Garfield County vs. Montana
Comparative Trends Analysis:
Total Industry Earnings Growth and Change, 1969-2022
Introduction
Garfield County vs. Montana
Garfield County:
2022 Earnings = $32,086K
2022 Percent of State = 0.08%
Montana:
2022 Earnings = $42,527,835K
2022 Percent of U.S. = 0.28%
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.
Garfield County Total Industry Earnings, 1970-2022
Current vs. Constant Dollars (Millions)
Garfield County Total Industry Earnings, 1970-2022
Current vs. Constant Dollars (Millions)
Figure 1.
Figure 1 depicts Garfield County'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 Garfield County over time.
When measured in current dollars, Garfield County's total industry earnings increased 372.41%, from $7M in 1970 to $32M in 2022. When measured in constant 2017 dollars to adjust for inflation, it declined -19.53%, from $34M in 1970 to $28M in 2022.
Real Total Industry Earnings, 1969-2022 (Millions)
Real Total Industry Earnings, 1969-2022 (Millions)
Figure 2.
Figure 2 traces Garfield County's and Montana'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, Garfield County's real total industry earnings dropped from $38M in 1969 to $28M in 2022, for a net loss of ($11)M, or -27.53%. In comparison, Montana's real total industry earnings advanced from $9,924M in 1969 to $36,648M in 2022, for a net advance of $26,724M, or 269.30%.
Real Total Industry Earnings Indices (1969=100): 1969-2022
Real Total Industry Earnings Indices (1969=100): 1969-2022
Figure 3.
Figure 3 shows Garfield County's real total industry earnings 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 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.
Garfield County's overall real total industry earnings growth was -27.53% over 1969-2022 trailed Montana's increase of 269.30%, and fell below the United States' increase of 278.59%.
Total Industry Earnings as a Percent of the Montana Total: 1969-2022
Total Industry Earnings as a Percent of the Montana Total: 1969-2022
Figure 4.
Another interesting and insightful way of contrasting the total industry earnings growth of Garfield County is to compare its individual percentage contributions to Montana'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 Montana's total industry earnings, while a declining share shows it grew more slowly.
In 1969, Garfield County's total industry earnings totaled 0.38% of Montana's total industry earnings, while in 2022 it totaled 0.08% thereby yielding a -0.31% share-shift.
   
 
Total Industry Earnings Share-Shift
2022 vs. 1969
 
Share-
Shift*
 
2022
vs.
1969
-0.31%
=
0.08%
-
0.38%
 
   
Garfield County Real Total Industry Earnings:
Annual Percent Change, 1970-2022
Garfield County Real Total Industry Earnings:
Annual Percent Change, 1970-2022
Figure 5.
Figure 5 highlights the short-run pattern of Garfield County'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 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, Garfield County's real total industry earnings grew at an annual rate of 3.37% over 1970-2022. The county recorded its highest growth in 1986 (112.18%) and posted its lowest growth in 1979 (-36.30%). In 2022, Garfield County's real total industry earnings grew by 68.04%
Garfield County Real Total Industry Earnings:
Annual Percent Change and Decade Averages Over 1970-2022
Garfield County Real Total Industry Earnings:
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 traces the annual percent change in Garfield County'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, Garfield County's annual real total industry earnings growth rate averaged -0.14%. It averaged 5.69% in the 1980s, 2.62% during the 1990s, 0.18% in the 2000s, 3.65% during the 2010s, 19.51% 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 Garfield County noted in the previous graph with the corresponding decade averages for Montana and the nation. As the chart reveals, Garfield County's average annual real total industry earnings growth posted below Montana's average in the 1970s (-0.14% vs. 3.68%), topped Montana's average throughout the 1980s (5.69% vs. -0.01%), recorded under Montana's average throughout the 1990s (2.62% vs. 3.09%), recorded under Montana's average throughout the 2000s (0.18% vs. 3.01%), led Montana's average during the 2010s (3.65% vs. 2.42%), and led Montana's average over the 3 year period of the current decade, 2020-2022 (19.51% vs. 4.55%).
Finally, relative to nationwide real total industry earnings growth trends, Garfield County posted below the nation throughout the 1970s (-0.14% vs. 3.13%), topped the nation throughout the 1980s (5.69% vs. 2.62%), fell under the nation in the 1990s (2.62% vs. 3.43%), lagged the nation over the 2000s (0.18% vs. 1.47%), topped the nation during the 2010s (3.65% vs. 2.53%), and outperformed the nation over 2020-2022 (19.51% vs. 1.48%).
   
 
Real* Total Industry Earnings Growth:
Average Annual Percent Change
 
 
 
3.37
-0.14
5.69
2.62
0.18
3.65
19.51
68.04
 
2.56
3.68
-0.01
3.09
3.01
2.42
4.55
3.62
 
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.

   
 
Garfield County:
Total Industry Earnings, 1969-2022
 
1969
 
7,205
0.189
38,156
100.0
N
0.38
1970
 
6,792
0.198
34,362
90.1
-9.94
0.33
1971
 
5,533
0.206
26,853
70.4
-21.85
0.26
1972
 
7,948
0.213
37,301
97.8
38.91
0.31
1973
 
11,791
0.225
52,509
137.6
40.77
0.40
1974
 
8,594
0.248
34,663
90.8
-33.99
0.27
1975
 
8,029
0.269
29,892
78.3
-13.76
0.24
1976
 
6,434
0.283
22,709
59.5
-24.03
0.18
1977
 
5,624
0.302
18,637
48.8
-17.93
0.14
1978
 
10,633
0.323
32,944
86.3
76.76
0.23
1979
 
7,375
0.351
20,986
55.0
-36.30
0.15
1980
 
7,206
0.389
18,511
48.5
-11.79
0.14
1981
 
11,751
0.424
27,705
72.6
49.67
0.20
1982
 
9,515
0.448
21,253
55.7
-23.29
0.16
1983
 
9,230
0.467
19,775
51.8
-6.95
0.15
1984
 
6,653
0.484
13,735
36.0
-30.54
0.10
1985
 
4,954
0.501
9,883
25.9
-28.05
0.08
1986
 
10,740
0.512
20,969
55.0
112.18
0.16
1987
 
10,821
0.528
20,494
53.7
-2.27
0.15
1988
 
9,491
0.549
17,299
45.3
-15.59
0.13
1989
 
11,250
0.573
19,647
51.5
13.57
0.14
1990
 
11,908
0.598
19,921
52.2
1.40
0.14
1991
 
13,888
0.618
22,482
58.9
12.85
0.15
1992
 
12,886
0.634
20,319
53.3
-9.62
0.13
1993
 
16,674
0.650
25,652
67.2
26.25
0.15
1994
 
13,088
0.664
19,724
51.7
-23.11
0.12
1995
 
9,050
0.678
13,357
35.0
-32.28
0.08
1996
 
9,282
0.692
13,413
35.2
0.42
0.08
1997
 
10,229
0.704
14,528
38.1
8.32
0.08
1998
 
12,759
0.710
17,979
47.1
23.75
0.10
1999
 
15,304
0.720
21,255
55.7
18.22
0.11
2000
 
12,563
0.738
17,018
44.6
-19.94
0.09
2001
 
17,022
0.753
22,605
59.2
32.83
0.11
2002
 
12,679
0.763
16,619
43.6
-26.48
0.08
2003
 
17,112
0.779
21,968
57.6
32.19
0.10
2004
 
16,565
0.798
20,751
54.4
-5.54
0.09
2005
 
20,759
0.821
25,277
66.2
21.81
0.11
2006
 
13,728
0.844
16,258
42.6
-35.68
0.07
2007
 
17,341
0.866
20,023
52.5
23.16
0.08
2008
 
15,911
0.892
17,843
46.8
-10.88
0.07
2009
 
14,338
0.889
16,124
42.3
-9.63
0.06
2010
 
21,565
0.905
23,825
62.4
47.76
0.09
2011
 
22,812
0.928
24,581
64.4
3.17
0.09
2012
 
26,216
0.945
27,732
72.7
12.82
0.10
2013
 
24,977
0.958
26,077
68.3
-5.97
0.09
2014
 
25,338
0.971
26,089
68.4
0.05
0.09
2015
 
27,831
0.973
28,604
75.0
9.64
0.10
2016
 
20,216
0.983
20,569
53.9
-28.09
0.07
2017
 
18,765
1.000
18,765
49.2
-8.77
0.06
2018
 
22,166
1.020
21,721
56.9
15.75
0.07
2019
 
20,274
1.035
19,586
51.3
-9.83
0.06
2020
 
24,828
1.046
23,728
62.2
21.15
0.07
2021
 
17,936
1.090
16,455
43.1
-30.65
0.05
2022
 
32,086
1.160
27,650
72.5
68.04
0.08
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_1200_PSN
 
   

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

   
 
Montana:
Total Industry Earnings, 1969-2022
 
1969
 
1,873,921
0.189
9,923,852
100.0
N
0.29
1970
 
2,045,607
0.198
10,349,120
104.3
4.29
0.30
1971
 
2,169,624
0.206
10,529,600
106.1
1.74
0.29
1972
 
2,557,335
0.213
12,001,760
120.9
13.98
0.31
1973
 
2,979,658
0.225
13,269,463
133.7
10.56
0.32
1974
 
3,170,700
0.248
12,788,690
128.9
-3.62
0.32
1975
 
3,409,995
0.269
12,695,439
127.9
-0.73
0.32
1976
 
3,644,033
0.283
12,861,444
129.6
1.31
0.31
1977
 
3,909,661
0.302
12,956,194
130.6
0.74
0.30
1978
 
4,664,031
0.323
14,450,462
145.6
11.53
0.32
1979
 
4,924,780
0.351
14,013,545
141.2
-3.02
0.30
1980
 
5,227,899
0.389
13,429,662
135.3
-4.17
0.29
1981
 
5,788,716
0.424
13,647,804
137.5
1.62
0.30
1982
 
5,885,709
0.448
13,146,253
132.5
-3.67
0.29
1983
 
6,165,828
0.467
13,209,847
133.1
0.48
0.28
1984
 
6,435,926
0.484
13,286,662
133.9
0.58
0.26
1985
 
6,440,756
0.501
12,848,620
129.5
-3.30
0.25
1986
 
6,767,052
0.512
13,211,996
133.1
2.83
0.24
1987
 
7,030,218
0.528
13,314,302
134.2
0.77
0.23
1988
 
7,258,317
0.549
13,229,412
133.3
-0.64
0.22
1989
 
7,984,527
0.573
13,944,093
140.5
5.40
0.23
1990
 
8,428,822
0.598
14,100,915
142.1
1.12
0.23
1991
 
9,178,614
0.618
14,858,377
149.7
5.37
0.24
1992
 
9,827,016
0.634
15,495,137
156.1
4.29
0.24
1993
 
10,820,733
0.650
16,647,282
167.8
7.44
0.26
1994
 
11,023,628
0.664
16,612,858
167.4
-0.21
0.25
1995
 
11,347,490
0.678
16,748,074
168.8
0.81
0.24
1996
 
11,805,788
0.692
17,059,648
171.9
1.86
0.24
1997
 
12,202,186
0.704
17,330,927
174.6
1.59
0.23
1998
 
13,071,043
0.710
18,418,480
185.6
6.28
0.23
1999
 
13,569,468
0.720
18,846,222
189.9
2.32
0.22
2000
 
14,256,331
0.738
19,311,765
194.6
2.47
0.22
2001
 
14,822,813
0.753
19,684,488
198.4
1.93
0.22
2002
 
15,505,266
0.763
20,323,847
204.8
3.25
0.22
2003
 
16,611,443
0.779
21,325,703
214.9
4.93
0.23
2004
 
18,097,136
0.798
22,670,445
228.4
6.31
0.24
2005
 
19,611,354
0.821
23,879,302
240.6
5.33
0.24
2006
 
20,887,711
0.844
24,736,749
249.3
3.59
0.25
2007
 
22,294,972
0.866
25,742,691
259.4
4.07
0.25
2008
 
22,995,278
0.892
25,788,133
259.9
0.18
0.26
2009
 
22,481,428
0.889
25,282,473
254.8
-1.96
0.26
2010
 
23,519,609
0.905
25,984,499
261.8
2.78
0.26
2011
 
24,929,846
0.928
26,862,900
270.7
3.38
0.26
2012
 
26,193,394
0.945
27,707,908
279.2
3.15
0.27
2013
 
27,020,998
0.958
28,211,230
284.3
1.82
0.27
2014
 
27,759,327
0.971
28,582,209
288.0
1.32
0.26
2015
 
28,826,078
0.973
29,626,284
298.5
3.65
0.26
2016
 
28,957,362
0.983
29,462,946
296.9
-0.55
0.26
2017
 
30,089,438
1.000
30,089,438
303.2
2.13
0.25
2018
 
31,440,622
1.020
30,809,942
310.5
2.39
0.25
2019
 
33,203,436
1.035
32,076,586
323.2
4.11
0.26
2020
 
34,984,223
1.046
33,434,532
336.9
4.23
0.27
2021
 
38,551,834
1.090
35,368,331
356.4
5.78
0.27
2022
 
42,527,835
1.160
36,648,342
369.3
3.62
0.28
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_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 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_1200_PN
 
   
Copyright © 2023. Pacific Northwest Regional Economic Analysis Project (PNREAP). All Rights Reserved.

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