Chesapeake City vs. Virginia
Comparative Trends Analysis:
Total Industry Earnings Growth and Change, 1969-2022
Introduction
Chesapeake City vs. Virginia
Chesapeake City:
2022 Earnings = $8,351,231K
2022 Percent of State = 2.03%
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.
Chesapeake City Total Industry Earnings, 1970-2022
Current vs. Constant Dollars (Millions)
Chesapeake City Total Industry Earnings, 1970-2022
Current vs. Constant Dollars (Millions)
Figure 1.
Figure 1 depicts Chesapeake City'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 Chesapeake City over time.
When measured in current dollars, Chesapeake City's total industry earnings increased 6,210.01%, from $132M in 1970 to $8,351M in 2022. When measured in constant 2017 dollars to adjust for inflation, it advanced 974.80%, from $670M in 1970 to $7,197M in 2022.
Real Total Industry Earnings, 1969-2022 (Millions)
Real Total Industry Earnings, 1969-2022 (Millions)
Figure 2.
Figure 2 traces Chesapeake City'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, Chesapeake City's real total industry earnings rose from $644M in 1969 to $7,197M in 2022, for a net gain of $6,552M, or 1,017.20%. In comparison, Virginia's real total industry earnings increased from $73,551M in 1969 to $354,078M in 2022, for a net gain 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 shows Chesapeake City'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.
Chesapeake City's overall real total industry earnings growth was 1,017.20% over 1969-2022 outpaced Virginia's increase of 381.41%, and outpaced 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 highlighting the total industry earnings growth of Chesapeake City is to trace 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, Chesapeake City's total industry earnings comprised 0.88% of Virginia's total industry earnings, while in 2022 it totaled 2.03% thereby yielding a +1.16% share-shift.
   
 
Total Industry Earnings Share-Shift
2022 vs. 1969
 
Share-
Shift*
 
2022
vs.
1969
+1.16%
=
2.03%
-
0.88%
 
   
Chesapeake City Real Total Industry Earnings:
Annual Percent Change, 1970-2022
Chesapeake City Real Total Industry Earnings:
Annual Percent Change, 1970-2022
Figure 5.
Figure 5 displays the short-run pattern of Chesapeake City'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, Chesapeake City's real total industry earnings grew at an annual rate of 4.73% over 1970-2022. The independent city posted its highest growth in 1986 (12.57%) and posted its lowest growth in 2008 (-1.91%). In 2022, Chesapeake City's real total industry earnings grew by 1.48%
Chesapeake City Real Total Industry Earnings:
Annual Percent Change and Decade Averages Over 1970-2022
Chesapeake City Real Total Industry Earnings:
Annual Percent Change and Decade Averages Over 1970-2022
Figure 6.
Over the past five decades some independent cities 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 Chesapeake City'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, Chesapeake City's annual real total industry earnings growth rate averaged 5.19%. It averaged 6.65% during the 1980s, 7.23% throughout the 1990s, 3.73% during the 2000s, 1.41% in the 2010s, 2.86% 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 Chesapeake City noted in the previous graph with the corresponding decade averages for Virginia and the nation. As the chart reveals, Chesapeake City's average annual real total industry earnings growth exceeded Virginia's average throughout the 1970s (5.19% vs. 3.72%), outpaced Virginia's average in the 1980s (6.65% vs. 4.23%), topped Virginia's average throughout the 1990s (7.23% vs. 3.37%), recorded above Virginia's average throughout the 2000s (3.73% vs. 2.58%), trailed Virginia's average in the 2010s (1.41% vs. 1.69%), and led Virginia's average over the 3 year period of the current decade, 2020-2022 (2.86% vs. 1.71%).
Finally, relative to nationwide real total industry earnings growth trends, Chesapeake City exceeded the nation in the 1970s (5.19% vs. 3.13%), led the nation over the 1980s (6.65% vs. 2.62%), recorded above the nation over the 1990s (7.23% vs. 3.43%), recorded above the nation over the 2000s (3.73% vs. 1.47%), trailed the nation over the 2010s (1.41% vs. 2.53%), and recorded above the nation over 2020-2022 (2.86% vs. 1.48%).
   
 
Real* Total Industry Earnings Growth:
Average Annual Percent Change
 
 
 
4.73
5.19
6.65
7.23
3.73
1.41
2.86
1.48
 
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.

   
 
Chesapeake City:
Total Industry Earnings, 1969-2022
 
1969
 
121,639
0.189
644,172
100.0
N
0.88
1970
 
132,349
0.198
669,579
103.9
3.94
0.89
1971
 
142,367
0.206
690,934
107.3
3.19
0.87
1972
 
154,572
0.213
725,418
112.6
4.99
0.85
1973
 
182,779
0.225
813,979
126.4
12.21
0.89
1974
 
202,981
0.248
818,703
127.1
0.58
0.90
1975
 
217,930
0.269
811,355
126.0
-0.90
0.90
1976
 
252,310
0.283
890,516
138.2
9.76
0.94
1977
 
281,440
0.302
932,662
144.8
4.73
0.95
1978
 
338,863
0.323
1,049,892
163.0
12.57
1.01
1979
 
372,040
0.351
1,058,646
164.3
0.83
1.00
1980
 
413,749
0.389
1,062,857
165.0
0.40
1.01
1981
 
462,503
0.424
1,090,423
169.3
2.59
1.02
1982
 
495,067
0.448
1,105,776
171.7
1.41
1.02
1983
 
564,524
0.467
1,209,452
187.8
9.38
1.06
1984
 
656,963
0.484
1,356,269
210.5
12.14
1.10
1985
 
743,331
0.501
1,482,866
230.2
9.33
1.14
1986
 
854,984
0.512
1,669,271
259.1
12.57
1.21
1987
 
939,200
0.528
1,778,721
276.1
6.56
1.21
1988
 
1,029,808
0.549
1,876,985
291.4
5.52
1.21
1989
 
1,145,267
0.573
2,000,082
310.5
6.56
1.26
1990
 
1,308,716
0.598
2,189,404
339.9
9.47
1.38
1991
 
1,427,136
0.618
2,310,254
358.6
5.52
1.45
1992
 
1,590,592
0.634
2,508,029
389.3
8.56
1.52
1993
 
1,757,038
0.650
2,703,135
419.6
7.78
1.60
1994
 
1,925,508
0.664
2,901,784
450.5
7.35
1.67
1995
 
2,048,263
0.678
3,023,088
469.3
4.18
1.70
1996
 
2,202,929
0.692
3,183,285
494.2
5.30
1.74
1997
 
2,416,359
0.704
3,431,987
532.8
7.81
1.78
1998
 
2,651,799
0.710
3,736,665
580.1
8.88
1.80
1999
 
2,891,510
0.720
4,015,930
623.4
7.47
1.81
2000
 
3,086,089
0.738
4,180,446
649.0
4.10
1.76
2001
 
3,443,885
0.753
4,573,431
710.0
9.40
1.86
2002
 
3,607,908
0.763
4,729,140
734.1
3.40
1.91
2003
 
3,926,827
0.779
5,041,245
782.6
6.60
1.96
2004
 
4,352,666
0.798
5,452,624
846.5
8.16
2.01
2005
 
4,590,986
0.821
5,590,106
867.8
2.52
1.99
2006
 
4,854,784
0.844
5,749,389
892.5
2.85
2.01
2007
 
5,022,068
0.866
5,798,686
900.2
0.86
2.00
2008
 
5,072,034
0.892
5,688,050
883.0
-1.91
1.98
2009
 
5,122,816
0.889
5,761,087
894.3
1.28
2.02
2010
 
5,272,674
0.905
5,825,258
904.3
1.11
2.00
2011
 
5,321,827
0.928
5,734,480
890.2
-1.56
1.96
2012
 
5,454,874
0.945
5,770,277
895.8
0.62
1.93
2013
 
5,500,074
0.958
5,742,343
891.4
-0.48
1.93
2014
 
5,571,580
0.971
5,736,741
890.6
-0.10
1.91
2015
 
5,843,140
0.973
6,005,344
932.3
4.68
1.92
2016
 
5,966,007
0.983
6,070,171
942.3
1.08
1.92
2017
 
6,253,583
1.000
6,253,583
970.8
3.02
1.95
2018
 
6,553,330
1.020
6,421,874
996.9
2.69
1.97
2019
 
6,846,659
1.035
6,614,299
1,026.8
3.00
1.96
2020
 
7,206,524
1.046
6,887,298
1,069.2
4.13
2.02
2021
 
7,730,286
1.090
7,091,940
1,100.9
2.97
2.01
2022
 
8,351,231
1.160
7,196,669
1,117.2
1.48
2.03
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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Copyright © 2023. Pacific Northwest Regional Economic Analysis Project (PNREAP). All Rights Reserved.

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