Surry County vs. Virginia
Comparative Trends Analysis:
Total Industry Earnings Growth and Change, 1969-2019
Introduction
Surry County vs. Virginia
Surry County:
2019 Earnings = $254,746K
2019 Percent of State = 0.1%
Virginia:
2019 Earnings = $350,116,468K
2019 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.
Surry County Total Industry Earnings, 1970-2019
Current vs. Constant Dollars (Millions)
Surry County Total Industry Earnings, 1970-2019
Current vs. Constant Dollars (Millions)
Figure 1.
Figure 1 depicts Surry County's annual total industry earnings over 1970-2019 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 Surry County over time.
When measured in current dollars, Surry County's total industry earnings increased 601.8%, from $36M in 1970 to $255M in 2019. When measured in constant 2012 dollars to adjust for inflation, it advanced 33.8%, from $173M in 1970 to $232M in 2019.
Real Total Industry Earnings, 1969-2019 (Millions)
Real Total Industry Earnings, 1969-2019 (Millions)
Figure 2.
Figure 2 tracks Surry County's and Virginia's annual real total industry earnings for the period 1969-2019 to illustrate real total industry earnings patterns over time. During this 51-year period, Surry County's real total industry earnings rose from $113M in 1969 to $232M in 2019, for a net gain of $119M, or 104.7%. In comparison, Virginia's real total industry earnings advanced from $69,391M in 1969 to $318,719M in 2019, for a net advance of $249,329M, or 359.3%.
Real Total Industry Earnings Indices (1969=100): 1969-2019
Real Total Industry Earnings Indices (1969=100): 1969-2019
Figure 3.
Figure 3 shows 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 104.7% over 1969-2019 trailed Virginia's increase of 359.3%, and fell below the United States' increase of 264.6%.
Total Industry Earnings as a Percent of the Virginia Total: 1969-2019
Total Industry Earnings as a Percent of the Virginia Total: 1969-2019
Figure 4.
Another interesting and insightful way of highlighting 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 totaled 0.16% of Virginia's total industry earnings, while in 2019 it equated to 0.07% thereby yielding a -0.09% share-shift.
   
 
Total Industry Earnings Share-Shift
2019 vs. 1969
 
Share-
Shift*
 
2019
vs.
1969
-0.09%
=
0.07%
-
0.16%
 
   
Surry County Real Total Industry Earnings:
Annual Percent Change, 1970-2019
Surry County Real Total Industry Earnings:
Annual Percent Change, 1970-2019
Figure 5.
Figure 5 shows the short-run pattern of Surry County's real total industry earnings growth by tracking the year-to-year percent change over 1970-2019. The average annual percent change for the entire 50-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, Surry County's real total industry earnings grew at an annual rate of 4.47% over 1970-2019. The county posted its highest growth in 1979 (152.39%) and posted its lowest growth in 1973 (-60.99%). In 2019, Surry County's real total industry earnings declined by -10.60%
Surry County Real Total Industry Earnings:
Annual Percent Change and Decade Averages Over 1970-2019
Surry County Real Total Industry Earnings:
Annual Percent Change and Decade Averages Over 1970-2019
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 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, and 2010-2019.
During the 1970s, Surry County's annual real total industry earnings growth rate averaged 16.84%. It averaged 3.18% in the 1980s, -2.78% during the 1990s, 5.01% during the 2000s, and 0.11% thus far this decade (2010 to 2019).
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 outperformed Virginia's average throughout the 1970s (16.84% vs. 3.72%), trailed Virginia's average during the 1980s (3.18% vs. 4.23%), trailed Virginia's average in the 1990s (-2.78% vs. 3.37%), outpaced Virginia's average in the 2000s (5.01% vs. 2.60%), and lagged Virginia's average over the 10 year period of the last decade, 2010-2019 (0.11% vs. 1.71%).
Finally, relative to nationwide real total industry earnings growth trends, Surry County topped the nation over the 1970s (16.84% vs. 3.13%), topped the nation over the 1980s (3.18% vs. 2.62%), recorded underneath the nation throughout the 1990s (-2.78% vs. 3.43%), outperformed the nation over the 2000s (5.01% vs. 1.49%), and fell below the nation over 2010-2019 (0.11% vs. 2.58%).
   
 
Real* Total Industry Earnings Growth:
Average Annual Percent Change
 
 
 
4.47
16.84
3.18
-2.78
5.01
0.11
-10.60
 
3.13
3.72
4.23
3.37
2.60
1.71
2.70
 
2.65
3.13
2.62
3.43
1.49
2.58
2.92
 
   

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, 1969-2019
 
1969
 
22,676
0.200
113,295
100.0
N
0.16
1970
 
36,300
0.210
173,261
152.9
52.93
0.24
1971
 
36,728
0.218
168,161
148.4
-2.94
0.22
1972
 
26,113
0.226
115,616
102.0
-31.25
0.14
1973
 
10,734
0.238
45,097
39.8
-60.99
0.05
1974
 
14,178
0.263
53,950
47.6
19.63
0.06
1975
 
20,952
0.285
73,593
65.0
36.41
0.09
1976
 
14,427
0.300
48,039
42.4
-34.72
0.05
1977
 
16,069
0.320
50,238
44.3
4.58
0.05
1978
 
22,750
0.342
66,499
58.7
32.37
0.07
1979
 
62,522
0.373
167,840
148.1
152.39
0.17
1980
 
59,029
0.413
143,059
126.3
-14.76
0.14
1981
 
67,373
0.450
149,858
132.3
4.75
0.15
1982
 
48,600
0.475
102,411
90.4
-31.66
0.10
1983
 
55,046
0.495
111,262
98.2
8.64
0.10
1984
 
69,256
0.513
134,889
119.1
21.23
0.12
1985
 
76,417
0.531
143,819
126.9
6.62
0.12
1986
 
89,634
0.543
165,102
145.7
14.80
0.13
1987
 
83,873
0.560
149,870
132.3
-9.23
0.11
1988
 
103,502
0.582
177,988
157.1
18.76
0.12
1989
 
121,718
0.607
200,557
177.0
12.68
0.13
1990
 
118,525
0.634
187,081
165.1
-6.72
0.12
1991
 
118,487
0.655
180,971
159.7
-3.27
0.12
1992
 
120,657
0.672
179,501
158.4
-0.81
0.12
1993
 
117,411
0.689
170,428
150.4
-5.05
0.11
1994
 
117,457
0.703
167,008
147.4
-2.01
0.10
1995
 
118,330
0.718
164,780
145.4
-1.33
0.10
1996
 
120,168
0.733
163,837
144.6
-0.57
0.09
1997
 
123,575
0.746
165,599
146.2
1.08
0.09
1998
 
113,443
0.752
150,823
133.1
-8.92
0.08
1999
 
114,964
0.763
150,599
132.9
-0.15
0.07
2000
 
122,205
0.782
156,202
137.9
3.72
0.07
2001
 
136,663
0.797
171,390
151.3
9.72
0.07
2002
 
140,899
0.808
174,404
153.9
1.76
0.07
2003
 
165,872
0.824
201,404
177.8
15.48
0.08
2004
 
158,605
0.844
187,896
165.8
-6.71
0.07
2005
 
151,045
0.868
173,991
153.6
-7.40
0.07
2006
 
183,401
0.892
205,666
181.5
18.21
0.08
2007
 
189,369
0.914
207,101
182.8
0.70
0.08
2008
 
206,105
0.942
218,842
193.2
5.67
0.08
2009
 
224,344
0.941
238,425
210.4
8.95
0.09
2010
 
233,411
0.957
243,886
215.3
2.29
0.09
2011
 
243,816
0.981
248,460
219.3
1.88
0.09
2012
 
233,583
1.000
233,583
206.2
-5.99
0.08
2013
 
218,711
1.013
215,806
190.5
-7.61
0.08
2014
 
234,810
1.028
228,348
201.6
5.81
0.08
2015
 
276,957
1.030
268,778
237.2
17.71
0.09
2016
 
244,994
1.041
235,297
207.7
-12.46
0.08
2017
 
254,883
1.060
240,492
212.3
2.21
0.08
2018
 
280,781
1.082
259,408
229.0
7.87
0.08
2019
 
254,746
1.099
231,901
204.7
-10.60
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 2020
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, 1969-2019
 
1969
 
13,888,586
0.200
69,390,887
100.0
N
2.12
1970
 
14,888,650
0.210
71,064,150
102.4
2.41
2.15
1971
 
16,361,556
0.218
74,912,119
108.0
5.41
2.20
1972
 
18,247,954
0.226
80,793,208
116.4
7.85
2.23
1973
 
20,494,163
0.238
86,102,693
124.1
6.57
2.23
1974
 
22,487,701
0.263
85,569,639
123.3
-0.62
2.26
1975
 
24,107,514
0.285
84,676,902
122.0
-1.04
2.28
1976
 
26,730,974
0.300
89,008,304
128.3
5.12
2.28
1977
 
29,632,785
0.320
92,642,984
133.5
4.08
2.27
1978
 
33,472,938
0.342
97,842,618
141.0
5.61
2.27
1979
 
37,101,589
0.373
99,598,907
143.5
1.80
2.25
1980
 
40,839,542
0.413
98,976,157
142.6
-0.63
2.29
1981
 
45,398,788
0.450
100,980,444
145.5
2.03
2.31
1982
 
48,645,343
0.475
102,506,202
147.7
1.51
2.37
1983
 
53,078,422
0.495
107,285,487
154.6
4.66
2.43
1984
 
59,515,460
0.513
115,917,379
167.0
8.05
2.45
1985
 
65,054,570
0.531
122,434,919
176.4
5.62
2.49
1986
 
70,915,359
0.543
130,623,244
188.2
6.69
2.54
1987
 
77,743,162
0.560
138,916,378
200.2
6.35
2.59
1988
 
85,293,416
0.582
146,675,751
211.4
5.59
2.62
1989
 
91,220,891
0.607
150,306,296
216.6
2.48
2.63
1990
 
95,102,916
0.634
150,111,145
216.3
-0.13
2.58
1991
 
98,530,957
0.655
150,490,976
216.9
0.25
2.60
1992
 
104,802,966
0.672
155,915,032
224.7
3.60
2.58
1993
 
109,727,435
0.689
159,274,567
229.5
2.15
2.59
1994
 
115,317,751
0.703
163,966,659
236.3
2.95
2.59
1995
 
120,285,825
0.718
167,503,342
241.4
2.16
2.57
1996
 
126,802,379
0.733
172,882,473
249.1
3.21
2.56
1997
 
135,741,537
0.746
181,903,082
262.1
5.22
2.57
1998
 
147,511,278
0.752
196,116,887
282.6
7.81
2.58
1999
 
159,419,000
0.763
208,833,084
301.0
6.48
2.61
2000
 
175,309,707
0.782
224,080,919
322.9
7.30
2.66
2001
 
184,666,498
0.797
231,591,585
333.7
3.35
2.69
2002
 
189,147,480
0.808
234,125,289
337.4
1.09
2.70
2003
 
199,921,359
0.824
242,746,739
349.8
3.68
2.76
2004
 
216,831,775
0.844
256,876,207
370.2
5.82
2.83
2005
 
230,660,222
0.868
265,700,850
382.9
3.44
2.87
2006
 
241,783,315
0.892
271,136,559
390.7
2.05
2.84
2007
 
251,532,722
0.914
275,085,546
396.4
1.46
2.84
2008
 
255,774,979
0.942
271,580,993
391.4
-1.27
2.84
2009
 
253,295,218
0.941
269,193,804
387.9
-0.88
2.92
2010
 
263,968,855
0.957
275,815,114
397.5
2.46
2.93
2011
 
272,111,810
0.981
277,294,443
399.6
0.54
2.88
2012
 
283,272,799
1.000
283,272,799
408.2
2.16
2.86
2013
 
285,865,781
1.013
282,069,131
406.5
-0.42
2.79
2014
 
293,728,289
1.028
285,644,548
411.6
1.27
2.75
2015
 
306,235,367
1.030
297,191,820
428.3
4.04
2.76
2016
 
311,109,031
1.041
298,795,662
430.6
0.54
2.73
2017
 
322,546,406
1.060
304,335,000
438.6
1.85
2.71
2018
 
335,904,184
1.082
310,335,631
447.2
1.97
2.68
2019
 
350,116,468
1.099
318,719,418
459.3
2.70
2.68
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 2020
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, 1969-2019
 
1969
 
653,665,000
0.200
3,265,875,593
100.0
N
1970
 
693,352,000
0.210
3,309,398,119
101.3
1.33
1971
 
742,094,000
0.218
3,397,710,728
104.0
2.67
1972
 
819,646,000
0.226
3,629,000,266
111.1
6.81
1973
 
918,964,000
0.238
3,860,868,835
118.2
6.39
1974
 
993,909,000
0.263
3,781,997,717
115.8
-2.04
1975
 
1,059,492,000
0.285
3,721,433,088
113.9
-1.60
1976
 
1,173,271,000
0.300
3,906,736,148
119.6
4.98
1977
 
1,303,767,000
0.320
4,076,055,149
124.8
4.33
1978
 
1,476,080,000
0.342
4,314,635,644
132.1
5.85
1979
 
1,648,363,000
0.373
4,425,016,778
135.5
2.56
1980
 
1,784,597,000
0.413
4,325,037,565
132.4
-2.26
1981
 
1,961,173,000
0.450
4,362,233,640
133.6
0.86
1982
 
2,053,729,000
0.475
4,327,648,769
132.5
-0.79
1983
 
2,188,018,000
0.495
4,422,561,345
135.4
2.19
1984
 
2,432,402,000
0.513
4,737,553,318
145.1
7.12
1985
 
2,615,791,000
0.531
4,923,007,867
150.7
3.91
1986
 
2,786,901,000
0.543
5,133,359,735
157.2
4.27
1987
 
2,996,000,000
0.560
5,353,441,498
163.9
4.29
1988
 
3,259,979,000
0.582
5,606,058,365
171.7
4.72
1989
 
3,467,027,000
0.607
5,712,682,485
174.9
1.90
1990
 
3,679,460,000
0.634
5,807,686,844
177.8
1.66
1991
 
3,789,428,000
0.655
5,787,772,059
177.2
-0.34
1992
 
4,059,023,000
0.672
6,038,595,317
184.9
4.33
1993
 
4,237,437,000
0.689
6,150,840,446
188.3
1.86
1994
 
4,456,948,000
0.703
6,337,193,232
194.0
3.03
1995
 
4,674,849,000
0.718
6,509,934,411
199.3
2.73
1996
 
4,956,180,000
0.733
6,757,260,110
206.9
3.80
1997
 
5,288,047,000
0.746
7,086,350,053
217.0
4.87
1998
 
5,707,014,000
0.752
7,587,500,000
232.3
7.07
1999
 
6,098,042,000
0.763
7,988,212,948
244.6
5.28
2000
 
6,598,743,000
0.782
8,434,515,243
258.3
5.59
2001
 
6,865,291,000
0.797
8,609,810,881
263.6
2.08
2002
 
7,001,130,000
0.808
8,665,944,621
265.3
0.65
2003
 
7,243,665,000
0.824
8,795,338,644
269.3
1.49
2004
 
7,675,133,000
0.844
9,092,574,428
278.4
3.38
2005
 
8,039,648,000
0.868
9,260,986,960
283.6
1.85
2006
 
8,519,777,000
0.892
9,554,104,335
292.5
3.17
2007
 
8,866,784,000
0.914
9,697,044,992
296.9
1.50
2008
 
9,013,458,000
0.942
9,570,458,696
293.0
-1.31
2009
 
8,688,446,000
0.941
9,233,793,866
282.7
-3.52
2010
 
9,023,198,000
0.957
9,428,136,461
288.7
2.10
2011
 
9,443,528,000
0.981
9,623,389,143
294.7
2.07
2012
 
9,901,882,000
1.000
9,901,882,000
303.2
2.89
2013
 
10,231,478,000
1.013
10,095,591,341
309.1
1.96
2014
 
10,687,445,000
1.028
10,393,314,208
318.2
2.95
2015
 
11,114,594,000
1.030
10,786,364,916
330.3
3.78
2016
 
11,379,601,000
1.041
10,929,208,325
334.6
1.32
2017
 
11,920,279,000
1.060
11,247,243,924
344.4
2.91
2018
 
12,523,102,000
1.082
11,569,861,141
354.3
2.87
2019
 
13,080,565,000
1.099
11,907,552,048
364.6
2.92
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 2020
REAP_PI_CA1400_1200_PN
 
   
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