Surry County vs. Virginia
Comparative Trends Analysis:
Total Industry Earnings Growth and Change, 1969-2022
Introduction
Surry County vs. Virginia
Surry County:
2022 Earnings = $277,627K
2022 Percent of State = 0.07%
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.
Surry County Total Industry Earnings, 1970-2022
Current vs. Constant Dollars (Millions)
Surry County Total Industry Earnings, 1970-2022
Current vs. Constant Dollars (Millions)
Figure 1.
Figure 1 depicts Surry 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 Surry County over time.
When measured in current dollars, Surry County's total industry earnings increased 664.81%, from $36M in 1970 to $278M in 2022. When measured in constant 2017 dollars to adjust for inflation, it advanced 30.27%, from $184M in 1970 to $239M in 2022.
Real Total Industry Earnings, 1969-2022 (Millions)
Real Total Industry Earnings, 1969-2022 (Millions)
Figure 2.
Figure 2 traces Surry 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, Surry County's real total industry earnings rose from $120M in 1969 to $239M in 2022, for a net gain of $119M, or 99.23%. In comparison, Virginia's real total industry earnings increased 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 Surry 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.
Surry County's overall real total industry earnings growth was 99.23% 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 comparing the total industry earnings growth of Surry 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, Surry County's total industry earnings comprised 0.16% of Virginia's total industry earnings, while in 2022 it equated to 0.07% thereby yielding a -0.10% share-shift.
   
 
Total Industry Earnings Share-Shift
2022 vs. 1969
 
Share-
Shift*
 
2022
vs.
1969
-0.10%
=
0.07%
-
0.16%
 
   
Surry County Real Total Industry Earnings:
Annual Percent Change, 1970-2022
Surry County Real Total Industry Earnings:
Annual Percent Change, 1970-2022
Figure 5.
Figure 5 highlights the short-run pattern of Surry 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 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, Surry County's real total industry earnings grew at an annual rate of 4.17% over 1970-2022. The county recorded its highest growth in 1979 (152.40%) and posted its lowest growth in 1973 (-60.99%). In 2022, Surry County's real total industry earnings declined by -3.12%
Surry County Real Total Industry Earnings:
Annual Percent Change and Decade Averages Over 1970-2022
Surry 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 illustrates the annual percent change in Surry 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, 2010s, and 2020-2022.
During the 1970s, Surry County's annual real total industry earnings growth rate averaged 16.84%. It averaged 3.18% during the 1980s, -2.77% throughout the 1990s, 5.02% in the 2000s, 0.16% during the 2010s, -1.08% 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 Surry County noted in the previous graph with the corresponding decade averages for Virginia and the nation. As the chart reveals, Surry County's average annual real total industry earnings growth led Virginia's average during the 1970s (16.84% vs. 3.72%), lagged Virginia's average throughout the 1980s (3.18% vs. 4.23%), lagged Virginia's average throughout the 1990s (-2.77% vs. 3.37%), outgained Virginia's average throughout the 2000s (5.02% vs. 2.58%), recorded under Virginia's average during the 2010s (0.16% vs. 1.69%), and amounted to less than Virginia's average over the 3 year period of the current decade, 2020-2022 (-1.08% vs. 1.71%).
Finally, relative to nationwide real total industry earnings growth trends, Surry County outperformed the nation during the 1970s (16.84% vs. 3.13%), led the nation in the 1980s (3.18% vs. 2.62%), posted below the nation during the 1990s (-2.77% vs. 3.43%), exceeded the nation throughout the 2000s (5.02% vs. 1.47%), trailed the nation over the 2010s (0.16% vs. 2.53%), and fell below the nation over 2020-2022 (-1.08% vs. 1.48%).
   
 
Real* Total Industry Earnings Growth:
Average Annual Percent Change
 
 
 
4.17
16.84
3.18
-2.77
5.02
0.16
-1.08
-3.12
 
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.

   
 
Surry County:
Total Industry Earnings, 1969-2022
 
1969
 
22,676
0.189
120,087
100.0
N
0.16
1970
 
36,300
0.198
183,649
152.9
52.93
0.24
1971
 
36,728
0.206
178,248
148.4
-2.94
0.22
1972
 
26,113
0.213
122,550
102.1
-31.25
0.14
1973
 
10,734
0.225
47,802
39.8
-60.99
0.05
1974
 
14,178
0.248
57,185
47.6
19.63
0.06
1975
 
20,952
0.269
78,004
65.0
36.41
0.09
1976
 
14,427
0.283
50,919
42.4
-34.72
0.05
1977
 
16,069
0.302
53,251
44.3
4.58
0.05
1978
 
22,750
0.323
70,486
58.7
32.37
0.07
1979
 
62,522
0.351
177,907
148.1
152.40
0.17
1980
 
59,029
0.389
151,636
126.3
-14.77
0.14
1981
 
67,373
0.424
158,842
132.3
4.75
0.15
1982
 
48,600
0.448
108,552
90.4
-31.66
0.10
1983
 
55,046
0.467
117,932
98.2
8.64
0.10
1984
 
69,256
0.484
142,976
119.1
21.24
0.12
1985
 
76,417
0.501
152,444
126.9
6.62
0.12
1986
 
89,634
0.512
175,001
145.7
14.80
0.13
1987
 
83,873
0.528
158,844
132.3
-9.23
0.11
1988
 
103,502
0.549
188,649
157.1
18.76
0.12
1989
 
121,718
0.573
212,567
177.0
12.68
0.13
1990
 
118,525
0.598
198,285
165.1
-6.72
0.12
1991
 
118,487
0.618
191,807
159.7
-3.27
0.12
1992
 
120,657
0.634
190,251
158.4
-0.81
0.12
1993
 
117,411
0.650
180,632
150.4
-5.06
0.11
1994
 
117,457
0.664
177,010
147.4
-2.01
0.10
1995
 
118,330
0.678
174,647
145.4
-1.34
0.10
1996
 
120,168
0.692
173,646
144.6
-0.57
0.09
1997
 
123,575
0.704
175,515
146.2
1.08
0.09
1998
 
113,443
0.710
159,853
133.1
-8.92
0.08
1999
 
114,964
0.720
159,670
133.0
-0.11
0.07
2000
 
122,205
0.738
165,540
137.9
3.68
0.07
2001
 
136,663
0.753
181,487
151.1
9.63
0.07
2002
 
140,912
0.763
184,703
153.8
1.77
0.07
2003
 
165,899
0.779
212,980
177.4
15.31
0.08
2004
 
158,631
0.798
198,718
165.5
-6.70
0.07
2005
 
151,072
0.821
183,949
153.2
-7.43
0.07
2006
 
183,407
0.844
217,204
180.9
18.08
0.08
2007
 
189,170
0.866
218,423
181.9
0.56
0.08
2008
 
206,132
0.892
231,167
192.5
5.83
0.08
2009
 
224,920
0.889
252,944
210.6
9.42
0.09
2010
 
234,509
0.905
259,086
215.7
2.43
0.09
2011
 
245,022
0.928
264,021
219.9
1.90
0.09
2012
 
234,194
0.945
247,735
206.3
-6.17
0.08
2013
 
219,240
0.958
228,897
190.6
-7.60
0.08
2014
 
235,377
0.971
242,354
201.8
5.88
0.08
2015
 
277,790
0.973
285,501
237.7
17.80
0.09
2016
 
246,876
0.983
251,186
209.2
-12.02
0.08
2017
 
254,944
1.000
254,944
212.3
1.50
0.08
2018
 
281,698
1.020
276,047
229.9
8.28
0.08
2019
 
255,960
1.035
247,273
205.9
-10.42
0.07
2020
 
254,878
1.046
243,588
202.8
-1.49
0.07
2021
 
269,175
1.090
246,947
205.6
1.38
0.07
2022
 
277,627
1.160
239,245
199.2
-3.12
0.07
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
 
   
Analysis Options Menu
Primary: Surry
Secondary: Virginia
Select Alternative Regions
Copyright © 2023. Pacific Northwest Regional Economic Analysis Project (PNREAP). All Rights Reserved.

Please stay tuned...
while your request is processing:

Please wait while your request is being processed...
To offer the most comprehensive set of interactive options in support of your research, VA-REAP calculates and crunches most of the data and generates the narrative and graphic analysis on demand in response to your request.
Your request will soon be available.
Just a few more seconds....Your request has been generated and is now loading the results.