Introduction
Gloucester County vs. Virginia
Gloucester County:
2020 Earnings = $576,056K
2020 Percent of State = 0.2%
Virginia:
2020 Earnings = $358,246,267K
2020 Percent of U.S. = 2.7%
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.
Page 2 of 13
Gloucester County Total Industry Earnings, 1970-2020
Current vs. Constant Dollars (Millions)
Gloucester County Total Industry Earnings, 1970-2020
Current vs. Constant Dollars (Millions)
Figure 1.
Figure 1 depicts Gloucester County's annual total industry earnings over 1970-2020 in current and constant (2012) dollars. Constant dollar measurements remove the effects of inflation. They allow for comparison of changes in the real purchasing power of Gloucester County over time.
When measured in current dollars, Gloucester County's total industry earnings increased 3,191.0%, from $18M in 1970 to $576M in 2020. When measured in constant 2012 dollars to adjust for inflation, it advanced 518.7%, from $84M in 1970 to $518M in 2020.
Page 3 of 13
Real Total Industry Earnings, 1969-2020 (Millions)
Real Total Industry Earnings, 1969-2020 (Millions)
Figure 2.
Figure 2 tracks Gloucester County's and Virginia's annual real total industry earnings for the period 1969-2020 to illustrate real total industry earnings patterns over time. During this 52-year period, Gloucester County's real total industry earnings rose from $81M in 1969 to $518M in 2020, for a net gain of $437M, or 541.3%. In comparison, Virginia's real total industry earnings advanced from $69,526M in 1969 to $322,091M in 2020, for a net gain of $252,565M, or 363.3%.
Page 4 of 13
Real Total Industry Earnings Indices (1969=100): 1969-2020
Real Total Industry Earnings Indices (1969=100): 1969-2020
Figure 3.
Figure 3 portrays Gloucester County's real total industry earnings 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 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.
Gloucester County's overall real total industry earnings growth was 541.3% over 1969-2020 outpaced Virginia's increase of 363.3%, and topped the United States' increase of 262.7%.
Page 5 of 13
Total Industry Earnings as a Percent of the Virginia Total: 1969-2020
Total Industry Earnings as a Percent of the Virginia Total: 1969-2020
Figure 4.
Another interesting and insightful way of contrasting the total industry earnings growth of Gloucester County is to compare its individual percentage contributions to Virginia'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 Virginia's total industry earnings, while a declining share shows it grew more slowly.
In 1969, Gloucester County's total industry earnings comprised 0.12% of Virginia's total industry earnings, while in 2020 it comprised 0.16% thereby yielding a +0.04% share-shift.
   
 
Total Industry Earnings Share-Shift
2020 vs. 1969
 
Share-
Shift*
 
2020
vs.
1969
+0.04%
=
0.16%
-
0.12%
 
   
Page 6 of 13
Gloucester County Real Total Industry Earnings:
Annual Percent Change, 1970-2020
Gloucester County Real Total Industry Earnings:
Annual Percent Change, 1970-2020
Figure 5.
Figure 5 highlights the short-run pattern of Gloucester County's real total industry earnings growth by tracking the year-to-year percent change over 1970-2020. The average annual percent change for the entire 51-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, Gloucester County's real total industry earnings grew at an annual rate of 3.81% over 1970-2020. The county recorded its highest growth in 1972 (17.52%) and recorded its lowest growth in 2009 (-4.85%). In 2020, Gloucester County's real total industry earnings grew by 2.40%
Page 7 of 13
Gloucester County Real Total Industry Earnings:
Annual Percent Change and Decade Averages Over 1970-2020
Gloucester County Real Total Industry Earnings:
Annual Percent Change and Decade Averages Over 1970-2020
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 Gloucester County's real total industry earnings since 1970, but this time they are displayed with average growth rates for the decade of the 1970s, 1980s, 1990s, 2000s, and 2020.
During the 1970s, Gloucester County's annual real total industry earnings growth rate averaged 7.29%. It averaged 4.53% throughout the 1980s, 4.12% in the 1990s, 2.40% throughout the 2000s, 0.85% in the 2010s, and 2.40% in 2020.
Page 8 of 13
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 Gloucester County noted in the previous graph with the corresponding decade averages for Virginia and the nation. As the chart reveals, Gloucester County's average annual real total industry earnings growth outperformed Virginia's average during the 1970s (7.29% vs. 3.72%), outgained Virginia's average in the 1980s (4.53% vs. 4.23%), led Virginia's average throughout the 1990s (4.12% vs. 3.37%), posted below Virginia's average in the 2000s (2.40% vs. 2.58%), and recorded under Virginia's average over the 10 year period of the last decade, 2010-2019 (0.85% vs. 1.67%). In 2020, Gloucester County's growth has outgained Virginia's average (2.40% vs. 1.46%).
Finally, relative to nationwide real total industry earnings growth trends, Gloucester County surpassed the nation in the 1970s (7.29% vs. 3.13%), outperformed the nation throughout the 1980s (4.53% vs. 2.62%), led the nation over the 1990s (4.12% vs. 3.43%), topped the nation in the 2000s (2.40% vs. 1.47%), and trailed the nation over 2010-2019 (0.85% vs. 2.52%). In 2020, growth for Gloucester County has exceeded the national average (2.40% vs. 0.18%).
   
 
Real* Total Industry Earnings Growth:
Average Annual Percent Change
 
 
 
3.81
7.29
4.53
4.12
2.40
0.85
2.40
 
3.08
3.72
4.23
3.37
2.58
1.67
1.46
 
2.59
3.13
2.62
3.43
1.47
2.52
0.18
 
   
Page 9 of 13

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

   
 
Gloucester County:
Total Industry Earnings, 1969-2020
 
1969
 
16,132
0.200
80,757
100.0
N
0.12
1970
 
17,504
0.209
83,711
103.7
3.66
0.12
1971
 
19,283
0.218
88,462
109.5
5.68
0.12
1972
 
23,435
0.225
103,961
128.7
17.52
0.13
1973
 
28,240
0.238
118,875
147.2
14.35
0.14
1974
 
31,320
0.262
119,410
147.9
0.45
0.14
1975
 
34,839
0.284
122,608
151.8
2.68
0.14
1976
 
41,435
0.300
138,236
171.2
12.75
0.16
1977
 
44,843
0.319
140,472
173.9
1.62
0.15
1978
 
55,070
0.341
161,283
199.7
14.81
0.16
1979
 
59,610
0.372
160,337
198.5
-0.59
0.16
1980
 
64,181
0.412
155,847
193.0
-2.80
0.16
1981
 
68,108
0.449
151,786
188.0
-2.61
0.15
1982
 
72,430
0.474
152,925
189.4
0.75
0.15
1983
 
81,303
0.494
164,654
203.9
7.67
0.15
1984
 
91,790
0.512
179,127
221.8
8.79
0.15
1985
 
104,366
0.530
196,802
243.7
9.87
0.16
1986
 
118,983
0.542
219,591
271.9
11.58
0.17
1987
 
132,169
0.559
236,629
293.0
7.76
0.17
1988
 
143,050
0.580
246,476
305.2
4.16
0.17
1989
 
149,462
0.606
246,751
305.5
0.11
0.16
1990
 
158,095
0.632
250,028
309.6
1.33
0.17
1991
 
165,395
0.653
253,110
313.4
1.23
0.17
1992
 
181,828
0.671
271,033
335.6
7.08
0.17
1993
 
193,897
0.688
281,999
349.2
4.05
0.18
1994
 
212,601
0.702
302,881
375.1
7.40
0.18
1995
 
223,329
0.717
311,603
385.9
2.88
0.19
1996
 
232,870
0.732
318,111
393.9
2.09
0.18
1997
 
244,762
0.745
328,637
406.9
3.31
0.18
1998
 
259,785
0.751
346,057
428.5
5.30
0.18
1999
 
280,860
0.762
368,757
456.6
6.56
0.18
2000
 
291,574
0.781
373,382
462.4
1.25
0.17
2001
 
317,443
0.797
398,517
493.5
6.73
0.17
2002
 
338,477
0.807
419,416
519.4
5.24
0.18
2003
 
358,441
0.824
435,012
538.7
3.72
0.18
2004
 
389,207
0.844
460,911
570.7
5.95
0.18
2005
 
408,897
0.869
470,667
582.8
2.12
0.18
2006
 
437,718
0.893
490,045
606.8
4.12
0.18
2007
 
451,166
0.916
492,464
609.8
0.49
0.18
2008
 
461,070
0.943
488,810
605.3
-0.74
0.18
2009
 
437,501
0.941
465,120
576.0
-4.85
0.17
2010
 
449,109
0.957
469,058
580.8
0.85
0.17
2011
 
452,478
0.982
460,913
570.7
-1.74
0.17
2012
 
464,691
1.000
464,691
575.4
0.82
0.16
2013
 
469,230
1.014
462,962
573.3
-0.37
0.16
2014
 
470,383
1.029
457,184
566.1
-1.25
0.16
2015
 
481,224
1.031
466,682
577.9
2.08
0.16
2016
 
495,462
1.041
475,729
589.1
1.94
0.16
2017
 
514,625
1.061
485,262
600.9
2.00
0.16
2018
 
534,537
1.083
493,489
611.1
1.70
0.16
2019
 
555,980
1.099
505,795
626.3
2.49
0.16
2020
 
576,056
1.112
517,920
641.3
2.40
0.16
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 2021
REAP_PI_CA1400_1200_PSN
 
   
Page 10 of 13

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

   
 
Virginia:
Total Industry Earnings, 1969-2020
 
1969
 
13,888,586
0.200
69,526,362
100.0
N
2.12
1970
 
14,888,650
0.209
71,203,491
102.4
2.41
2.15
1971
 
16,361,556
0.218
75,059,895
108.0
5.42
2.20
1972
 
18,247,954
0.225
80,950,909
116.4
7.85
2.23
1973
 
20,494,163
0.238
86,269,418
124.1
6.57
2.23
1974
 
22,487,701
0.262
85,736,021
123.3
-0.62
2.26
1975
 
24,107,514
0.284
84,840,802
122.0
-1.04
2.28
1976
 
26,730,974
0.300
89,180,536
128.3
5.12
2.28
1977
 
29,632,785
0.319
92,825,815
133.5
4.09
2.27
1978
 
33,472,938
0.341
98,031,741
141.0
5.61
2.27
1979
 
37,101,589
0.372
99,794,473
143.5
1.80
2.25
1980
 
40,839,542
0.412
99,168,428
142.6
-0.63
2.29
1981
 
45,398,788
0.449
101,176,234
145.5
2.02
2.31
1982
 
48,645,343
0.474
102,707,478
147.7
1.51
2.37
1983
 
53,078,422
0.494
107,494,070
154.6
4.66
2.43
1984
 
59,515,460
0.512
116,143,590
167.0
8.05
2.45
1985
 
65,054,570
0.530
122,672,720
176.4
5.62
2.49
1986
 
70,915,359
0.542
130,878,782
188.2
6.69
2.54
1987
 
77,743,162
0.559
139,187,471
200.2
6.35
2.59
1988
 
85,293,416
0.580
146,961,329
211.4
5.59
2.62
1989
 
91,220,891
0.606
150,599,107
216.6
2.48
2.63
1990
 
95,102,916
0.632
150,405,523
216.3
-0.13
2.58
1991
 
98,530,957
0.653
150,785,763
216.9
0.25
2.60
1992
 
104,802,966
0.671
156,219,485
224.7
3.60
2.58
1993
 
109,727,435
0.688
159,584,972
229.5
2.15
2.59
1994
 
115,317,751
0.702
164,286,682
236.3
2.95
2.59
1995
 
120,285,825
0.717
167,830,538
241.4
2.16
2.57
1996
 
126,802,379
0.732
173,217,828
249.1
3.21
2.56
1997
 
135,741,537
0.745
182,257,226
262.1
5.22
2.57
1998
 
147,511,278
0.751
196,498,306
282.6
7.81
2.58
1999
 
159,419,000
0.762
209,310,173
301.1
6.52
2.61
2000
 
175,309,707
0.781
224,497,000
322.9
7.26
2.66
2001
 
184,666,498
0.797
231,829,991
333.4
3.27
2.69
2002
 
189,146,440
0.807
234,376,397
337.1
1.10
2.70
2003
 
199,919,105
0.824
242,626,162
349.0
3.52
2.76
2004
 
216,828,911
0.844
256,775,471
369.3
5.83
2.83
2005
 
230,658,070
0.869
265,502,636
381.9
3.40
2.87
2006
 
241,780,122
0.893
270,683,731
389.3
1.95
2.84
2007
 
251,528,910
0.916
274,552,918
394.9
1.43
2.84
2008
 
255,776,742
0.943
271,165,377
390.0
-1.23
2.84
2009
 
253,297,482
0.941
269,287,791
387.3
-0.69
2.92
2010
 
263,971,808
0.957
275,697,210
396.5
2.38
2.93
2011
 
272,116,862
0.982
277,189,429
398.7
0.54
2.88
2012
 
283,275,330
1.000
283,275,330
407.4
2.20
2.86
2013
 
285,869,187
1.014
282,050,227
405.7
-0.43
2.79
2014
 
293,734,833
1.029
285,492,660
410.6
1.22
2.75
2015
 
306,244,872
1.031
296,990,644
427.2
4.03
2.76
2016
 
311,566,614
1.041
299,157,558
430.3
0.73
2.74
2017
 
322,968,435
1.061
304,540,679
438.0
1.80
2.71
2018
 
334,435,477
1.083
308,753,372
444.1
1.38
2.67
2019
 
348,959,675
1.099
317,461,177
456.6
2.82
2.68
2020
 
358,246,267
1.112
322,091,497
463.3
1.46
2.71
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 2021
REAP_PI_CA1400_1200_PSN
 
   
Page 11 of 13

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, 1969-2020
 
1969
 
653,665,000
0.200
3,272,251,702
100.0
N
1970
 
693,352,000
0.209
3,315,887,135
101.3
1.33
1971
 
742,094,000
0.218
3,404,413,249
104.0
2.67
1972
 
819,646,000
0.225
3,636,083,755
111.1
6.81
1973
 
918,964,000
0.238
3,868,344,839
118.2
6.39
1974
 
993,909,000
0.262
3,789,351,481
115.8
-2.04
1975
 
1,059,492,000
0.284
3,728,636,284
113.9
-1.60
1976
 
1,173,271,000
0.300
3,914,295,723
119.6
4.98
1977
 
1,303,767,000
0.319
4,084,099,239
124.8
4.34
1978
 
1,476,080,000
0.341
4,322,975,546
132.1
5.85
1979
 
1,648,363,000
0.372
4,433,705,417
135.5
2.56
1980
 
1,784,597,000
0.412
4,333,439,367
132.4
-2.26
1981
 
1,961,173,000
0.449
4,370,691,538
133.6
0.86
1982
 
2,053,729,000
0.474
4,336,146,359
132.5
-0.79
1983
 
2,188,018,000
0.494
4,431,159,626
135.4
2.19
1984
 
2,432,402,000
0.512
4,746,798,587
145.1
7.12
1985
 
2,615,791,000
0.530
4,932,569,629
150.7
3.91
1986
 
2,786,901,000
0.542
5,143,402,111
157.2
4.27
1987
 
2,996,000,000
0.559
5,363,888,640
163.9
4.29
1988
 
3,259,979,000
0.580
5,616,973,362
171.7
4.72
1989
 
3,467,027,000
0.606
5,723,811,332
174.9
1.90
1990
 
3,679,460,000
0.632
5,819,076,086
177.8
1.66
1991
 
3,789,428,000
0.653
5,799,109,343
177.2
-0.34
1992
 
4,059,023,000
0.671
6,050,386,811
184.9
4.33
1993
 
4,237,437,000
0.688
6,162,827,598
188.3
1.86
1994
 
4,456,948,000
0.702
6,349,561,922
194.0
3.03
1995
 
4,674,849,000
0.717
6,522,650,723
199.3
2.73
1996
 
4,956,180,000
0.732
6,770,367,740
206.9
3.80
1997
 
5,288,047,000
0.745
7,100,146,352
217.0
4.87
1998
 
5,707,014,000
0.751
7,602,256,561
232.3
7.07
1999
 
6,098,042,000
0.762
8,006,462,371
244.7
5.32
2000
 
6,598,743,000
0.781
8,450,176,719
258.2
5.54
2001
 
6,865,291,000
0.797
8,618,674,048
263.4
1.99
2002
 
7,001,002,000
0.807
8,675,128,250
265.1
0.66
2003
 
7,243,377,000
0.824
8,790,719,435
268.6
1.33
2004
 
7,674,785,000
0.844
9,088,716,649
277.8
3.39
2005
 
8,039,238,000
0.869
9,253,692,619
282.8
1.82
2006
 
8,519,349,000
0.893
9,537,794,720
291.5
3.07
2007
 
8,866,152,000
0.916
9,677,726,112
295.8
1.47
2008
 
9,014,034,000
0.943
9,556,357,275
292.0
-1.25
2009
 
8,688,852,000
0.941
9,237,366,843
282.3
-3.34
2010
 
9,023,830,000
0.957
9,424,660,825
288.0
2.03
2011
 
9,444,365,000
0.982
9,620,418,662
294.0
2.08
2012
 
9,902,321,000
1.000
9,902,321,000
302.6
2.93
2013
 
10,232,098,000
1.014
10,095,406,200
308.5
1.95
2014
 
10,688,401,000
1.029
10,388,485,426
317.5
2.90
2015
 
11,115,543,000
1.031
10,779,649,133
329.4
3.77
2016
 
11,384,770,000
1.041
10,931,338,096
334.1
1.41
2017
 
11,926,173,000
1.061
11,245,695,939
343.7
2.88
2018
 
12,515,233,000
1.083
11,554,158,127
353.1
2.74
2019
 
13,024,685,000
1.099
11,849,024,763
362.1
2.55
2020
 
13,202,475,000
1.112
11,870,060,688
362.7
0.18
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 2021
REAP_PI_CA1400_1200_PN
 
   
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