Richmond County vs. Virginia
Comparative Trends Analysis:
Total Industry Earnings Growth and Change, 1969-2022
Introduction
Richmond County vs. Virginia
Richmond County:
2022 Earnings = $198,009K
2022 Percent of State = 0.05%
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.
Richmond County Total Industry Earnings, 1970-2022
Current vs. Constant Dollars (Millions)
Richmond County Total Industry Earnings, 1970-2022
Current vs. Constant Dollars (Millions)
Figure 1.
Figure 1 depicts Richmond 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 Richmond County over time.
When measured in current dollars, Richmond County's total industry earnings increased 1,142.14%, from $16M in 1970 to $198M in 2022. When measured in constant 2017 dollars to adjust for inflation, it advanced 111.58%, from $81M in 1970 to $171M in 2022.
Real Total Industry Earnings, 1969-2022 (Millions)
Real Total Industry Earnings, 1969-2022 (Millions)
Figure 2.
Figure 2 traces Richmond 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, Richmond County's real total industry earnings rose from $77M in 1969 to $171M in 2022, for a net gain of $93M, or 121.05%. 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%.
Real Total Industry Earnings Indices (1969=100): 1969-2022
Real Total Industry Earnings Indices (1969=100): 1969-2022
Figure 3.
Figure 3 portrays Richmond 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.
Richmond County's overall real total industry earnings growth was 121.05% over 1969-2022 trailed Virginia's increase of 381.41%, and fell below the United States' increase of 278.59%.
Total Industry Earnings as a Percent of the Virginia Total: 1969-2022
Total Industry Earnings as a Percent of the Virginia Total: 1969-2022
Figure 4.
Another interesting and insightful way of contrasting the total industry earnings growth of Richmond 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, Richmond County's total industry earnings comprised 0.10% of Virginia's total industry earnings, while in 2022 it comprised 0.05% thereby yielding a -0.06% share-shift.
   
 
Total Industry Earnings Share-Shift
2022 vs. 1969
 
Share-
Shift*
 
2022
vs.
1969
-0.06%
=
0.05%
-
0.10%
 
   
Richmond County Real Total Industry Earnings:
Annual Percent Change, 1970-2022
Richmond County Real Total Industry Earnings:
Annual Percent Change, 1970-2022
Figure 5.
Figure 5 highlights the short-run pattern of Richmond 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, Richmond County's real total industry earnings grew at an annual rate of 1.63% over 1970-2022. The county recorded its highest growth in 1978 (18.59%) and posted its lowest growth in 1979 (-7.91%). In 2022, Richmond County's real total industry earnings declined by -3.61%
Richmond County Real Total Industry Earnings:
Annual Percent Change and Decade Averages Over 1970-2022
Richmond County Real Total Industry Earnings:
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 depicts the annual percent change in Richmond 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, Richmond County's annual real total industry earnings growth rate averaged 2.41%. It averaged 3.22% during the 1980s, 1.17% throughout the 1990s, 1.27% in the 2000s, 0.65% throughout the 2010s, -0.31% thus far this decade (2020-2022).
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 Richmond County noted in the previous graph with the corresponding decade averages for Virginia and the nation. As the chart reveals, Richmond County's average annual real total industry earnings growth amounted to less than Virginia's average in the 1970s (2.41% vs. 3.72%), lagged Virginia's average throughout the 1980s (3.22% vs. 4.23%), amounted to less than Virginia's average throughout the 1990s (1.17% vs. 3.37%), trailed Virginia's average throughout the 2000s (1.27% vs. 2.58%), amounted to less than Virginia's average during the 2010s (0.65% vs. 1.69%), and posted below Virginia's average over the 3 year period of the current decade, 2020-2022 (-0.31% vs. 1.71%).
Finally, relative to nationwide real total industry earnings growth trends, Richmond County trailed the nation in the 1970s (2.41% vs. 3.13%), registered above the nation during the 1980s (3.22% vs. 2.62%), fell below the nation over the 1990s (1.17% vs. 3.43%), posted below the nation throughout the 2000s (1.27% vs. 1.47%), lagged the nation over the 2010s (0.65% vs. 2.53%), and recorded underneath the nation over 2020-2022 (-0.31% vs. 1.48%).
   
 
Real* Total Industry Earnings Growth:
Average Annual Percent Change
 
 
 
1.63
2.41
3.22
1.17
1.27
0.65
-0.31
-3.61
 
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
 
   

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

   
 
Richmond County:
Total Industry Earnings, 1969-2022
 
1969
 
14,576
0.189
77,191
100.0
N
0.10
1970
 
15,941
0.198
80,649
104.5
4.48
0.11
1971
 
17,454
0.206
84,708
109.7
5.03
0.11
1972
 
19,951
0.213
93,631
121.3
10.53
0.11
1973
 
21,290
0.225
94,812
122.8
1.26
0.10
1974
 
23,092
0.248
93,139
120.7
-1.76
0.10
1975
 
23,050
0.269
85,815
111.2
-7.86
0.10
1976
 
24,932
0.283
87,996
114.0
2.54
0.09
1977
 
26,331
0.302
87,258
113.0
-0.84
0.09
1978
 
33,398
0.323
103,476
134.1
18.59
0.10
1979
 
33,490
0.351
95,296
123.5
-7.91
0.09
1980
 
34,266
0.389
88,024
114.0
-7.63
0.08
1981
 
38,593
0.424
90,989
117.9
3.37
0.09
1982
 
39,851
0.448
89,011
115.3
-2.17
0.08
1983
 
41,364
0.467
88,619
114.8
-0.44
0.08
1984
 
45,543
0.484
94,021
121.8
6.10
0.08
1985
 
46,964
0.501
93,688
121.4
-0.35
0.07
1986
 
52,810
0.512
103,106
133.6
10.05
0.07
1987
 
58,081
0.528
109,998
142.5
6.68
0.07
1988
 
67,963
0.549
123,873
160.5
12.61
0.08
1989
 
73,758
0.573
128,810
166.9
3.99
0.08
1990
 
72,518
0.598
121,318
157.2
-5.82
0.08
1991
 
71,606
0.618
115,916
150.2
-4.45
0.07
1992
 
74,658
0.634
117,720
152.5
1.56
0.07
1993
 
76,746
0.650
118,071
153.0
0.30
0.07
1994
 
85,707
0.664
129,162
167.3
9.39
0.07
1995
 
86,536
0.678
127,721
165.5
-1.12
0.07
1996
 
89,957
0.692
129,990
168.4
1.78
0.07
1997
 
93,453
0.704
132,733
172.0
2.11
0.07
1998
 
95,145
0.710
134,069
173.7
1.01
0.06
1999
 
103,242
0.720
143,390
185.8
6.95
0.06
2000
 
104,458
0.738
141,500
183.3
-1.32
0.06
2001
 
107,756
0.753
143,098
185.4
1.13
0.06
2002
 
108,249
0.763
141,890
183.8
-0.84
0.06
2003
 
117,682
0.779
151,080
195.7
6.48
0.06
2004
 
126,565
0.798
158,549
205.4
4.94
0.06
2005
 
129,494
0.821
157,675
204.3
-0.55
0.06
2006
 
136,295
0.844
161,410
209.1
2.37
0.06
2007
 
140,433
0.866
162,150
210.1
0.46
0.06
2008
 
143,825
0.892
161,293
209.0
-0.53
0.06
2009
 
144,220
0.889
162,189
210.1
0.56
0.06
2010
 
144,577
0.905
159,729
206.9
-1.52
0.05
2011
 
146,142
0.928
157,474
204.0
-1.41
0.05
2012
 
148,391
0.945
156,971
203.4
-0.32
0.05
2013
 
151,212
0.958
157,873
204.5
0.57
0.05
2014
 
152,986
0.971
157,521
204.1
-0.22
0.05
2015
 
159,187
0.973
163,606
211.9
3.86
0.05
2016
 
164,750
0.983
167,626
217.2
2.46
0.05
2017
 
167,963
1.000
167,963
217.6
0.20
0.05
2018
 
182,857
1.020
179,189
232.1
6.68
0.06
2019
 
178,505
1.035
172,447
223.4
-3.76
0.05
2020
 
186,759
1.046
178,486
231.2
3.50
0.05
2021
 
192,956
1.090
177,022
229.3
-0.82
0.05
2022
 
198,009
1.160
170,634
221.1
-3.61
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_PSN
 
   

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, 1969-2022
 
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
 
   

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, 1969-2022
 
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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