Petroleum County vs. Montana
Comparative Trends Analysis:
Total Personal Income Growth and Change, 1969-2022
Introduction
Petroleum County vs. Montana
Petroleum County:
2022 TPI = $17,830K
2022 Percent of State = 0.03%
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 Petroleum 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.
Petroleum County Total Personal Income, 1970-2022
Current vs. Constant Dollars (Millions)
Petroleum County Total Personal Income, 1970-2022
Current vs. Constant Dollars (Millions)
Figure 1.
Figure 1 depicts Petroleum 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 Petroleum County over time.
When measured in current dollars, Petroleum County's total personal income increased 608.38%, from $3M in 1970 to $18M in 2022. When measured in constant 2017 dollars to adjust for inflation, it advanced 20.66%, from $13M in 1970 to $15M in 2022.
Real Total Personal Income, 1969-2022 (Millions)
Real Total Personal Income, 1969-2022 (Millions)
Figure 2.
Figure 2 traces Petroleum 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, Petroleum County's real total personal income rose from $11M in 1969 to $15M in 2022, for a net gain of $4M, or 37.96%. 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 shows Petroleum 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.
Petroleum County's overall real total personal income growth was 37.96% over 1969-2022 trailed Montana's increase of 374.07%, and fell below 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 Petroleum 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, Petroleum County's total personal income comprised 0.09% of Montana's total personal income, while in 2022 it equated to 0.03% thereby yielding a -0.06% share-shift.
   
 
Total Personal Income Share-Shift
2022 vs. 1969
 
Share-
Shift*
 
2022
vs.
1969
-0.06%
=
0.03%
-
0.09%
 
   
Petroleum County Real Total Personal Income:
Annual Percent Change, 1970-2022
Petroleum County Real Total Personal Income:
Annual Percent Change, 1970-2022
Figure 5.
Figure 5 shows the short-run pattern of Petroleum 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, Petroleum County's real total personal income grew at an annual rate of 3.65% over 1970-2022. The county posted its highest growth in 1986 (91.58%) and posted its lowest growth in 1975 (-52.20%). In 2022, Petroleum County's real total personal income grew by 20.94%
Petroleum County Real Total Personal Income:
Annual Percent Change and Decade Averages Over 1970-2022
Petroleum 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 illustrates the annual percent change in Petroleum 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, Petroleum County's annual real total personal income growth rate averaged 1.76%. It averaged 7.93% during the 1980s, 2.85% in the 1990s, 6.18% throughout the 2000s, 0.49% in the 2010s, 0.42% 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 Petroleum County noted in the previous graph with the corresponding decade averages for Montana and the nation. As the chart reveals, Petroleum County's average annual real total personal income growth posted below Montana's average in the 1970s (1.76% vs. 4.22%), outperformed Montana's average during the 1980s (7.93% vs. 1.00%), recorded above Montana's average throughout the 1990s (2.85% vs. 2.82%), led Montana's average during the 2000s (6.18% vs. 3.51%), lagged Montana's average during the 2010s (0.49% vs. 3.07%), and fell below Montana's average over the 3 year period of the current decade, 2020-2022 (0.42% vs. 4.65%).
Finally, relative to nationwide real total personal income growth trends, Petroleum County fell under the nation in the 1970s (1.76% vs. 3.50%), registered above the nation in the 1980s (7.93% vs. 3.16%), fell below the nation in the 1990s (2.85% vs. 3.27%), outperformed the nation in the 2000s (6.18% vs. 2.06%), fell under the nation over the 2010s (0.49% vs. 2.72%), and recorded underneath the nation over 2020-2022 (0.42% vs. 2.10%).
   
 
Real* Total Personal Income Growth:
Average Annual Percent Change
 
 
 
3.65
1.76
7.93
2.85
6.18
0.49
0.42
20.94
 
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.

   
 
Petroleum County:
Total Personal Income, 1969-2022
 
1969
 
2,103
0.189
11,137
100.0
N
0.09
1970
 
2,517
0.198
12,734
114.3
14.34
0.10
1971
 
2,721
0.206
13,206
118.6
3.70
0.10
1972
 
3,315
0.213
15,558
139.7
17.81
0.10
1973
 
4,706
0.225
20,957
188.2
34.71
0.13
1974
 
3,503
0.248
14,129
126.9
-32.58
0.09
1975
 
1,814
0.269
6,754
60.6
-52.20
0.04
1976
 
1,953
0.283
6,893
61.9
2.07
0.04
1977
 
1,970
0.302
6,528
58.6
-5.29
0.04
1978
 
2,554
0.323
7,913
71.1
21.21
0.04
1979
 
3,167
0.351
9,012
80.9
13.89
0.05
1980
 
2,444
0.389
6,278
56.4
-30.33
0.03
1981
 
4,644
0.424
10,949
98.3
74.39
0.06
1982
 
3,622
0.448
8,090
72.6
-26.11
0.04
1983
 
3,850
0.467
8,248
74.1
1.96
0.04
1984
 
2,673
0.484
5,518
49.5
-33.10
0.03
1985
 
2,330
0.501
4,648
41.7
-15.77
0.02
1986
 
4,561
0.512
8,905
80.0
91.58
0.05
1987
 
4,148
0.528
7,856
70.5
-11.78
0.04
1988
 
3,812
0.549
6,948
62.4
-11.56
0.04
1989
 
5,572
0.573
9,731
87.4
40.05
0.05
1990
 
6,237
0.598
10,434
93.7
7.23
0.05
1991
 
8,760
0.618
14,181
127.3
35.91
0.07
1992
 
8,812
0.634
13,895
124.8
-2.02
0.06
1993
 
10,305
0.650
15,854
142.4
14.10
0.07
1994
 
7,753
0.664
11,684
104.9
-26.30
0.05
1995
 
6,386
0.678
9,425
84.6
-19.33
0.04
1996
 
6,183
0.692
8,935
80.2
-5.21
0.04
1997
 
6,588
0.704
9,357
84.0
4.73
0.04
1998
 
7,143
0.710
10,065
90.4
7.57
0.04
1999
 
8,101
0.720
11,251
101.0
11.78
0.04
2000
 
7,239
0.738
9,806
88.0
-12.84
0.03
2001
 
8,065
0.753
10,710
96.2
9.22
0.04
2002
 
6,594
0.763
8,643
77.6
-19.30
0.03
2003
 
9,503
0.779
12,200
109.5
41.15
0.04
2004
 
9,645
0.798
12,082
108.5
-0.96
0.04
2005
 
10,600
0.821
12,907
115.9
6.82
0.04
2006
 
9,583
0.844
11,349
101.9
-12.07
0.03
2007
 
11,057
0.866
12,767
114.6
12.49
0.03
2008
 
16,335
0.892
18,319
164.5
43.49
0.05
2009
 
15,285
0.889
17,189
154.3
-6.17
0.05
2010
 
13,421
0.905
14,828
133.1
-13.74
0.04
2011
 
17,600
0.928
18,965
170.3
27.90
0.05
2012
 
20,665
0.945
21,860
196.3
15.27
0.05
2013
 
23,717
0.958
24,762
222.3
13.27
0.06
2014
 
23,087
0.971
23,771
213.4
-4.00
0.05
2015
 
20,834
0.973
21,412
192.3
-9.92
0.05
2016
 
17,440
0.983
17,744
159.3
-17.13
0.04
2017
 
15,077
1.000
15,077
135.4
-15.03
0.03
2018
 
16,169
1.020
15,845
142.3
5.09
0.03
2019
 
16,932
1.035
16,357
146.9
3.24
0.03
2020
 
18,691
1.046
17,863
160.4
9.20
0.03
2021
 
13,848
1.090
12,704
114.1
-28.88
0.02
2022
 
17,830
1.160
15,365
138.0
20.94
0.03
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 © 2023. Pacific Northwest Regional Economic Analysis Project (PNREAP). All Rights Reserved.

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