Phillips County vs. Montana
Comparative Trends Analysis:
Total Industry Earnings Growth and Change, 1969-2022
Introduction
Phillips County vs. Montana
Phillips County:
2022 Earnings = $94,684K
2022 Percent of State = 0.22%
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.
Phillips County Total Industry Earnings, 1970-2022
Current vs. Constant Dollars (Millions)
Phillips County Total Industry Earnings, 1970-2022
Current vs. Constant Dollars (Millions)
Figure 1.
Figure 1 depicts Phillips 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 Phillips County over time.
When measured in current dollars, Phillips County's total industry earnings increased 591.53%, from $14M in 1970 to $95M in 2022. When measured in constant 2017 dollars to adjust for inflation, it advanced 17.79%, from $69M in 1970 to $82M in 2022.
Real Total Industry Earnings, 1969-2022 (Millions)
Real Total Industry Earnings, 1969-2022 (Millions)
Figure 2.
Figure 2 tracks Phillips 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, Phillips County's real total industry earnings rose from $58M in 1969 to $82M in 2022, for a net gain of $23M, or 40.40%. In comparison, Montana's real total industry earnings advanced from $9,924M in 1969 to $36,648M in 2022, for a net gain 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 portrays Phillips 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.
Phillips County's overall real total industry earnings growth was 40.40% 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 highlighting the total industry earnings growth of Phillips County is to trace 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, Phillips County's total industry earnings totaled 0.59% of Montana's total industry earnings, while in 2022 it comprised 0.22% thereby yielding a -0.36% share-shift.
   
 
Total Industry Earnings Share-Shift
2022 vs. 1969
 
Share-
Shift*
 
2022
vs.
1969
-0.36%
=
0.22%
-
0.59%
 
   
Phillips County Real Total Industry Earnings:
Annual Percent Change, 1970-2022
Phillips County Real Total Industry Earnings:
Annual Percent Change, 1970-2022
Figure 5.
Figure 5 displays the short-run pattern of Phillips 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 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, Phillips County's real total industry earnings grew at an annual rate of 1.96% over 1970-2022. The county recorded its highest growth in 1986 (62.69%) and posted its lowest growth in 1976 (-29.61%). In 2022, Phillips County's real total industry earnings grew by 10.38%
Phillips County Real Total Industry Earnings:
Annual Percent Change and Decade Averages Over 1970-2022
Phillips 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 shows the annual percent change in Phillips County's real total industry earnings since 1970, but this time they are overlayed 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 total industry earnings growth rate averaged 2.93%. It averaged 7.79% throughout the 1980s, -2.81% in the 1990s, 1.65% throughout the 2000s, -0.12% in the 2010s, 3.07% 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 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 total industry earnings growth lagged Montana's average in the 1970s (2.93% vs. 3.68%), recorded above Montana's average in the 1980s (7.79% vs. -0.01%), posted below Montana's average throughout the 1990s (-2.81% vs. 3.09%), lagged Montana's average during the 2000s (1.65% vs. 3.01%), posted below Montana's average in the 2010s (-0.12% vs. 2.42%), and lagged Montana's average over the 3 year period of the current decade, 2020-2022 (3.07% vs. 4.55%).
Finally, relative to nationwide real total industry earnings growth trends, Phillips County lagged the nation over the 1970s (2.93% vs. 3.13%), outpaced the nation during the 1980s (7.79% vs. 2.62%), fell below the nation during the 1990s (-2.81% vs. 3.43%), surpassed the nation over the 2000s (1.65% vs. 1.47%), trailed the nation over the 2010s (-0.12% vs. 2.53%), and outperformed the nation over 2020-2022 (3.07% vs. 1.48%).
   
 
Real* Total Industry Earnings Growth:
Average Annual Percent Change
 
 
 
1.96
2.93
7.79
-2.81
1.65
-0.12
3.07
10.38
 
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.

   
 
Phillips County:
Total Industry Earnings, 1969-2022
 
1969
 
10,974
0.189
58,116
100.0
N
0.59
1970
 
13,692
0.198
69,270
119.2
19.19
0.67
1971
 
12,514
0.206
60,733
104.5
-12.33
0.58
1972
 
17,420
0.213
81,753
140.7
34.61
0.68
1973
 
24,125
0.225
107,437
184.9
31.42
0.81
1974
 
20,864
0.248
84,153
144.8
-21.67
0.66
1975
 
19,712
0.269
73,388
126.3
-12.79
0.58
1976
 
14,636
0.283
51,657
88.9
-29.61
0.40
1977
 
13,474
0.302
44,651
76.8
-13.56
0.34
1978
 
21,743
0.323
67,366
115.9
50.87
0.47
1979
 
19,697
0.351
56,048
96.4
-16.80
0.40
1980
 
22,457
0.389
57,689
99.3
2.93
0.43
1981
 
28,911
0.424
68,162
117.3
18.16
0.50
1982
 
25,282
0.448
56,470
97.2
-17.15
0.43
1983
 
25,566
0.467
54,773
94.2
-3.00
0.41
1984
 
29,509
0.484
60,920
104.8
11.22
0.46
1985
 
22,816
0.501
45,515
78.3
-25.29
0.35
1986
 
37,928
0.512
74,051
127.4
62.69
0.56
1987
 
47,028
0.528
89,065
153.3
20.28
0.67
1988
 
43,643
0.549
79,546
136.9
-10.69
0.60
1989
 
54,102
0.573
94,483
162.6
18.78
0.68
1990
 
55,582
0.598
92,985
160.0
-1.59
0.66
1991
 
57,663
0.618
93,345
160.6
0.39
0.63
1992
 
54,430
0.634
85,825
147.7
-8.06
0.55
1993
 
59,841
0.650
92,063
158.4
7.27
0.55
1994
 
55,825
0.664
84,130
144.8
-8.62
0.51
1995
 
52,462
0.678
77,430
133.2
-7.96
0.46
1996
 
45,421
0.692
65,634
112.9
-15.23
0.38
1997
 
45,394
0.704
64,474
110.9
-1.77
0.37
1998
 
51,896
0.710
73,127
125.8
13.42
0.40
1999
 
49,542
0.720
68,807
118.4
-5.91
0.37
2000
 
49,033
0.738
66,421
114.3
-3.47
0.34
2001
 
51,127
0.753
67,896
116.8
2.22
0.34
2002
 
48,349
0.763
63,374
109.0
-6.66
0.31
2003
 
54,192
0.779
69,571
119.7
9.78
0.33
2004
 
66,444
0.798
83,235
143.2
19.64
0.37
2005
 
65,627
0.821
79,909
137.5
-4.00
0.33
2006
 
58,830
0.844
69,671
119.9
-12.81
0.28
2007
 
68,197
0.866
78,743
135.5
13.02
0.31
2008
 
67,810
0.892
76,046
130.9
-3.43
0.29
2009
 
69,124
0.889
77,736
133.8
2.22
0.31
2010
 
74,871
0.905
82,718
142.3
6.41
0.32
2011
 
81,746
0.928
88,085
151.6
6.49
0.33
2012
 
85,175
0.945
90,100
155.0
2.29
0.33
2013
 
80,105
0.958
83,633
143.9
-7.18
0.30
2014
 
72,083
0.971
74,220
127.7
-11.26
0.26
2015
 
76,619
0.973
78,746
135.5
6.10
0.27
2016
 
71,538
0.983
72,787
125.2
-7.57
0.25
2017
 
70,681
1.000
70,681
121.6
-2.89
0.23
2018
 
76,885
1.020
75,343
129.6
6.60
0.24
2019
 
77,877
1.035
75,234
129.5
-0.14
0.23
2020
 
84,270
1.046
80,537
138.6
7.05
0.24
2021
 
80,574
1.090
73,920
127.2
-8.22
0.21
2022
 
94,684
1.160
81,594
140.4
10.38
0.22
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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