King George County vs. Virginia
Comparative Trends Analysis:
Gross Domestic Product Growth and Change, 2001-2021
Introduction
King George County vs. Virginia
King George County:
2021 GDP = $2,311,549K
2021 Percent of State = 0.38%
Virginia:
2021 GDP = $604,957,550K
2021 Percent of U.S. = 2.59%
Nationally, GDP (Gross Domestic Product) is widely regarded as the foremost blue-chip barometer for tracking and calibrating the economic performance of the economy nationwide. Like its closely followed national counterpart, the GDP of King George County is the most comprehensive measure of output of all goods and services produced by labor and property located within King George County. It is a market valuation of the goods and services-both private and public-produced within a regional economy.
Unlike the widely and frequently reported employment and job numbers that measure labor as one of the units of input into production, GDP is a valuation of the output. Also, while County Personal Income is representative of the "purchasing power" of those that reside within a county, think of Gross Domestic Product as representative of the "producing power" of that county.
For a more detailed and technical explanation of Gross Domestic Product (GDP) by County compiled by the Regional Product Branch of Bureau of Economic Analysis please refer to the A Primer on Local Area Gross Domestic Product Methodology article found on the BEA website.

BEA: Definition

GDP by county is the county counterpart of the Nation's gross domestic product (GDP), the Bureau's featured and most comprehensive measure of U.S. economic activity. GDP by county is derived as the sum of the GDP originating in all the industries in a county.

The statistics of real GDP by county are prepared in chained (2012) dollars. Real GDP by county is an inflation-adjusted measure of each county's gross product that is based on national prices for the goods and services produced within that county. The statistics of real GDP by county and of quantity indexes with a base year of 2012 were derived by applying national chain-type price indexes to the current-dollar GDP-by-county values for the 64 detailed NAICS-based industries for 1997 forward.

The chain-type index formula that is used in the national accounts is then used to calculate the values of total real GDP by county and of real GDP by county at more aggregated industry levels. Real GDP by county may reflect a substantial volume of output that is sold to other counties and regions. To the extent that a county's output is produced and sold in national markets at relatively uniform prices (or sold locally at national prices), real GDP by state captures the differences across states that reflect the relative differences in the mix of goods and services that the counties produce. However, real GDP by county does not capture geographic differences in the prices of goods and services that are produced and sold locally.

United States. Bureau of Economic Analysis, Regional Product Division.
BEA News Release (GDP by State). 2013. Web.
https://www.bea.gov/data/gdp/gdp-state.

BEA: Relation of GDP by county to U.S. Gross Domestic Product (GDP)

An industry's GDP by county, or its value added, in practice, is calculated as the sum of incomes earned by labor and capital and the costs incurred in the production of goods and services. That is, it includes the wages and salaries that workers earn, the income earned by individual or joint entrepreneurs as well as by corporations, and business taxes such as sales, property, and Federal excise taxes that count as a business expense.

GDP is calculated as the sum of what consumers, businesses, and government spend on final goods and services, plus investment and net foreign trade. In theory, incomes earned should equal what is spent, but due to different data sources, income earned, usually referred to as gross domestic income (GDI), does not always equal what is spent (GDP). The difference is referred to as the "statistical discrepancy."

Starting with the 2004 comprehensive revision, BEA's annual industry accounts and its GDP-by-county accounts allocate the statistical discrepancy across all private-sector industries. Therefore, the GDP-by-county statistics are now conceptually more similar to the GDP statistics in the national accounts than they had been in the past.

U.S. real GDP by county for the advance year, 2012, may differ from the Annual Industry Accounts' GDP by industry and, hence NIPA (National Income and Product Account) GDP, because of different sources and vintages of data used to estimate GDP by state and NIPA GDP. For the revised years of 2009-2011, U.S. GDP by county is nearly identical to GDP by industry except for small differences resulting from the GDP-by-county accounts' exclusion of overseas Federal military and civilian activity (because it cannot be attributed to a particular state). The GDP-by-industry statistics are identical to those from the 2012 annual revision of the NIPAs, released in July 2012. However, because of revisions since July 2012, GDP in the NIPAs may differ from U.S. GDP by county.

United States. Bureau of Economic Analysis, Regional Product Division.
BEA News Release (GDP by State). 2013. Web.
https://www.bea.gov/data/gdp/gdp-state.

King George County Gross Domestic Product, 2002-2021
Current vs. Chained 2012 Dollars (Millions)
King George County Gross Domestic Product, 2002-2021
Current vs. Chained 2012 Dollars (Millions)
Figure 1.
Figure 1 depicts King George County's annual gross domestic product over 2002-2021 in current and constant (chained 2012) dollars. Constant dollar measurements remove the effects of inflation. They allow for comparison of changes in the real total good and services output of King George County over time.
When measured in current dollars, King George County's GDP increased 137.12%, from $975M in 2002 to $2,312M in 2021. When measured in constant 2012 dollars to adjust for inflation, it advanced 64.55%, from $1,203M in 2002 to $1,979M in 2021.
Real Gross Domestic Product, 2001-2021 (Millions)
Real Gross Domestic Product, 2001-2021 (Millions)
Figure 2.
Figure 2 traces King George County's and Virginia's annual real gross domestic product for the period 2001-2021 to illustrate real gross domestic product patterns over time. During this 21-year period, King George County's real gross domestic product rose from $1,165M in 2001 to $1,979M in 2021, for a net gain of $814M, or 69.88%. In comparison, Virginia's real GDP advanced from $360,601M in 2001 to $505,351M in 2021, for a net advance of $144,750M, or 40.14%.
Gross Domestic Product as a Percent of the Virginia Total: 2001-2021
Gross Domestic Product as a Percent of the Virginia Total: 2001-2021
Figure 3.
Another interesting and insightful way of contrasting the gross domestic product growth of King George County is to compare its individual percentage contributions to Virginia's statewide gross domestic product over time, as shown in Figure 3. A rising share means a region's gross domestic product grew faster, or declined less, than Virginia's gross domestic product, while a declining share shows it grew more slowly.
In 2001, King George County's GDP comprised 0.32% of Virginia's GDP, while in 2021 it totaled 0.38% thereby yielding a +0.06% share-shift.
   
 
Gross Domestic Product Share-Shift
2021 vs. 2001
 
Share-
Shift*
 
2021
vs.
2001
+0.06%
=
0.38%
-
0.32%
 
   
King George County Real Gross Domestic Product:
Annual Percent Change, 2002-2021
King George County Real Gross Domestic Product:
Annual Percent Change, 2002-2021
Figure 4.
Figure 4 displays the short-run pattern of King George County's real gross domestic product growth by tracking the year-to-year percent change over 2002-2021. The average annual percent change for the entire 20-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, King George County's real GDP grew at an annual rate of 2.71% over 2002-2021. The county recorded its highest growth in 2004 (7.24%) and recorded its lowest growth in 2012 (-1.80%). In 2021, King George County's real GDP grew by 4.52%
King George County Real Gross Domestic Product:
Annual Percent Change and Decade Averages Over 2002-2021
King George County Real Gross Domestic Product:
Annual Percent Change and Decade Averages Over 2002-2021
Figure 5.
Figure 5 again illustrates the annual percent change in King George County's real gross domestic product since 2002, but this time they are overlayed with average growth rates for the decade of the 2000s, 2010s, and 2020-2021.
During 2002-2009, King George County's annual real GDP growth rate averaged 2.77%. It averaged 2.43% throughout the 2010s, 3.88% thus far this decade (2020-2021).

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

   
 
King George County:
Gross Domestic Product, 2001-2021
 
2001
 
920,464
0.773
1,164,828
100.0
N
0.32
2002
 
974,833
0.798
1,202,599
103.2
3.24
0.33
2003
 
1,054,323
0.839
1,264,374
108.5
5.14
0.34
2004
 
1,153,595
0.900
1,355,880
116.4
7.24
0.35
2005
 
1,228,199
0.931
1,402,562
120.4
3.44
0.34
2006
 
1,281,994
0.939
1,414,978
121.5
0.89
0.34
2007
 
1,317,386
0.939
1,415,094
121.5
0.01
0.34
2008
 
1,377,359
0.965
1,453,449
124.8
2.71
0.34
2009
 
1,401,878
0.960
1,446,618
124.2
-0.47
0.34
2010
 
1,515,526
1.029
1,549,903
133.1
7.14
0.35
2011
 
1,521,140
1.018
1,534,453
131.7
-1.00
0.35
2012
 
1,506,791
1.000
1,506,791
129.4
-1.80
0.34
2013
 
1,591,909
1.044
1,573,288
135.1
4.41
0.35
2014
 
1,675,150
1.077
1,623,179
139.3
3.17
0.36
2015
 
1,734,383
1.097
1,652,804
141.9
1.83
0.36
2016
 
1,792,703
1.130
1,702,171
146.1
2.99
0.36
2017
 
1,862,650
1.157
1,742,895
149.6
2.39
0.36
2018
 
1,936,418
1.175
1,769,817
151.9
1.54
0.36
2019
 
2,045,210
1.217
1,833,745
157.4
3.61
0.37
2020
 
2,146,968
1.257
1,893,359
162.5
3.25
0.39
2021
 
2,311,549
1.313
1,978,845
169.9
4.52
0.38
Source: Calculations by the Virginia Regional Economic Analysis Project (VA-REAP)
with data provided by the U.S. Department of Commerce, Bureau of Economic Analysis
November 2023
REAP_PI_CA1400_2000_PSN
 
   

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

   
 
Virginia:
Gross Domestic Product, 2001-2021
 
2001
 
285,635,881
0.809
360,601,122
100.0
N
2.70
2002
 
295,355,652
0.818
364,932,406
101.2
1.20
2.70
2003
 
311,665,670
0.847
377,723,849
104.7
3.51
2.72
2004
 
332,115,065
0.881
392,941,341
109.0
4.03
2.72
2005
 
358,069,732
0.924
412,084,631
114.3
4.87
2.75
2006
 
376,235,748
0.941
419,870,647
116.4
1.89
2.72
2007
 
391,699,844
0.953
424,939,540
117.8
1.21
2.71
2008
 
404,634,889
0.967
431,216,687
119.6
1.48
2.74
2009
 
410,967,439
0.959
427,648,916
118.6
-0.83
2.84
2010
 
426,992,401
0.989
441,242,354
122.4
3.18
2.84
2011
 
435,180,301
0.996
444,287,999
123.2
0.69
2.79
2012
 
445,973,636
1.000
445,973,636
123.7
0.38
2.74
2013
 
457,640,460
1.007
449,063,757
124.5
0.69
2.72
2014
 
465,181,791
1.004
447,678,128
124.1
-0.31
2.65
2015
 
483,786,461
1.021
455,162,357
126.2
1.67
2.66
2016
 
496,021,107
1.031
459,965,832
127.6
1.06
2.65
2017
 
511,114,944
1.048
467,361,996
129.6
1.61
2.62
2018
 
532,906,518
1.072
477,915,167
132.5
2.26
2.60
2019
 
557,764,369
1.097
489,199,063
135.7
2.36
2.61
2020
 
556,992,615
1.074
478,909,346
132.8
-2.10
2.64
2021
 
604,957,550
1.133
505,350,968
140.1
5.52
2.59
Source: Calculations by the Virginia Regional Economic Analysis Project (VA-REAP)
with data provided by the U.S. Department of Commerce, Bureau of Economic Analysis
November 2023
REAP_PI_CA1400_2000_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:
Gross Domestic Product, 2001-2021
 
2001
 
10,581,929,000
0.816
13,263,417,000
100.0
N
2002
 
10,929,108,000
0.830
13,488,357,000
101.7
1.70
2003
 
11,456,450,000
0.853
13,865,519,000
104.5
2.80
2004
 
12,217,196,000
0.886
14,399,696,000
108.6
3.85
2005
 
13,039,197,000
0.917
14,901,269,000
112.3
3.48
2006
 
13,815,583,000
0.942
15,315,943,000
115.5
2.78
2007
 
14,474,228,000
0.961
15,623,871,000
117.8
2.01
2008
 
14,769,862,000
0.962
15,642,962,000
117.9
0.12
2009
 
14,478,067,000
0.937
15,236,262,000
114.9
-2.60
2010
 
15,048,970,000
0.963
15,648,991,000
118.0
2.71
2011
 
15,599,731,000
0.978
15,891,534,000
119.8
1.55
2012
 
16,253,970,000
1.000
16,253,970,000
122.5
2.28
2013
 
16,843,196,000
1.018
16,553,348,000
124.8
1.84
2014
 
17,550,687,000
1.042
16,932,051,000
127.7
2.29
2015
 
18,206,023,000
1.070
17,390,295,000
131.1
2.71
2016
 
18,695,106,000
1.088
17,680,274,000
133.3
1.67
2017
 
19,477,337,000
1.112
18,076,651,000
136.3
2.24
2018
 
20,533,058,000
1.145
18,609,078,000
140.3
2.95
2019
 
21,380,976,000
1.171
19,036,052,000
143.5
2.29
2020
 
21,060,474,000
1.139
18,509,143,000
139.6
-2.77
2021
 
23,315,081,000
1.206
19,609,812,000
147.8
5.95
Source: Calculations by the Virginia Regional Economic Analysis Project (VA-REAP)
with data provided by the U.S. Department of Commerce, Bureau of Economic Analysis
November 2023
REAP_PI_CA1400_2000_PN
 
   
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