Madison County vs. Montana
Comparative Trends Analysis:
Total Personal Income Growth and Change, 1969-2022
Introduction
Madison County vs. Montana
Madison County:
2022 TPI = $670,597K
2022 Percent of State = 0.98%
Montana:
2022 TPI = $68,477,036K
2022 Percent of U.S. = 0.31%
The annual total personal incomes (TPI) estimates compiled by the Bureau of Economic Analysis, (BEA) are among the most comprehensive, consistent, comparable and timely measures of economic activity available statewide and at the national levels. Personal income estimates are also the best available local level indicator of general purchasing power, and are therefore central to tracking and comparing county patterns of economic growth and change.
The following graphs highlight trends in the pattern of growth and change in the total personal income of Madison County and Montana with comparison to the nation. The data used are those compiled by the Regional Income and Product Divisions of the Bureau of Economic Analysis, U.S. Department of Commerce. The 2017 constant dollar (real) estimates of total personal income reported in the tables and portrayed graphically below are determined using the Implicit Price Deflator for Personal Consumption.
Data Definition:
Personal income is the income received by persons from participation in production, plus transfer receipts from government and business, plus government interest (which is treated like a transfer receipt). It is defined as the sum of wages and salaries, supplements to wages and salaries, proprietors' income with inventory valuation and capital consumption adjustments, rental income of persons with capital consumption adjustment, personal dividend income, personal interest income, and personal current transfer receipts, less contributions for government social insurance. Because the personal income of an area represents the income that is received by, or on behalf of, all the persons who live in that area, and because the estimates of some components of personal income (wages and salaries, supplements to wages and salaries, and contributions for government social insurance) are made on a place-of-work basis, state personal income includes an adjustment for residence. The residence adjustment represents the net flow of compensation (less contributions for government social insurance) of interstate commuters.
Madison County Total Personal Income, 1970-2022
Current vs. Constant Dollars (Millions)
Madison County Total Personal Income, 1970-2022
Current vs. Constant Dollars (Millions)
Figure 1.
Figure 1 depicts Madison County's annual total 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 Madison County over time.
When measured in current dollars, Madison County's total personal income increased 4,367.07%, from $15M in 1970 to $671M in 2022. When measured in constant 2017 dollars to adjust for inflation, it advanced 660.89%, from $76M in 1970 to $578M in 2022.
Real Total Personal Income, 1969-2022 (Millions)
Real Total Personal Income, 1969-2022 (Millions)
Figure 2.
Figure 2 tracks Madison County's and Montana's annual real total personal income for the period 1969-2022 to illustrate real total personal income patterns over time. During this 54-year period, Madison County's real total personal income rose from $75M in 1969 to $578M in 2022, for a net gain of $503M, or 674.25%. In comparison, Montana's real total personal income advanced from $12,448M in 1969 to $59,010M in 2022, for a net advance of $46,562M, or 374.07%.
Real Total Personal Income Indices (1969=100): 1969-2022
Real Total Personal Income Indices (1969=100): 1969-2022
Figure 3.
Figure 3 portrays Madison County's real total 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 total personal income in 1969 as a base figure of 100, and the real total personal incomes in later years as a percentage of the 1969 base figure. This method allows for more direct comparison of differences in real total personal income growth between regions that may differ vastly in size.
Madison County's overall real total personal income growth was 674.25% over 1969-2022 outpaced Montana's increase of 374.07%, and topped the United States' increase of 348.76%.
Total Personal Income as a Percent of the Montana Total: 1969-2022
Total Personal Income as a Percent of the Montana Total: 1969-2022
Figure 4.
Another interesting and insightful way of contrasting the total personal income growth of Madison County is to trace its individual percentage contributions to Montana's statewide total personal income over time, as shown in Figure 4. A rising share means a region's total personal income grew faster, or declined less, than Montana's total personal income, while a declining share shows it grew more slowly.
In 1969, Madison County's total personal income totaled 0.60% of Montana's total personal income, while in 2022 it equated to 0.98% thereby yielding a +0.38% share-shift.
   
 
Total Personal Income Share-Shift
2022 vs. 1969
 
Share-
Shift*
 
2022
vs.
1969
+0.38%
=
0.98%
-
0.60%
 
   
Madison County Real Total Personal Income:
Annual Percent Change, 1970-2022
Madison County Real Total Personal Income:
Annual Percent Change, 1970-2022
Figure 5.
Figure 5 highlights the short-run pattern of Madison County's real total 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 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, Madison County's real total personal income grew at an annual rate of 4.17% over 1970-2022. The county recorded its highest growth in 2019 (27.46%) and posted its lowest growth in 1974 (-8.11%). In 2022, Madison County's real total personal income grew by 5.38%
Madison County Real Total Personal Income:
Annual Percent Change and Decade Averages Over 1970-2022
Madison County Real Total 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 traces the annual percent change in Madison County's real total 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, Madison County's annual real total personal income growth rate averaged 5.17%. It averaged 1.45% during the 1980s, 2.83% throughout the 1990s, 5.88% in the 2000s, 6.05% throughout the 2010s, 2.34% thus far this decade (2020-2022).
Real Total Personal Income Growth:
Average Annual Percent Change by Decade
Real Total Personal Income Growth:
Average Annual Percent Change by Decade
Figure 7.
Figure 7 compares the decade average growth rates for Madison County noted in the previous graph with the corresponding decade averages for Montana and the nation. As the chart reveals, Madison County's average annual real total personal income growth recorded above Montana's average during the 1970s (5.17% vs. 4.22%), outgained Montana's average throughout the 1980s (1.45% vs. 1.00%), recorded above Montana's average during the 1990s (2.83% vs. 2.82%), led Montana's average during the 2000s (5.88% vs. 3.51%), topped Montana's average in the 2010s (6.05% vs. 3.07%), and recorded under Montana's average over the 3 year period of the current decade, 2020-2022 (2.34% vs. 4.65%).
Finally, relative to nationwide real total personal income growth trends, Madison County surpassed the nation over the 1970s (5.17% vs. 3.50%), fell under the nation throughout the 1980s (1.45% vs. 3.16%), fell under the nation during the 1990s (2.83% vs. 3.27%), exceeded the nation in the 2000s (5.88% vs. 2.06%), surpassed the nation in the 2010s (6.05% vs. 2.72%), and outperformed the nation over 2020-2022 (2.34% vs. 2.10%).
   
 
Real* Total Personal Income Growth:
Average Annual Percent Change
 
 
 
4.17
5.17
1.45
2.83
5.88
6.05
2.34
5.38
 
3.02
4.22
1.00
2.82
3.51
3.07
4.65
-0.34
 
2.89
3.50
3.16
3.27
2.06
2.72
2.10
-4.19
 
   

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

   
 
Madison County:
Total Personal Income, 1969-2022
 
1969
 
14,094
0.189
74,639
100.0
N
0.60
1970
 
15,012
0.198
75,949
101.8
1.76
0.58
1971
 
16,017
0.206
77,734
104.1
2.35
0.57
1972
 
19,577
0.213
91,876
123.1
18.19
0.61
1973
 
24,115
0.225
107,393
143.9
16.89
0.64
1974
 
24,466
0.248
98,681
132.2
-8.11
0.60
1975
 
25,129
0.269
93,555
125.3
-5.19
0.56
1976
 
26,958
0.283
95,147
127.5
1.70
0.56
1977
 
28,124
0.302
93,200
124.9
-2.05
0.54
1978
 
36,230
0.323
112,251
150.4
20.44
0.59
1979
 
41,693
0.351
118,638
159.0
5.69
0.64
1980
 
42,537
0.389
109,271
146.4
-7.90
0.59
1981
 
50,910
0.424
120,028
160.8
9.84
0.62
1982
 
51,118
0.448
114,177
153.0
-4.88
0.59
1983
 
52,902
0.467
113,339
151.9
-0.73
0.58
1984
 
58,465
0.484
120,698
161.7
6.49
0.61
1985
 
58,499
0.501
116,699
156.4
-3.31
0.60
1986
 
64,339
0.512
125,615
168.3
7.64
0.64
1987
 
63,674
0.528
120,590
161.6
-4.00
0.61
1988
 
65,947
0.549
120,199
161.0
-0.32
0.62
1989
 
76,845
0.573
134,201
179.8
11.65
0.65
1990
 
80,210
0.598
134,187
179.8
-0.01
0.65
1991
 
83,791
0.618
135,641
181.7
1.08
0.63
1992
 
87,558
0.634
138,061
185.0
1.78
0.63
1993
 
96,981
0.650
149,202
199.9
8.07
0.64
1994
 
97,270
0.664
146,588
196.4
-1.75
0.62
1995
 
103,652
0.678
152,983
205.0
4.36
0.63
1996
 
107,253
0.692
154,983
207.6
1.31
0.62
1997
 
113,006
0.704
160,504
215.0
3.56
0.63
1998
 
120,956
0.710
170,440
228.4
6.19
0.63
1999
 
127,276
0.720
176,770
236.8
3.71
0.65
2000
 
135,101
0.738
183,009
245.2
3.53
0.65
2001
 
157,739
0.753
209,475
280.7
14.46
0.73
2002
 
157,748
0.763
206,771
277.0
-1.29
0.71
2003
 
171,440
0.779
220,094
294.9
6.44
0.71
2004
 
198,091
0.798
248,150
332.5
12.75
0.76
2005
 
220,247
0.821
268,179
359.3
8.07
0.79
2006
 
241,543
0.844
286,053
383.3
6.67
0.80
2007
 
261,755
0.866
302,233
404.9
5.66
0.80
2008
 
279,590
0.892
313,547
420.1
3.74
0.81
2009
 
275,519
0.889
309,847
415.1
-1.18
0.81
2010
 
265,799
0.905
293,655
393.4
-5.23
0.75
2011
 
301,258
0.928
324,617
434.9
10.54
0.79
2012
 
292,889
0.945
309,824
415.1
-4.56
0.72
2013
 
308,897
0.958
322,503
432.1
4.09
0.76
2014
 
333,464
0.971
343,349
460.0
6.46
0.78
2015
 
353,481
0.973
363,294
486.7
5.81
0.79
2016
 
365,166
0.983
371,542
497.8
2.27
0.81
2017
 
411,443
1.000
411,443
551.2
10.74
0.86
2018
 
432,176
1.020
423,507
567.4
2.93
0.86
2019
 
558,756
1.035
539,793
723.2
27.46
1.05
2020
 
556,254
1.046
531,614
712.3
-1.52
0.96
2021
 
597,725
1.090
548,367
734.7
3.15
0.93
2022
 
670,597
1.160
577,887
774.2
5.38
0.98
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_300_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 Personal Income, 1969-2022
 
1969
 
2,350,491
0.189
12,447,657
100.0
N
0.30
1970
 
2,604,190
0.198
13,175,099
105.8
5.84
0.30
1971
 
2,787,297
0.206
13,527,285
108.7
2.67
0.30
1972
 
3,230,256
0.213
15,159,827
121.8
12.07
0.32
1973
 
3,745,221
0.225
16,678,784
134.0
10.02
0.33
1974
 
4,069,917
0.248
16,415,589
131.9
-1.58
0.33
1975
 
4,478,717
0.269
16,674,300
134.0
1.58
0.33
1976
 
4,806,477
0.283
16,964,236
136.3
1.74
0.32
1977
 
5,197,877
0.302
17,225,202
138.4
1.54
0.31
1978
 
6,090,546
0.323
18,870,201
151.6
9.55
0.33
1979
 
6,549,399
0.351
18,636,425
149.7
-1.24
0.32
1980
 
7,215,690
0.389
18,535,990
148.9
-0.54
0.31
1981
 
8,194,382
0.424
19,319,538
155.2
4.23
0.32
1982
 
8,632,561
0.448
19,281,591
154.9
-0.20
0.31
1983
 
9,082,310
0.467
19,458,201
156.3
0.92
0.31
1984
 
9,593,961
0.484
19,806,274
159.1
1.79
0.29
1985
 
9,735,941
0.501
19,422,161
156.0
-1.94
0.28
1986
 
10,122,849
0.512
19,763,855
158.8
1.76
0.27
1987
 
10,355,058
0.528
19,611,109
157.5
-0.77
0.26
1988
 
10,679,766
0.549
19,465,535
156.4
-0.74
0.25
1989
 
11,763,596
0.573
20,543,819
165.0
5.54
0.26
1990
 
12,379,212
0.598
20,709,681
166.4
0.81
0.25
1991
 
13,216,625
0.618
21,395,126
171.9
3.31
0.26
1992
 
14,009,275
0.634
22,089,680
177.5
3.25
0.26
1993
 
15,154,047
0.650
23,313,918
187.3
5.54
0.27
1994
 
15,574,369
0.664
23,470,928
188.6
0.67
0.26
1995
 
16,400,030
0.678
24,205,257
194.5
3.13
0.26
1996
 
17,173,644
0.692
24,816,329
199.4
2.52
0.26
1997
 
17,910,227
0.704
25,438,134
204.4
2.51
0.25
1998
 
19,125,723
0.710
26,950,164
216.5
5.94
0.25
1999
 
19,496,880
0.720
27,078,624
217.5
0.48
0.24
2000
 
20,770,544
0.738
28,135,981
226.0
3.90
0.24
2001
 
21,685,226
0.753
28,797,676
231.4
2.35
0.24
2002
 
22,350,296
0.763
29,296,111
235.4
1.73
0.24
2003
 
24,015,175
0.779
30,830,584
247.7
5.24
0.25
2004
 
26,072,167
0.798
32,660,838
262.4
5.94
0.26
2005
 
28,052,041
0.821
34,156,905
274.4
4.58
0.27
2006
 
30,362,708
0.844
35,957,731
288.9
5.27
0.27
2007
 
32,646,839
0.866
37,695,381
302.8
4.83
0.27
2008
 
34,730,541
0.892
38,948,683
312.9
3.32
0.28
2009
 
33,926,624
0.889
38,153,669
306.5
-2.04
0.28
2010
 
35,670,871
0.905
39,409,231
316.6
3.29
0.28
2011
 
38,082,705
0.928
41,035,629
329.7
4.13
0.29
2012
 
40,436,886
0.945
42,774,966
343.6
4.24
0.29
2013
 
40,785,993
0.958
42,582,551
342.1
-0.45
0.29
2014
 
42,901,443
0.971
44,173,189
354.9
3.74
0.29
2015
 
44,583,320
0.973
45,820,944
368.1
3.73
0.29
2016
 
45,283,300
0.983
46,073,929
370.1
0.55
0.29
2017
 
48,003,346
1.000
48,003,346
385.6
4.19
0.29
2018
 
50,352,020
1.020
49,341,989
396.4
2.79
0.29
2019
 
53,393,045
1.035
51,581,004
414.4
4.54
0.29
2020
 
58,208,785
1.046
55,630,320
446.9
7.85
0.30
2021
 
64,542,052
1.090
59,212,349
475.7
6.44
0.30
2022
 
68,477,036
1.160
59,010,053
474.1
-0.34
0.31
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_300_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 Personal Income, 1969-2022
 
1969
 
791,229,000
0.189
4,190,165,758
100.0
N
1970
 
855,525,000
0.198
4,328,265,709
103.3
3.30
1971
 
924,613,000
0.206
4,487,323,465
107.1
3.67
1972
 
1,016,408,000
0.213
4,770,076,966
113.8
6.30
1973
 
1,133,468,000
0.225
5,047,731,018
120.5
5.82
1974
 
1,244,912,000
0.248
5,021,223,733
119.8
-0.53
1975
 
1,362,505,000
0.269
5,072,617,275
121.1
1.02
1976
 
1,495,704,000
0.283
5,279,017,400
126.0
4.07
1977
 
1,651,632,000
0.302
5,473,329,799
130.6
3.68
1978
 
1,855,849,000
0.323
5,749,934,936
137.2
5.05
1979
 
2,073,296,000
0.351
5,899,598,782
140.8
2.60
1980
 
2,313,972,000
0.389
5,944,235,512
141.9
0.76
1981
 
2,590,995,000
0.424
6,108,676,176
145.8
2.77
1982
 
2,777,640,000
0.448
6,204,105,336
148.1
1.56
1983
 
2,969,333,000
0.467
6,361,584,112
151.8
2.54
1984
 
3,275,415,000
0.484
6,761,937,695
161.4
6.29
1985
 
3,508,482,000
0.501
6,999,046,441
167.0
3.51
1986
 
3,717,756,000
0.512
7,258,548,586
173.2
3.71
1987
 
3,931,800,000
0.528
7,446,308,852
177.7
2.59
1988
 
4,264,433,000
0.549
7,772,592,728
185.5
4.38
1989
 
4,605,107,000
0.573
8,042,309,775
191.9
3.47
1990
 
4,897,332,000
0.598
8,192,943,538
195.5
1.87
1991
 
5,072,291,000
0.618
8,211,045,100
196.0
0.22
1992
 
5,406,546,000
0.634
8,524,985,809
203.5
3.82
1993
 
5,643,648,000
0.650
8,682,535,385
207.2
1.85
1994
 
5,933,938,000
0.664
8,942,579,420
213.4
3.00
1995
 
6,278,125,000
0.678
9,266,058,093
221.1
3.62
1996
 
6,660,854,000
0.692
9,625,094,288
229.7
3.87
1997
 
7,068,422,000
0.704
10,039,373,926
239.6
4.30
1998
 
7,584,003,000
0.710
10,686,661,406
255.0
6.45
1999
 
7,978,449,000
0.720
11,081,025,264
264.5
3.69
2000
 
8,620,234,000
0.738
11,677,052,911
278.7
5.38
2001
 
8,990,104,000
0.753
11,938,732,039
284.9
2.24
2002
 
9,146,700,000
0.763
11,989,225,466
286.1
0.42
2003
 
9,474,684,000
0.779
12,163,560,736
290.3
1.45
2004
 
10,008,929,000
0.798
12,538,275,270
299.2
3.08
2005
 
10,540,800,000
0.821
12,834,755,927
306.3
2.36
2006
 
11,291,446,000
0.844
13,372,153,008
319.1
4.19
2007
 
11,925,044,000
0.866
13,769,145,681
328.6
2.97
2008
 
12,423,410,000
0.892
13,932,275,429
332.5
1.18
2009
 
12,058,253,000
0.889
13,560,635,845
323.6
-2.67
2010
 
12,547,501,000
0.905
13,862,497,514
330.8
2.23
2011
 
13,299,818,000
0.928
14,331,082,712
342.0
3.38
2012
 
13,905,749,000
0.945
14,709,785,897
351.1
2.64
2013
 
14,063,283,000
0.958
14,682,748,144
350.4
-0.18
2014
 
14,778,160,000
0.971
15,216,235,418
363.1
3.63
2015
 
15,467,113,000
0.973
15,896,476,839
379.4
4.47
2016
 
15,884,741,000
0.983
16,162,082,333
385.7
1.67
2017
 
16,658,962,000
1.000
16,658,962,000
397.6
3.07
2018
 
17,514,402,000
1.020
17,163,073,878
409.6
3.03
2019
 
18,343,601,000
1.035
17,721,060,157
422.9
3.25
2020
 
19,609,985,000
1.046
18,741,324,605
447.3
5.76
2021
 
21,392,812,000
1.090
19,626,252,970
468.4
4.72
2022
 
21,820,248,000
1.160
18,803,588,325
448.8
-4.19
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_300_PN
 
   
Copyright © 2024. Pacific Northwest Regional Economic Analysis Project (PNREAP). All Rights Reserved.

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