,587
159.4
2.09
77.63
1998
 
21,431
0.710
30,199
168.4
5.64
77.95
1999
 
21,723
0.720
30,171
168.2
-0.09
75.98
2000
 
22,982
0.738
31,132
173.6
3.18
75.23
2001
 
23,910
0.753
31,752
177.0
1.99
75.79
2002
 
24,516
0.763
32,135
179.2
1.21
77.09
2003
 
26,114
0.779
33,525
186.9
4.33
79.96
2004
 
28,034
0.798
35,119
195.8
4.75
82.01
2005
 
29,839
0.821
36,333
202.6
3.46
83.66
2006
 
31,870
0.844
37,743
210.4
3.88
84.22
2007
 
33,841
0.866
39,074
217.9
3.53
85.48
2008
 
35,569
0.892
39,889
222.4
2.09
87.07
2009
 
34,479
0.889
38,775
216.2
-2.79
87.72
2010
 
36,000
0.905
39,773
221.7
2.57
88.76
2011
 
38,152
0.928
41,110
229.2
3.36
89.45
2012
 
40,220
0.945
42,546
237.2
3.49
90.92
2013
 
40,146
0.958
41,915
233.7
-1.48
90.42
2014
 
41,855
0.971
43,096
240.3
2.82
90.42
2015
 
43,100
0.973
44,297
247.0
2.79
89.68
2016
 
43,306
0.983
44,063
245.7
-0.53
88.43
2017
 
45,373
1.000
45,373
253.0
2.97
88.96
2018
 
47,211
1.020
46,264
257.9
1.96
88.56
2019
 
49,647
1.035
47,962
267.4
3.67
89.38
2020
 
53,546
1.046
51,174
285.3
6.70
90.52
2021
 
58,344
1.090
53,526
298.4
4.60
90.55
2022
 
60,984
1.160
52,553
293.0
-1.82
93.15
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 2023
REAP_PI_CA1400_700_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:
Per Capita Personal Income, 1969-2022
 
1969
 
3,931
0.189
20,816
100.0
N
1970
 
4,198
0.198
21,238
102.0
2.03
1971
 
4,471
0.206
21,697
104.2
2.16
1972
 
4,857
0.213
22,793
109.5
5.05
1973
 
5,363
0.225
23,883
114.7
4.78
1974
 
5,836
0.248
23,537
113.1
-1.45
1975
 
6,324
0.269
23,544
113.1
0.03
1976
 
6,875
0.283
24,265
116.6
3.07
1977
 
7,516
0.302
24,906
119.6
2.64
1978
 
8,356
0.323
25,889
124.4
3.95
1979
 
9,232
0.351
26,271
126.2
1.47
1980
 
10,184
0.389
26,160
125.7
-0.42
1981
 
11,291
0.424
26,621
127.9
1.76
1982
 
11,990
0.448
26,781
128.7
0.60
1983
 
12,701
0.467
27,210
130.7
1.61
1984
 
13,889
0.484
28,674
137.7
5.38
1985
 
14,746
0.501
29,417
141.3
2.59
1986
 
15,482
0.512
30,227
145.2
2.75
1987
 
16,228
0.528
30,733
147.6
1.67
1988
 
17,442
0.549
31,790
152.7
3.44
1989
 
18,658
0.573
32,584
156.5
2.50
1990
 
19,619
0.598
32,821
157.7
0.73
1991
 
20,050
0.618
32,457
155.9
-1.11
1992
 
21,077
0.634
33,234
159.7
2.39
1993
 
21,713
0.650
33,405
160.5
0.51
1994
 
22,552
0.664
33,986
163.3
1.74
1995
 
23,577
0.678
34,798
167.2
2.39
1996
 
24,725
0.692
35,729
171.6
2.67
1997
 
25,925
0.704
36,822
176.9
3.06
1998
 
27,493
0.710
38,740
186.1
5.21
1999
 
28,592
0.720
39,711
190.8
2.51
2000
 
30,551
0.738
41,384
198.8
4.21
2001
 
31,548
0.753
41,895
201.3
1.23
2002
 
31,801
0.763
41,684
200.2
-0.50
2003
 
32,659
0.779
41,928
201.4
0.59
2004
 
34,183
0.798
42,821
205.7
2.13
2005
 
35,669
0.821
43,432
208.6
1.43
2006
 
37,843
0.844
44,816
215.3
3.19
2007
 
39,588
0.866
45,710
219.6
1.99
2008
 
40,854
0.892
45,816
220.1
0.23
2009
 
39,307
0.889
44,204
212.4
-3.52
2010
 
40,557
0.905
44,808
215.3
1.36
2011
 
42,649
0.928
45,956
220.8
2.56
2012
 
44,237
0.945
46,795
224.8
1.83
2013
 
44,401
0.958
46,357
222.7
-0.94
2014
 
46,287
0.971
47,659
229.0
2.81
2015
 
48,060
0.973
49,394
237.3
3.64
2016
 
48,971
0.983
49,826
239.4
0.88
2017
 
51,004
1.000
51,004
245.0
2.36
2018
 
53,309
1.020
52,240
251.0
2.42
2019
 
55,547
1.035
53,662
257.8
2.72
2020
 
59,153
1.046
56,533
271.6
5.35
2021
 
64,430
1.090
59,110
284.0
4.56
2022
 
65,470
1.160
56,419
271.0
-4.55
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 2023
REAP_PI_CA1400_700_PN
 
   
Copyright © 2023. Pacific Northwest Regional Economic Analysis Project (PNREAP). All Rights Reserved.

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