| Lancaster County vs. Virginia Comparative Trends Analysis: Total Industry Earnings Growth and Change, 1969-2022 Introduction Lancaster County: 2022 Earnings = $334,865K 2022 Percent of State = 0.08% Virginia: 2022 Earnings = $410,883,004K 2022 Percent of U.S. = 2.70% 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. Figure 1. Figure 1 depicts Lancaster County's annual total industry earnings 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 Lancaster County over time. When measured in current dollars, Lancaster County's total industry earnings increased 1,652.39%, from $19M in 1970 to $335M in 2022. When measured in constant 2017 dollars to adjust for inflation, it advanced 198.49%, from $97M in 1970 to $289M in 2022. Figure 2. Figure 2 tracks Lancaster County's and Virginia's annual real total industry earnings for the period 1969-2022 to illustrate real total industry earnings patterns over time. During this 54-year period, Lancaster County's real total industry earnings rose from $90M in 1969 to $289M in 2022, for a net gain of $198M, or 220.38%. In comparison, Virginia's real total industry earnings advanced from $73,551M in 1969 to $354,078M in 2022, for a net advance of $280,527M, or 381.41%. Figure 3. Another interesting and insightful way of comparing the total industry earnings growth of Lancaster County is to compare its individual percentage contributions to Virginia's statewide total industry earnings over time, as shown in Figure 3. 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, Lancaster County's total industry earnings totaled 0.12% of Virginia's total industry earnings, while in 2022 it equated to 0.08% thereby yielding a -0.04% share-shift. | | | | Total Industry Earnings Share-Shift 2022 vs. 1969 | Share- Shift* | | 2022 | vs. | 1969 | | -0.04% | = | 0.08% | - | 0.12% |
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Figure 4. Figure 4 displays the short-run pattern of Lancaster County's real total industry earnings 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, Lancaster County's real total industry earnings grew at an annual rate of 2.32% over 1970-2022. The county recorded its highest growth in 1978 (17.88%) and posted its lowest growth in 1992 (-6.50%). In 2022, Lancaster County's real total industry earnings grew by 0.55% Figure 5. 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 5 again traces the annual percent change in Lancaster County's real total industry earnings since 1970, but this time they are overlayed with average growth rates for the decade of the 1970s, 1980s, 1990s, 2000s, 2010s, and 2020-2022. During the 1970s, Lancaster County's annual real total industry earnings growth rate averaged 4.38%. It averaged 2.54% in the 1980s, 2.08% during the 1990s, 2.50% throughout the 2000s, 0.06% throughout the 2010s, 2.45% thus far this decade (2020-2022). Figure 6. Figure 6 compares the decade average growth rates for Lancaster County noted in the previous graph with the corresponding decade averages for Virginia and the nation. As the chart reveals, Lancaster County's average annual real total industry earnings growth outpaced Virginia's average throughout the 1970s (4.38% vs. 3.72%), lagged Virginia's average in the 1980s (2.54% vs. 4.23%), posted below Virginia's average in the 1990s (2.08% vs. 3.37%), fell below Virginia's average in the 2000s (2.50% vs. 2.58%), recorded under Virginia's average throughout the 2010s (0.06% vs. 1.69%), and outgained Virginia's average over the 3 year period of the current decade, 2020-2022 (2.45% vs. 1.71%). Finally, relative to nationwide real total industry earnings growth trends, Lancaster County exceeded the nation during the 1970s (4.38% vs. 3.13%), fell under the nation in the 1980s (2.54% vs. 2.62%), posted below the nation over the 1990s (2.08% vs. 3.43%), topped the nation throughout the 2000s (2.50% vs. 1.47%), trailed the nation in the 2010s (0.06% vs. 2.53%), and outpaced the nation over 2020-2022 (2.45% vs. 1.48%). | | | | Real* Total Industry Earnings Growth: Average Annual Percent Change | | | | | | | | | | | | | | | | | | | | | 2.32 | 4.38 | 2.54 | 2.08 | 2.50 | 0.06 | 2.45 | 0.55 | | | 3.04 | 3.72 | 4.23 | 3.37 | 2.58 | 1.69 | 1.71 | 0.48 | | | 2.57 | 3.13 | 2.62 | 3.43 | 1.47 | 2.53 | 1.48 | 0.05 |
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Tip: To augment your analysis click on the column headers in the following table to rank and/or sort the data. | | | | Lancaster County: Total Industry Earnings, 1969-2022 | | | | | | | | | 1969 | | 17,008 | 0.189 | 90,070 | 100.0 | N | 0.12 | 1970 | | 19,109 | 0.198 | 96,676 | 107.3 | 7.33 | 0.13 | 1971 | | 19,628 | 0.206 | 95,258 | 105.8 | -1.47 | 0.12 | 1972 | | 22,050 | 0.213 | 103,482 | 114.9 | 8.63 | 0.12 | 1973 | | 24,306 | 0.225 | 108,243 | 120.2 | 4.60 | 0.12 | 1974 | | 27,264 | 0.248 | 109,967 | 122.1 | 1.59 | 0.12 | 1975 | | 29,142 | 0.269 | 108,496 | 120.5 | -1.34 | 0.12 | 1976 | | 33,686 | 0.283 | 118,893 | 132.0 | 9.58 | 0.13 | 1977 | | 36,685 | 0.302 | 121,570 | 135.0 | 2.25 | 0.12 | 1978 | | 46,255 | 0.323 | 143,311 | 159.1 | 17.88 | 0.14 | 1979 | | 47,728 | 0.351 | 135,811 | 150.8 | -5.23 | 0.13 | 1980 | | 53,478 | 0.389 | 137,377 | 152.5 | 1.15 | 0.13 | 1981 | | 56,033 | 0.424 | 132,107 | 146.7 | -3.84 | 0.12 | 1982 | | 59,860 | 0.448 | 133,703 | 148.4 | 1.21 | 0.12 | 1983 | | 61,487 | 0.467 | 131,732 | 146.3 | -1.47 | 0.12 | 1984 | | 66,411 | 0.484 | 137,102 | 152.2 | 4.08 | 0.11 | 1985 | | 72,222 | 0.501 | 144,075 | 160.0 | 5.09 | 0.11 | 1986 | | 74,431 | 0.512 | 145,319 | 161.3 | 0.86 | 0.10 | 1987 | | 83,078 | 0.528 | 157,339 | 174.7 | 8.27 | 0.11 | 1988 | | 93,589 | 0.549 | 170,581 | 189.4 | 8.42 | 0.11 | 1989 | | 99,255 | 0.573 | 173,338 | 192.4 | 1.62 | 0.11 | 1990 | | 103,234 | 0.598 | 172,704 | 191.7 | -0.37 | 0.11 | 1991 | | 105,573 | 0.618 | 170,902 | 189.7 | -1.04 | 0.11 | 1992 | | 101,340 | 0.634 | 159,792 | 177.4 | -6.50 | 0.10 | 1993 | | 103,263 | 0.650 | 158,866 | 176.4 | -0.58 | 0.09 | 1994 | | 115,033 | 0.664 | 173,357 | 192.5 | 9.12 | 0.10 | 1995 | | 114,895 | 0.678 | 169,577 | 188.3 | -2.18 | 0.10 | 1996 | | 118,519 | 0.692 | 171,263 | 190.1 | 0.99 | 0.09 | 1997 | | 125,974 | 0.704 | 178,923 | 198.6 | 4.47 | 0.09 | 1998 | | 140,521 | 0.710 | 198,009 | 219.8 | 10.67 | 0.10 | 1999 | | 151,471 | 0.720 | 210,373 | 233.6 | 6.24 | 0.10 | 2000 | | 161,998 | 0.738 | 219,444 | 243.6 | 4.31 | 0.09 | 2001 | | 182,108 | 0.753 | 241,837 | 268.5 | 10.20 | 0.10 | 2002 | | 192,514 | 0.763 | 252,342 | 280.2 | 4.34 | 0.10 | 2003 | | 204,433 | 0.779 | 262,450 | 291.4 | 4.01 | 0.10 | 2004 | | 212,412 | 0.798 | 266,090 | 295.4 | 1.39 | 0.10 | 2005 | | 228,499 | 0.821 | 278,226 | 308.9 | 4.56 | 0.10 | 2006 | | 230,538 | 0.844 | 273,020 | 303.1 | -1.87 | 0.10 | 2007 | | 245,324 | 0.866 | 283,261 | 314.5 | 3.75 | 0.10 | 2008 | | 250,024 | 0.892 | 280,390 | 311.3 | -1.01 | 0.10 | 2009 | | 237,657 | 0.889 | 267,268 | 296.7 | -4.68 | 0.09 | 2010 | | 239,316 | 0.905 | 264,397 | 293.5 | -1.07 | 0.09 | 2011 | | 239,060 | 0.928 | 257,597 | 286.0 | -2.57 | 0.09 | 2012 | | 242,423 | 0.945 | 256,440 | 284.7 | -0.45 | 0.09 | 2013 | | 239,270 | 0.958 | 249,809 | 277.3 | -2.59 | 0.08 | 2014 | | 239,052 | 0.971 | 246,138 | 273.3 | -1.47 | 0.08 | 2015 | | 243,544 | 0.973 | 250,305 | 277.9 | 1.69 | 0.08 | 2016 | | 254,521 | 0.983 | 258,965 | 287.5 | 3.46 | 0.08 | 2017 | | 264,254 | 1.000 | 264,254 | 293.4 | 2.04 | 0.08 | 2018 | | 267,150 | 1.020 | 261,791 | 290.7 | -0.93 | 0.08 | 2019 | | 277,837 | 1.035 | 268,408 | 298.0 | 2.53 | 0.08 | 2020 | | 290,680 | 1.046 | 277,804 | 308.4 | 3.50 | 0.08 | 2021 | | 312,813 | 1.090 | 286,982 | 318.6 | 3.30 | 0.08 | 2022 | | 334,865 | 1.160 | 288,570 | 320.4 | 0.55 | 0.08 |
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_1200_PSN | | | | |
Tip: To augment your analysis click on the column headers in the following table to rank and/or sort the data. | | | | Virginia: Total Industry Earnings, 1969-2022 | | | | | | | | | 1969 | | 13,888,586 | 0.189 | 73,550,739 | 100.0 | N | 2.12 | 1970 | | 14,888,650 | 0.198 | 75,324,547 | 102.4 | 2.41 | 2.15 | 1971 | | 16,361,556 | 0.206 | 79,405,756 | 108.0 | 5.42 | 2.20 | 1972 | | 18,247,954 | 0.213 | 85,638,981 | 116.4 | 7.85 | 2.23 | 1973 | | 20,494,163 | 0.225 | 91,267,704 | 124.1 | 6.57 | 2.23 | 1974 | | 22,487,701 | 0.248 | 90,701,815 | 123.3 | -0.62 | 2.26 | 1975 | | 24,107,514 | 0.269 | 89,752,472 | 122.0 | -1.05 | 2.28 | 1976 | | 26,730,974 | 0.283 | 94,345,724 | 128.3 | 5.12 | 2.28 | 1977 | | 29,632,785 | 0.302 | 98,199,844 | 133.5 | 4.09 | 2.27 | 1978 | | 33,472,938 | 0.323 | 103,708,446 | 141.0 | 5.61 | 2.27 | 1979 | | 37,101,589 | 0.351 | 105,573,198 | 143.5 | 1.80 | 2.25 | 1980 | | 40,839,542 | 0.389 | 104,910,455 | 142.6 | -0.63 | 2.29 | 1981 | | 45,398,788 | 0.424 | 107,034,747 | 145.5 | 2.02 | 2.31 | 1982 | | 48,645,343 | 0.448 | 108,653,689 | 147.7 | 1.51 | 2.37 | 1983 | | 53,078,422 | 0.467 | 113,716,732 | 154.6 | 4.66 | 2.43 | 1984 | | 59,515,460 | 0.484 | 122,866,822 | 167.1 | 8.05 | 2.45 | 1985 | | 65,054,570 | 0.501 | 129,776,911 | 176.4 | 5.62 | 2.49 | 1986 | | 70,915,359 | 0.512 | 138,455,181 | 188.2 | 6.69 | 2.54 | 1987 | | 77,743,162 | 0.528 | 147,235,260 | 200.2 | 6.34 | 2.59 | 1988 | | 85,293,416 | 0.549 | 155,460,523 | 211.4 | 5.59 | 2.62 | 1989 | | 91,220,891 | 0.573 | 159,307,192 | 216.6 | 2.47 | 2.63 | 1990 | | 95,102,916 | 0.598 | 159,101,491 | 216.3 | -0.13 | 2.58 | 1991 | | 98,530,957 | 0.618 | 159,502,310 | 216.9 | 0.25 | 2.60 | 1992 | | 104,802,966 | 0.634 | 165,252,233 | 224.7 | 3.60 | 2.58 | 1993 | | 109,727,435 | 0.650 | 168,811,438 | 229.5 | 2.15 | 2.59 | 1994 | | 115,317,751 | 0.664 | 173,786,471 | 236.3 | 2.95 | 2.59 | 1995 | | 120,285,825 | 0.678 | 177,533,171 | 241.4 | 2.16 | 2.57 | 1996 | | 126,802,379 | 0.692 | 183,232,488 | 249.1 | 3.21 | 2.56 | 1997 | | 135,741,537 | 0.704 | 192,795,513 | 262.1 | 5.22 | 2.57 | 1998 | | 147,511,278 | 0.710 | 207,858,974 | 282.6 | 7.81 | 2.58 | 1999 | | 159,419,000 | 0.720 | 221,412,203 | 301.0 | 6.52 | 2.61 | 2000 | | 175,309,707 | 0.738 | 237,476,236 | 322.9 | 7.26 | 2.66 | 2001 | | 184,666,498 | 0.753 | 245,234,520 | 333.4 | 3.27 | 2.69 | 2002 | | 189,151,512 | 0.763 | 247,934,241 | 337.1 | 1.10 | 2.70 | 2003 | | 199,943,911 | 0.779 | 256,687,179 | 349.0 | 3.53 | 2.76 | 2004 | | 216,849,751 | 0.798 | 271,649,631 | 369.3 | 5.83 | 2.83 | 2005 | | 230,677,524 | 0.821 | 280,879,034 | 381.9 | 3.40 | 2.87 | 2006 | | 241,768,620 | 0.844 | 286,320,014 | 389.3 | 1.94 | 2.84 | 2007 | | 251,551,993 | 0.866 | 290,452,265 | 394.9 | 1.44 | 2.84 | 2008 | | 255,751,400 | 0.892 | 286,813,278 | 390.0 | -1.25 | 2.84 | 2009 | | 253,301,547 | 0.889 | 284,861,334 | 387.3 | -0.68 | 2.92 | 2010 | | 263,974,651 | 0.905 | 291,639,582 | 396.5 | 2.38 | 2.93 | 2011 | | 272,115,957 | 0.928 | 293,215,763 | 398.7 | 0.54 | 2.88 | 2012 | | 282,095,603 | 0.945 | 298,406,502 | 405.7 | 1.77 | 2.86 | 2013 | | 284,627,716 | 0.958 | 297,165,112 | 404.0 | -0.42 | 2.80 | 2014 | | 291,940,359 | 0.971 | 300,594,474 | 408.7 | 1.15 | 2.75 | 2015 | | 304,543,215 | 0.973 | 312,997,271 | 425.6 | 4.13 | 2.76 | 2016 | | 310,125,950 | 0.983 | 315,540,627 | 429.0 | 0.81 | 2.74 | 2017 | | 321,253,019 | 1.000 | 321,253,019 | 436.8 | 1.81 | 2.71 | 2018 | | 332,431,085 | 1.020 | 325,762,722 | 442.9 | 1.40 | 2.67 | 2019 | | 348,430,795 | 1.035 | 336,605,832 | 457.7 | 3.33 | 2.68 | 2020 | | 356,186,449 | 1.046 | 340,408,514 | 462.8 | 1.13 | 2.71 | 2021 | | 384,089,912 | 1.090 | 352,372,833 | 479.1 | 3.51 | 2.69 | 2022 | | 410,883,004 | 1.160 | 354,078,233 | 481.4 | 0.48 | 2.70 |
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_1200_PSN | | | | |
Tip: 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, 1969-2022 | | | | | | | | 1969 | | 653,665,000 | 0.189 | 3,461,658,635 | 100.0 | N | 1970 | | 693,352,000 | 0.198 | 3,507,801,275 | 101.3 | 1.33 | 1971 | | 742,094,000 | 0.206 | 3,601,523,902 | 104.0 | 2.67 | 1972 | | 819,646,000 | 0.213 | 3,846,658,532 | 111.1 | 6.81 | 1973 | | 918,964,000 | 0.225 | 4,092,469,383 | 118.2 | 6.39 | 1974 | | 993,909,000 | 0.248 | 4,008,829,105 | 115.8 | -2.04 | 1975 | | 1,059,492,000 | 0.269 | 3,944,497,394 | 113.9 | -1.60 | 1976 | | 1,173,271,000 | 0.283 | 4,141,005,188 | 119.6 | 4.98 | 1977 | | 1,303,767,000 | 0.302 | 4,320,542,816 | 124.8 | 4.34 | 1978 | | 1,476,080,000 | 0.323 | 4,573,305,242 | 132.1 | 5.85 | 1979 | | 1,648,363,000 | 0.351 | 4,690,444,754 | 135.5 | 2.56 | 1980 | | 1,784,597,000 | 0.389 | 4,584,353,165 | 132.4 | -2.26 | 1981 | | 1,961,173,000 | 0.424 | 4,623,772,250 | 133.6 | 0.86 | 1982 | | 2,053,729,000 | 0.448 | 4,587,185,902 | 132.5 | -0.79 | 1983 | | 2,188,018,000 | 0.467 | 4,687,672,466 | 135.4 | 2.19 | 1984 | | 2,432,402,000 | 0.484 | 5,021,577,654 | 145.1 | 7.12 | 1985 | | 2,615,791,000 | 0.501 | 5,218,223,348 | 150.7 | 3.92 | 1986 | | 2,786,901,000 | 0.512 | 5,441,146,840 | 157.2 | 4.27 | 1987 | | 2,996,000,000 | 0.528 | 5,674,027,499 | 163.9 | 4.28 | 1988 | | 3,259,979,000 | 0.549 | 5,941,819,010 | 171.6 | 4.72 | 1989 | | 3,467,027,000 | 0.573 | 6,054,778,994 | 174.9 | 1.90 | 1990 | | 3,679,460,000 | 0.598 | 6,155,516,520 | 177.8 | 1.66 | 1991 | | 3,789,428,000 | 0.618 | 6,134,341,309 | 177.2 | -0.34 | 1992 | | 4,059,023,000 | 0.634 | 6,400,225,481 | 184.9 | 4.33 | 1993 | | 4,237,437,000 | 0.650 | 6,519,133,846 | 188.3 | 1.86 | 1994 | | 4,456,948,000 | 0.664 | 6,716,721,924 | 194.0 | 3.03 | 1995 | | 4,674,849,000 | 0.678 | 6,899,738,761 | 199.3 | 2.72 | 1996 | | 4,956,180,000 | 0.692 | 7,161,799,344 | 206.9 | 3.80 | 1997 | | 5,288,047,000 | 0.704 | 7,510,683,597 | 217.0 | 4.87 | 1998 | | 5,707,014,000 | 0.710 | 8,041,785,619 | 232.3 | 7.07 | 1999 | | 6,098,042,000 | 0.720 | 8,469,385,147 | 244.7 | 5.32 | 2000 | | 6,598,743,000 | 0.738 | 8,938,721,519 | 258.2 | 5.54 | 2001 | | 6,865,291,000 | 0.753 | 9,117,010,172 | 263.4 | 1.99 | 2002 | | 7,001,002,000 | 0.763 | 9,176,707,606 | 265.1 | 0.65 | 2003 | | 7,243,377,000 | 0.779 | 9,299,017,896 | 268.6 | 1.33 | 2004 | | 7,674,785,000 | 0.798 | 9,614,272,113 | 277.7 | 3.39 | 2005 | | 8,039,238,000 | 0.821 | 9,788,788,097 | 282.8 | 1.82 | 2006 | | 8,519,349,000 | 0.844 | 10,089,233,775 | 291.5 | 3.07 | 2007 | | 8,866,261,000 | 0.866 | 10,237,349,175 | 295.7 | 1.47 | 2008 | | 9,014,085,000 | 0.892 | 10,108,876,304 | 292.0 | -1.25 | 2009 | | 8,688,913,000 | 0.889 | 9,771,497,172 | 282.3 | -3.34 | 2010 | | 9,023,916,000 | 0.905 | 9,969,635,637 | 288.0 | 2.03 | 2011 | | 9,444,387,000 | 0.928 | 10,176,702,513 | 294.0 | 2.08 | 2012 | | 9,854,834,000 | 0.945 | 10,424,645,101 | 301.1 | 2.44 | 2013 | | 10,180,570,000 | 0.958 | 10,629,007,841 | 307.0 | 1.96 | 2014 | | 10,613,874,000 | 0.971 | 10,928,505,678 | 315.7 | 2.82 | 2015 | | 11,039,821,000 | 0.973 | 11,346,284,134 | 327.8 | 3.82 | 2016 | | 11,311,477,000 | 0.983 | 11,508,970,941 | 332.5 | 1.43 | 2017 | | 11,848,205,000 | 1.000 | 11,848,205,000 | 342.3 | 2.95 | 2018 | | 12,438,590,000 | 1.020 | 12,189,079,542 | 352.1 | 2.88 | 2019 | | 12,989,097,000 | 1.035 | 12,548,276,062 | 362.5 | 2.95 | 2020 | | 13,158,025,000 | 1.046 | 12,575,166,053 | 363.3 | 0.21 | 2021 | | 14,278,043,000 | 1.090 | 13,099,001,844 | 378.4 | 4.17 | 2022 | | 15,207,952,000 | 1.160 | 13,105,445,395 | 378.6 | 0.05 |
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_1200_PN | | | | |
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