| Henrico County vs. Virginia Comparative Trends Analysis: Per Capita Personal Income Growth and Change, 1969-2022 Introduction Henrico County: 2022 PCI = $76,976 2022 Percent of State = 111.58% Virginia: 2022 PCI = $68,985 Per Capita Income (PCI) is one of the most widely used indicators for gauging the economic performance and changing fortunes of local economies. It is used as a yardstick to assess the economic well being of a region's residents and the quality of consumer markets. It serves as a barometer for calibrating the economic performance of a region over time and to judge differences in relative economic prosperity between regions. Shifting trends in local per capita income growth have important social and political ramifications and significant implications in formulating local economic development strategies and initiatives. Data Definition: This measure of income is calculated as the total personal income of the residents of an area divided by the population of the area. Per capita personal income is often used as an indicator of consumers' purchasing power and of the economic well-being of the residents of an area. Personal income is measured as a flow throughout the year, while the measurement of population is at one point in mid-year. Therefore, per capita income is distorted if a significant change in population occurs during the year. For smaller counties in particular, per capita income in any given year may be exceptionally high or low for the short run because of unusual local conditions, such as a bumper crop, a catastrophe, or a major construction project as the building of a dam or nuclear power plant. Farm incomes are notorious for being especially volatile year-to-year, owing to changing weather, commodity market conditions, and alterations in government programs. Therefore, the per capita income of farm-dependent counties may exhibit sharp fluctuations over time. The presence of large institutional populations--such as residents attending a local college or the residents of a local prison or state mental institution--can significantly lower the per capita income estimates of an area. Such results may not reflect the relative economic well being of the non-institutional population and may mislead if care is not given to their interpretation. Figure 1. Figure 1 depicts Henrico County's annual per capita 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 Henrico County over time. When measured in current dollars, Henrico County's per capita personal income increased 1,605.58%, from $4,513 in 1970 to $76,976 in 2022. When measured in constant 2017 dollars to adjust for inflation, it advanced 190.52%, from $22,833 in 1970 to $66,334 in 2022. Figure 2. Figure 2 traces Henrico County's and Virginia's annual real per capita personal income for the period 1969-2022 to illustrate real per capita personal income patterns over time. During this 54-year period, Henrico County's real per capita personal income rose from $22,524 in 1969 to $66,334 in 2022, for a net gain of $43,809, or 194.50%. In comparison, Virginia's real per capita personal income advanced from $20,485 in 1969 to $59,448 in 2022, for a net gain of $38,963, or 190.21%. Figure 3. Figure 3 shows Henrico County's real per capita personal income growth in a broader context by offering direct comparisons across time with Virginia, the United States. The growth indices shown here express each region's real per capita personal income in 1969 as a base figure of 100, and the real per capita personal incomes in later years as a percentage of the 1969 base figure. This method allows for more direct comparison of differences in real per capita personal income growth between regions that may differ vastly in size. Henrico County's overall real per capita personal income growth was 194.50% over 1969-2022 outpaced Virginia's increase of 190.21%, and topped the United States' increase of 171.04%. Figure 4. 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 4 again traces the annual percent change in Henrico County's real per capita 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, Henrico County's annual real per capita personal income growth rate averaged 2.89%. It averaged 3.02% during the 1980s, 1.74% in the 1990s, 0.63% throughout the 2000s, 2.64% in the 2010s, 0.59% thus far this decade (2020-2022). Figure 5. Figure 5 compares the decade average growth rates for Henrico County noted in the previous graph with the corresponding decade averages for Virginia and the nation. As the chart reveals, Henrico County's average annual real per capita personal income growth surpassed Virginia's average in the 1970s (2.89% vs. 2.75%), outgained Virginia's average during the 1980s (3.02% vs. 2.75%), lagged Virginia's average in the 1990s (1.74% vs. 1.93%), fell below Virginia's average in the 2000s (0.63% vs. 1.58%), led Virginia's average during the 2010s (2.64% vs. 1.31%), and posted below Virginia's average over the 3 year period of the current decade, 2020-2022 (0.59% vs. 1.84%). Finally, relative to nationwide real per capita personal income growth trends, Henrico County led the nation during the 1970s (2.89% vs. 2.37%), exceeded the nation during the 1980s (3.02% vs. 2.19%), fell below the nation during the 1990s (1.74% vs. 2.01%), fell below the nation over the 2000s (0.63% vs. 1.10%), surpassed the nation in the 2010s (2.64% vs. 1.97%), and posted below the nation over 2020-2022 (0.59% vs. 1.78%). | | | | Real* Per Capita Personal Income Growth: Average Annual Percent Change | | | | | | | | | | | | | | | | | | | | | 2.09 | 2.89 | 3.02 | 1.74 | 0.63 | 2.64 | 0.59 | -2.59 | | | 2.05 | 2.75 | 2.75 | 1.93 | 1.58 | 1.31 | 1.84 | -3.05 | | | 1.92 | 2.37 | 2.19 | 2.01 | 1.10 | 1.97 | 1.78 | -4.55 |
| | | | |
Tip: To augment your analysis click on the column headers in the following table to rank and/or sort the data. | | | | Henrico County: Per Capita Personal Income, 1969-2022 | | | | | | | | | | 1969 | | 4,253 | 0.189 | 22,524 | 100.0 | N | 109.96 | 108.21 | 1970 | | 4,513 | 0.198 | 22,833 | 101.4 | 1.37 | 108.57 | 107.51 | 1971 | | 4,909 | 0.206 | 23,823 | 105.8 | 4.34 | 108.97 | 109.80 | 1972 | | 5,255 | 0.213 | 24,663 | 109.5 | 3.53 | 106.77 | 108.20 | 1973 | | 6,010 | 0.225 | 26,766 | 118.8 | 8.53 | 110.81 | 112.07 | 1974 | | 6,580 | 0.248 | 26,539 | 117.8 | -0.85 | 111.07 | 112.75 | 1975 | | 7,006 | 0.269 | 26,085 | 115.8 | -1.71 | 109.41 | 110.79 | 1976 | | 7,508 | 0.283 | 26,500 | 117.7 | 1.59 | 107.74 | 109.21 | 1977 | | 8,303 | 0.302 | 27,516 | 122.2 | 3.83 | 109.07 | 110.48 | 1978 | | 9,270 | 0.323 | 28,721 | 127.5 | 4.38 | 108.88 | 110.94 | 1979 | | 10,488 | 0.351 | 29,844 | 132.5 | 3.91 | 111.27 | 113.60 | 1980 | | 11,546 | 0.389 | 29,659 | 131.7 | -0.62 | 109.22 | 113.37 | 1981 | | 13,086 | 0.424 | 30,852 | 137.0 | 4.02 | 111.92 | 115.89 | 1982 | | 13,863 | 0.448 | 30,963 | 137.5 | 0.36 | 110.67 | 115.62 | 1983 | | 14,689 | 0.467 | 31,470 | 139.7 | 1.64 | 110.08 | 115.65 | 1984 | | 16,002 | 0.484 | 33,035 | 146.7 | 4.97 | 109.40 | 115.21 | 1985 | | 17,285 | 0.501 | 34,481 | 153.1 | 4.38 | 110.66 | 117.21 | 1986 | | 18,492 | 0.512 | 36,104 | 160.3 | 4.71 | 111.59 | 119.44 | 1987 | | 19,791 | 0.528 | 37,482 | 166.4 | 3.82 | 113.18 | 121.96 | 1988 | | 21,388 | 0.549 | 38,983 | 173.1 | 4.01 | 113.41 | 122.63 | 1989 | | 22,969 | 0.573 | 40,113 | 178.1 | 2.90 | 114.15 | 123.11 | 1990 | | 24,325 | 0.598 | 40,695 | 180.7 | 1.45 | 116.72 | 123.99 | 1991 | | 24,206 | 0.618 | 39,184 | 174.0 | -3.71 | 112.83 | 120.73 | 1992 | | 25,232 | 0.634 | 39,786 | 176.6 | 1.54 | 112.69 | 119.71 | 1993 | | 25,996 | 0.650 | 39,993 | 177.6 | 0.52 | 112.15 | 119.72 | 1994 | | 26,865 | 0.664 | 40,486 | 179.7 | 1.23 | 111.54 | 119.12 | 1995 | | 27,556 | 0.678 | 40,671 | 180.6 | 0.46 | 110.18 | 116.88 | 1996 | | 28,759 | 0.692 | 41,557 | 184.5 | 2.18 | 110.89 | 116.31 | 1997 | | 30,357 | 0.704 | 43,116 | 191.4 | 3.75 | 111.08 | 117.09 | 1998 | | 32,972 | 0.710 | 46,461 | 206.3 | 7.76 | 113.84 | 119.93 | 1999 | | 34,186 | 0.720 | 47,481 | 210.8 | 2.19 | 111.81 | 119.56 | 2000 | | 36,174 | 0.738 | 49,002 | 217.6 | 3.20 | 110.86 | 118.41 | 2001 | | 39,301 | 0.753 | 52,191 | 231.7 | 6.51 | 115.79 | 124.58 | 2002 | | 39,417 | 0.763 | 51,667 | 229.4 | -1.00 | 114.27 | 123.95 | 2003 | | 40,543 | 0.779 | 52,049 | 231.1 | 0.74 | 112.15 | 124.14 | 2004 | | 41,153 | 0.798 | 51,553 | 228.9 | -0.95 | 108.06 | 120.39 | 2005 | | 43,339 | 0.821 | 52,771 | 234.3 | 2.36 | 108.28 | 121.50 | 2006 | | 45,097 | 0.844 | 53,407 | 237.1 | 1.20 | 106.96 | 119.17 | 2007 | | 46,863 | 0.866 | 54,110 | 240.2 | 1.32 | 106.46 | 118.38 | 2008 | | 47,629 | 0.892 | 53,414 | 237.1 | -1.29 | 104.95 | 116.58 | 2009 | | 44,725 | 0.889 | 50,298 | 223.3 | -5.83 | 101.44 | 113.78 | 2010 | | 46,551 | 0.905 | 51,430 | 228.3 | 2.25 | 102.44 | 114.78 | 2011 | | 49,724 | 0.928 | 53,580 | 237.9 | 4.18 | 104.54 | 116.59 | 2012 | | 52,241 | 0.945 | 55,261 | 245.3 | 3.14 | 106.50 | 118.09 | 2013 | | 52,641 | 0.958 | 54,960 | 244.0 | -0.54 | 109.22 | 118.56 | 2014 | | 55,557 | 0.971 | 57,204 | 254.0 | 4.08 | 111.64 | 120.03 | 2015 | | 57,878 | 0.973 | 59,485 | 264.1 | 3.99 | 112.12 | 120.43 | 2016 | | 59,606 | 0.983 | 60,647 | 269.3 | 1.95 | 113.19 | 121.72 | 2017 | | 62,279 | 1.000 | 62,279 | 276.5 | 2.69 | 114.53 | 122.11 | 2018 | | 64,060 | 1.020 | 62,775 | 278.7 | 0.80 | 114.12 | 120.17 | 2019 | | 67,523 | 1.035 | 65,231 | 289.6 | 3.91 | 115.68 | 121.56 | 2020 | | 69,268 | 1.046 | 66,199 | 293.9 | 1.48 | 112.68 | 117.10 | 2021 | | 74,225 | 1.090 | 68,096 | 302.3 | 2.86 | 111.05 | 115.20 | 2022 | | 76,976 | 1.160 | 66,334 | 294.5 | -2.59 | 111.58 | 117.57 |
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_700_PSN | | | | |
Tip: To augment your analysis click on the column headers in the following table to rank and/or sort the data. | | | | Virginia: Per Capita Personal Income, 1969-2022 | | | | | | | | | 1969 | | 3,868 | 0.189 | 20,485 | 100.0 | N | 98.41 | 1970 | | 4,157 | 0.198 | 21,031 | 102.7 | 2.67 | 99.03 | 1971 | | 4,505 | 0.206 | 21,863 | 106.7 | 3.95 | 100.77 | 1972 | | 4,922 | 0.213 | 23,099 | 112.8 | 5.66 | 101.34 | 1973 | | 5,424 | 0.225 | 24,154 | 117.9 | 4.57 | 101.13 | 1974 | | 5,924 | 0.248 | 23,893 | 116.6 | -1.08 | 101.51 | 1975 | | 6,404 | 0.269 | 23,841 | 116.4 | -0.22 | 101.26 | 1976 | | 6,969 | 0.283 | 24,598 | 120.1 | 3.17 | 101.37 | 1977 | | 7,613 | 0.302 | 25,229 | 123.2 | 2.57 | 101.30 | 1978 | | 8,514 | 0.323 | 26,380 | 128.8 | 4.56 | 101.89 | 1979 | | 9,425 | 0.351 | 26,820 | 130.9 | 1.67 | 102.09 | 1980 | | 10,571 | 0.389 | 27,154 | 132.6 | 1.24 | 103.80 | 1981 | | 11,692 | 0.424 | 27,565 | 134.6 | 1.51 | 103.55 | 1982 | | 12,526 | 0.448 | 27,979 | 136.6 | 1.50 | 104.47 | 1983 | | 13,344 | 0.467 | 28,588 | 139.6 | 2.18 | 105.06 | 1984 | | 14,626 | 0.484 | 30,196 | 147.4 | 5.62 | 105.31 | 1985 | | 15,620 | 0.501 | 31,160 | 152.1 | 3.19 | 105.92 | 1986 | | 16,572 | 0.512 | 32,355 | 157.9 | 3.84 | 107.04 | 1987 | | 17,487 | 0.528 | 33,118 | 161.7 | 2.36 | 107.76 | 1988 | | 18,860 | 0.549 | 34,375 | 167.8 | 3.80 | 108.13 | 1989 | | 20,122 | 0.573 | 35,141 | 171.5 | 2.23 | 107.85 | 1990 | | 20,840 | 0.598 | 34,865 | 170.2 | -0.79 | 106.23 | 1991 | | 21,452 | 0.618 | 34,727 | 169.5 | -0.39 | 106.99 | 1992 | | 22,390 | 0.634 | 35,304 | 172.3 | 1.66 | 106.23 | 1993 | | 23,180 | 0.650 | 35,661 | 174.1 | 1.01 | 106.76 | 1994 | | 24,085 | 0.664 | 36,296 | 177.2 | 1.78 | 106.80 | 1995 | | 25,011 | 0.678 | 36,915 | 180.2 | 1.71 | 106.08 | 1996 | | 25,935 | 0.692 | 37,477 | 182.9 | 1.52 | 104.89 | 1997 | | 27,328 | 0.704 | 38,814 | 189.5 | 3.57 | 105.41 | 1998 | | 28,965 | 0.710 | 40,814 | 199.2 | 5.15 | 105.35 | 1999 | | 30,574 | 0.720 | 42,464 | 207.3 | 4.04 | 106.93 | 2000 | | 32,631 | 0.738 | 44,202 | 215.8 | 4.09 | 106.81 | 2001 | | 33,940 | 0.753 | 45,072 | 220.0 | 1.97 | 107.58 | 2002 | | 34,495 | 0.763 | 45,214 | 220.7 | 0.32 | 108.47 | 2003 | | 36,151 | 0.779 | 46,411 | 226.6 | 2.65 | 110.69 | 2004 | | 38,082 | 0.798 | 47,706 | 232.9 | 2.79 | 111.41 | 2005 | | 40,027 | 0.821 | 48,738 | 237.9 | 2.16 | 112.22 | 2006 | | 42,164 | 0.844 | 49,934 | 243.8 | 2.45 | 111.42 | 2007 | | 44,020 | 0.866 | 50,827 | 248.1 | 1.79 | 111.20 | 2008 | | 45,383 | 0.892 | 50,895 | 248.5 | 0.13 | 111.09 | 2009 | | 44,091 | 0.889 | 49,585 | 242.1 | -2.57 | 112.17 | 2010 | | 45,443 | 0.905 | 50,205 | 245.1 | 1.25 | 112.05 | 2011 | | 47,564 | 0.928 | 51,253 | 250.2 | 2.09 | 111.52 | 2012 | | 49,052 | 0.945 | 51,888 | 253.3 | 1.24 | 110.88 | 2013 | | 48,198 | 0.958 | 50,321 | 245.7 | -3.02 | 108.55 | 2014 | | 49,764 | 0.971 | 51,239 | 250.1 | 1.82 | 107.51 | 2015 | | 51,620 | 0.973 | 53,053 | 259.0 | 3.54 | 107.41 | 2016 | | 52,659 | 0.983 | 53,579 | 261.6 | 0.99 | 107.53 | 2017 | | 54,380 | 1.000 | 54,380 | 265.5 | 1.50 | 106.62 | 2018 | | 56,133 | 1.020 | 55,007 | 268.5 | 1.15 | 105.30 | 2019 | | 58,368 | 1.035 | 56,387 | 275.3 | 2.51 | 105.08 | 2020 | | 61,474 | 1.046 | 58,751 | 286.8 | 4.19 | 103.92 | 2021 | | 66,838 | 1.090 | 61,319 | 299.3 | 4.37 | 103.74 | 2022 | | 68,985 | 1.160 | 59,448 | 290.2 | -3.05 | 105.37 |
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_700_PSN | | | | |
Tip: To augment your analysis click on the column headers in the following table to rank and/or sort the data. | | | | United States: Per Capita Personal Income, 1969-2022 | | | | | | | | 1969 | | 3,931 | 0.189 | 20,816 | 100.0 | N | 1970 | | 4,198 | 0.198 | 21,238 | 102.0 | 2.03 | 1971 | | 4,471 | 0.206 | 21,697 | 104.2 | 2.16 | 1972 | | 4,857 | 0.213 | 22,793 | 109.5 | 5.05 | 1973 | | 5,363 | 0.225 | 23,883 | 114.7 | 4.78 | 1974 | | 5,836 | 0.248 | 23,537 | 113.1 | -1.45 | 1975 | | 6,324 | 0.269 | 23,544 | 113.1 | 0.03 | 1976 | | 6,875 | 0.283 | 24,265 | 116.6 | 3.07 | 1977 | | 7,516 | 0.302 | 24,906 | 119.6 | 2.64 | 1978 | | 8,356 | 0.323 | 25,889 | 124.4 | 3.95 | 1979 | | 9,232 | 0.351 | 26,271 | 126.2 | 1.47 | 1980 | | 10,184 | 0.389 | 26,160 | 125.7 | -0.42 | 1981 | | 11,291 | 0.424 | 26,621 | 127.9 | 1.76 | 1982 | | 11,990 | 0.448 | 26,781 | 128.7 | 0.60 | 1983 | | 12,701 | 0.467 | 27,210 | 130.7 | 1.61 | 1984 | | 13,889 | 0.484 | 28,674 | 137.7 | 5.38 | 1985 | | 14,746 | 0.501 | 29,417 | 141.3 | 2.59 | 1986 | | 15,482 | 0.512 | 30,227 | 145.2 | 2.75 | 1987 | | 16,228 | 0.528 | 30,733 | 147.6 | 1.67 | 1988 | | 17,442 | 0.549 | 31,790 | 152.7 | 3.44 | 1989 | | 18,658 | 0.573 | 32,584 | 156.5 | 2.50 | 1990 | | 19,619 | 0.598 | 32,821 | 157.7 | 0.73 | 1991 | | 20,050 | 0.618 | 32,457 | 155.9 | -1.11 | 1992 | | 21,077 | 0.634 | 33,234 | 159.7 | 2.39 | 1993 | | 21,713 | 0.650 | 33,405 | 160.5 | 0.51 | 1994 | | 22,552 | 0.664 | 33,986 | 163.3 | 1.74 | 1995 | | 23,577 | 0.678 | 34,798 | 167.2 | 2.39 | 1996 | | 24,725 | 0.692 | 35,729 | 171.6 | 2.67 | 1997 | | 25,925 | 0.704 | 36,822 | 176.9 | 3.06 | 1998 | | 27,493 | 0.710 | 38,740 | 186.1 | 5.21 | 1999 | | 28,592 | 0.720 | 39,711 | 190.8 | 2.51 | 2000 | | 30,551 | 0.738 | 41,384 | 198.8 | 4.21 | 2001 | | 31,548 | 0.753 | 41,895 | 201.3 | 1.23 | 2002 | | 31,801 | 0.763 | 41,684 | 200.2 | -0.50 | 2003 | | 32,659 | 0.779 | 41,928 | 201.4 | 0.59 | 2004 | | 34,183 | 0.798 | 42,821 | 205.7 | 2.13 | 2005 | | 35,669 | 0.821 | 43,432 | 208.6 | 1.43 | 2006 | | 37,843 | 0.844 | 44,816 | 215.3 | 3.19 | 2007 | | 39,588 | 0.866 | 45,710 | 219.6 | 1.99 | 2008 | | 40,854 | 0.892 | 45,816 | 220.1 | 0.23 | 2009 | | 39,307 | 0.889 | 44,204 | 212.4 | -3.52 | 2010 | | 40,557 | 0.905 | 44,808 | 215.3 | 1.36 | 2011 | | 42,649 | 0.928 | 45,956 | 220.8 | 2.56 | 2012 | | 44,237 | 0.945 | 46,795 | 224.8 | 1.83 | 2013 | | 44,401 | 0.958 | 46,357 | 222.7 | -0.94 | 2014 | | 46,287 | 0.971 | 47,659 | 229.0 | 2.81 | 2015 | | 48,060 | 0.973 | 49,394 | 237.3 | 3.64 | 2016 | | 48,971 | 0.983 | 49,826 | 239.4 | 0.88 | 2017 | | 51,004 | 1.000 | 51,004 | 245.0 | 2.36 | 2018 | | 53,309 | 1.020 | 52,240 | 251.0 | 2.42 | 2019 | | 55,547 | 1.035 | 53,662 | 257.8 | 2.72 | 2020 | | 59,153 | 1.046 | 56,533 | 271.6 | 5.35 | 2021 | | 64,430 | 1.090 | 59,110 | 284.0 | 4.56 | 2022 | | 65,470 | 1.160 | 56,419 | 271.0 | -4.55 |
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_700_PN | | | | |
| |