Amherst County vs. Virginia
Comparative Trends Analysis:
Total Personal Income Growth and Change, 1969-2022
Introduction
Amherst County vs. Virginia
Amherst County:
2022 TPI = $1,412,745K
2022 Percent of State = 0.24%
Virginia:
2022 TPI = $599,041,951K
2022 Percent of U.S. = 2.75%
The annual total personal incomes (TPI) estimates compiled by the Bureau of Economic Analysis, (BEA) are among the most comprehensive, consistent, comparable and timely measures of economic activity available statewide and at the national levels. Personal income estimates are also the best available local level indicator of general purchasing power, and are therefore central to tracking and comparing county patterns of economic growth and change.
The following graphs highlight trends in the pattern of growth and change in the total personal income of Amherst County and Virginia with comparison to the nation. The data used are those compiled by the Regional Income and Product Divisions of the Bureau of Economic Analysis, U.S. Department of Commerce. The 2017 constant dollar (real) estimates of total personal income reported in the tables and portrayed graphically below are determined using the Implicit Price Deflator for Personal Consumption.
Data Definition:
Personal income is the income received by persons from participation in production, plus transfer receipts from government and business, plus government interest (which is treated like a transfer receipt). It is defined as the sum of wages and salaries, supplements to wages and salaries, proprietors' income with inventory valuation and capital consumption adjustments, rental income of persons with capital consumption adjustment, personal dividend income, personal interest income, and personal current transfer receipts, less contributions for government social insurance. Because the personal income of an area represents the income that is received by, or on behalf of, all the persons who live in that area, and because the estimates of some components of personal income (wages and salaries, supplements to wages and salaries, and contributions for government social insurance) are made on a place-of-work basis, state personal income includes an adjustment for residence. The residence adjustment represents the net flow of compensation (less contributions for government social insurance) of interstate commuters.
Amherst County Total Personal Income, 1970-2022
Current vs. Constant Dollars (Millions)
Amherst County Total Personal Income, 1970-2022
Current vs. Constant Dollars (Millions)
Figure 1.
Figure 1 depicts Amherst County's annual total personal income 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 Amherst County over time.
When measured in current dollars, Amherst County's total personal income increased 1,920.29%, from $70M in 1970 to $1,413M in 2022. When measured in constant 2017 dollars to adjust for inflation, it advanced 244.12%, from $354M in 1970 to $1,217M in 2022.
Real Total Personal Income, 1969-2022 (Millions)
Real Total Personal Income, 1969-2022 (Millions)
Figure 2.
Figure 2 traces Amherst County's and Virginia's annual real total personal income for the period 1969-2022 to illustrate real total personal income patterns over time. During this 54-year period, Amherst County's real total personal income rose from $338M in 1969 to $1,217M in 2022, for a net gain of $879M, or 259.72%. In comparison, Virginia's real total personal income increased from $94,517M in 1969 to $516,224M in 2022, for a net gain of $421,707M, or 446.17%.
Real Total Personal Income Indices (1969=100): 1969-2022
Real Total Personal Income Indices (1969=100): 1969-2022
Figure 3.
Figure 3 portrays Amherst County's real total personal income 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 personal income in 1969 as a base figure of 100, and the real total personal incomes in later years as a percentage of the 1969 base figure. This method allows for more direct comparison of differences in real total personal income growth between regions that may differ vastly in size.
Amherst County's overall real total personal income growth was 259.72% over 1969-2022 trailed Virginia's increase of 446.17%, and fell below the United States' increase of 348.76%.
Total Personal Income as a Percent of the Virginia Total: 1969-2022
Total Personal Income as a Percent of the Virginia Total: 1969-2022
Figure 4.
Another interesting and insightful way of contrasting the total personal income growth of Amherst County is to trace its individual percentage contributions to Virginia's statewide total personal income over time, as shown in Figure 4. A rising share means a region's total personal income grew faster, or declined less, than Virginia's total personal income, while a declining share shows it grew more slowly.
In 1969, Amherst County's total personal income comprised 0.36% of Virginia's total personal income, while in 2022 it totaled 0.24% thereby yielding a -0.12% share-shift.
   
 
Total Personal Income Share-Shift
2022 vs. 1969
 
Share-
Shift*
 
2022
vs.
1969
-0.12%
=
0.24%
-
0.36%
 
   
Amherst County Real Total Personal Income:
Annual Percent Change, 1970-2022
Amherst County Real Total Personal Income:
Annual Percent Change, 1970-2022
Figure 5.
Figure 5 displays the short-run pattern of Amherst County's real total personal income 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, Amherst County's real total personal income grew at an annual rate of 2.48% over 1970-2022. The county posted its highest growth in 1972 (7.51%) and recorded its lowest growth in 1980 (-4.84%). In 2022, Amherst County's real total personal income declined by -4.03%
Amherst County Real Total Personal Income:
Annual Percent Change and Decade Averages Over 1970-2022
Amherst County Real Total Personal Income:
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 traces the annual percent change in Amherst County's real total personal income 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, Amherst County's annual real total personal income growth rate averaged 4.29%. It averaged 2.68% in the 1980s, 3.01% throughout the 1990s, 1.89% in the 2000s, 0.64% throughout the 2010s, 2.02% thus far this decade (2020-2022).
Real Total Personal Income Growth:
Average Annual Percent Change by Decade
Real Total Personal Income Growth:
Average Annual Percent Change by Decade
Figure 7.
Figure 7 compares the decade average growth rates for Amherst County noted in the previous graph with the corresponding decade averages for Virginia and the nation. As the chart reveals, Amherst County's average annual real total personal income growth outpaced Virginia's average in the 1970s (4.29% vs. 4.24%), amounted to less than Virginia's average throughout the 1980s (2.68% vs. 4.19%), posted below Virginia's average during the 1990s (3.01% vs. 3.30%), recorded under Virginia's average throughout the 2000s (1.89% vs. 2.85%), fell below Virginia's average throughout the 2010s (0.64% vs. 2.13%), and lagged Virginia's average over the 3 year period of the current decade, 2020-2022 (2.02% vs. 2.18%).
Finally, relative to nationwide real total personal income growth trends, Amherst County recorded above the nation in the 1970s (4.29% vs. 3.50%), recorded underneath the nation during the 1980s (2.68% vs. 3.16%), fell under the nation throughout the 1990s (3.01% vs. 3.27%), fell under the nation over the 2000s (1.89% vs. 2.06%), fell under the nation in the 2010s (0.64% vs. 2.72%), and lagged the nation over 2020-2022 (2.02% vs. 2.10%).
   
 
Real* Total Personal Income Growth:
Average Annual Percent Change
 
 
 
2.48
4.29
2.68
3.01
1.89
0.64
2.02
-4.03
 
3.28
4.24
4.19
3.30
2.85
2.13
2.18
-2.76
 
2.89
3.50
3.16
3.27
2.06
2.72
2.10
-4.19
 
   

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

   
 
Amherst County:
Total Personal Income, 1969-2022
 
1969
 
63,907
0.189
338,437
100.0
N
0.36
1970
 
69,928
0.198
353,779
104.5
4.53
0.36
1971
 
74,674
0.206
362,407
107.1
2.44
0.35
1972
 
83,022
0.213
389,628
115.1
7.51
0.35
1973
 
93,321
0.225
415,591
122.8
6.66
0.35
1974
 
105,825
0.248
426,834
126.1
2.71
0.36
1975
 
118,900
0.269
442,666
130.8
3.71
0.37
1976
 
130,263
0.283
459,757
135.8
3.86
0.36
1977
 
142,042
0.302
470,712
139.1
2.38
0.36
1978
 
159,827
0.323
495,188
146.3
5.20
0.36
1979
 
180,867
0.351
514,660
152.1
3.93
0.36
1980
 
190,644
0.389
489,735
144.7
-4.84
0.34
1981
 
209,410
0.424
493,717
145.9
0.81
0.33
1982
 
228,101
0.448
509,484
150.5
3.19
0.33
1983
 
253,338
0.467
542,759
160.4
6.53
0.34
1984
 
280,025
0.484
578,098
170.8
6.51
0.34
1985
 
294,516
0.501
587,528
173.6
1.63
0.33
1986
 
314,975
0.512
614,957
181.7
4.67
0.33
1987
 
338,784
0.528
641,612
189.6
4.33
0.33
1988
 
355,269
0.549
647,533
191.3
0.92
0.31
1989
 
382,195
0.573
667,461
197.2
3.08
0.31
1990
 
399,914
0.598
669,032
197.7
0.24
0.31
1991
 
412,668
0.618
668,029
197.4
-0.15
0.31
1992
 
436,118
0.634
687,666
203.2
2.94
0.30
1993
 
469,034
0.650
721,591
213.2
4.93
0.31
1994
 
493,905
0.664
744,326
219.9
3.15
0.31
1995
 
516,483
0.678
762,292
225.2
2.41
0.31
1996
 
545,755
0.692
788,629
233.0
3.46
0.31
1997
 
575,625
0.704
817,568
241.6
3.67
0.31
1998
 
606,532
0.710
854,668
252.5
4.54
0.30
1999
 
645,661
0.720
896,739
265.0
4.92
0.30
2000
 
691,556
0.738
936,788
276.8
4.47
0.30
2001
 
708,980
0.753
941,515
278.2
0.50
0.29
2002
 
717,856
0.763
940,945
278.0
-0.06
0.29
2003
 
738,756
0.779
948,412
280.2
0.79
0.28
2004
 
781,092
0.798
978,481
289.1
3.17
0.27
2005
 
820,486
0.821
999,045
295.2
2.10
0.27
2006
 
871,901
0.844
1,032,569
305.1
3.36
0.27
2007
 
913,287
0.866
1,054,519
311.6
2.13
0.27
2008
 
963,318
0.892
1,080,316
319.2
2.45
0.27
2009
 
960,576
0.889
1,080,258
319.2
-0.01
0.27
2010
 
964,900
0.905
1,066,023
315.0
-1.32
0.26
2011
 
986,078
0.928
1,062,538
314.0
-0.33
0.26
2012
 
1,015,493
0.945
1,074,209
317.4
1.10
0.25
2013
 
1,009,931
0.958
1,054,417
311.6
-1.84
0.25
2014
 
1,048,545
0.971
1,079,627
319.0
2.39
0.25
2015
 
1,071,557
0.973
1,101,303
325.4
2.01
0.25
2016
 
1,090,347
0.983
1,109,384
327.8
0.73
0.25
2017
 
1,119,985
1.000
1,119,985
330.9
0.96
0.24
2018
 
1,155,820
1.020
1,132,635
334.7
1.13
0.24
2019
 
1,190,394
1.035
1,149,995
339.8
1.53
0.24
2020
 
1,283,599
1.046
1,226,740
362.5
6.67
0.24
2021
 
1,382,732
1.090
1,268,550
374.8
3.41
0.24
2022
 
1,412,745
1.160
1,217,432
359.7
-4.03
0.24
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_300_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 Personal Income, 1969-2022
 
1969
 
17,847,652
0.189
94,517,036
100.0
N
2.26
1970
 
19,371,643
0.198
98,004,872
103.7
3.69
2.26
1971
 
21,410,967
0.206
103,911,512
109.9
6.03
2.32
1972
 
23,764,172
0.213
111,526,995
118.0
7.33
2.34
1973
 
26,612,710
0.225
118,515,743
125.4
6.27
2.35
1974
 
29,489,590
0.248
118,943,210
125.8
0.36
2.37
1975
 
32,379,775
0.269
120,550,168
127.5
1.35
2.38
1976
 
35,770,824
0.283
126,251,452
133.6
4.73
2.39
1977
 
39,631,200
0.302
131,333,510
139.0
4.03
2.40
1978
 
44,990,392
0.323
139,392,713
147.5
6.14
2.42
1979
 
50,186,344
0.351
142,806,089
151.1
2.45
2.42
1980
 
56,746,086
0.389
145,771,902
154.2
2.08
2.45
1981
 
63,651,263
0.424
150,067,813
158.8
2.95
2.46
1982
 
68,805,226
0.448
153,682,576
162.6
2.41
2.48
1983
 
74,253,831
0.467
159,083,535
168.3
3.51
2.50
1984
 
82,549,774
0.484
170,420,062
180.3
7.13
2.52
1985
 
89,269,129
0.501
178,082,367
188.4
4.50
2.54
1986
 
96,310,281
0.512
188,036,239
198.9
5.59
2.59
1987
 
103,737,724
0.528
196,465,520
207.9
4.48
2.64
1988
 
113,855,750
0.549
207,519,821
219.6
5.63
2.67
1989
 
123,151,152
0.573
215,069,859
227.5
3.64
2.67
1990
 
129,561,607
0.598
216,748,820
229.3
0.78
2.65
1991
 
135,175,978
0.618
218,823,418
231.5
0.96
2.66
1992
 
143,616,852
0.634
226,453,567
239.6
3.49
2.66
1993
 
150,892,451
0.650
232,142,232
245.6
2.51
2.67
1994
 
158,792,705
0.664
239,304,215
253.2
3.09
2.68
1995
 
166,843,936
0.678
246,249,573
260.5
2.90
2.66
1996
 
175,083,774
0.692
253,000,266
267.7
2.74
2.63
1997
 
186,626,604
0.704
265,068,252
280.4
4.77
2.64
1998
 
199,883,611
0.710
281,657,124
298.0
6.26
2.64
1999
 
214,025,699
0.720
297,253,787
314.5
5.54
2.68
2000
 
231,869,839
0.738
314,093,142
332.3
5.66
2.69
2001
 
244,314,338
0.753
324,446,015
343.3
3.30
2.72
2002
 
251,357,721
0.763
329,472,311
348.6
1.55
2.75
2003
 
266,325,205
0.779
341,907,214
361.7
3.77
2.81
2004
 
284,687,272
0.798
356,630,303
377.3
4.31
2.84
2005
 
303,288,897
0.821
369,292,555
390.7
3.55
2.88
2006
 
323,553,839
0.844
383,176,029
405.4
3.76
2.87
2007
 
341,200,328
0.866
393,963,915
416.8
2.82
2.86
2008
 
355,506,371
0.892
398,683,830
421.8
1.20
2.86
2009
 
349,465,380
0.889
393,006,579
415.8
-1.42
2.90
2010
 
364,677,930
0.905
402,896,712
426.3
2.52
2.91
2011
 
385,635,146
0.928
415,537,203
439.6
3.14
2.90
2012
 
402,072,097
0.945
425,320,093
450.0
2.35
2.89
2013
 
398,579,782
0.958
416,136,585
440.3
-2.16
2.83
2014
 
414,710,067
0.971
427,003,498
451.8
2.61
2.81
2015
 
433,088,249
0.973
445,110,689
470.9
4.24
2.80
2016
 
444,691,432
0.983
452,455,570
478.7
1.65
2.80
2017
 
462,372,199
1.000
462,372,199
489.2
2.19
2.78
2018
 
479,766,611
1.020
470,142,788
497.4
1.68
2.74
2019
 
501,811,571
1.035
484,781,207
512.9
3.11
2.74
2020
 
530,920,445
1.046
507,402,346
536.8
4.67
2.71
2021
 
578,639,738
1.090
530,857,275
561.7
4.62
2.70
2022
 
599,041,951
1.160
516,224,116
546.2
-2.76
2.75
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_300_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 Personal Income, 1969-2022
 
1969
 
791,229,000
0.189
4,190,165,758
100.0
N
1970
 
855,525,000
0.198
4,328,265,709
103.3
3.30
1971
 
924,613,000
0.206
4,487,323,465
107.1
3.67
1972
 
1,016,408,000
0.213
4,770,076,966
113.8
6.30
1973
 
1,133,468,000
0.225
5,047,731,018
120.5
5.82
1974
 
1,244,912,000
0.248
5,021,223,733
119.8
-0.53
1975
 
1,362,505,000
0.269
5,072,617,275
121.1
1.02
1976
 
1,495,704,000
0.283
5,279,017,400
126.0
4.07
1977
 
1,651,632,000
0.302
5,473,329,799
130.6
3.68
1978
 
1,855,849,000
0.323
5,749,934,936
137.2
5.05
1979
 
2,073,296,000
0.351
5,899,598,782
140.8
2.60
1980
 
2,313,972,000
0.389
5,944,235,512
141.9
0.76
1981
 
2,590,995,000
0.424
6,108,676,176
145.8
2.77
1982
 
2,777,640,000
0.448
6,204,105,336
148.1
1.56
1983
 
2,969,333,000
0.467
6,361,584,112
151.8
2.54
1984
 
3,275,415,000
0.484
6,761,937,695
161.4
6.29
1985
 
3,508,482,000
0.501
6,999,046,441
167.0
3.51
1986
 
3,717,756,000
0.512
7,258,548,586
173.2
3.71
1987
 
3,931,800,000
0.528
7,446,308,852
177.7
2.59
1988
 
4,264,433,000
0.549
7,772,592,728
185.5
4.38
1989
 
4,605,107,000
0.573
8,042,309,775
191.9
3.47
1990
 
4,897,332,000
0.598
8,192,943,538
195.5
1.87
1991
 
5,072,291,000
0.618
8,211,045,100
196.0
0.22
1992
 
5,406,546,000
0.634
8,524,985,809
203.5
3.82
1993
 
5,643,648,000
0.650
8,682,535,385
207.2
1.85
1994
 
5,933,938,000
0.664
8,942,579,420
213.4
3.00
1995
 
6,278,125,000
0.678
9,266,058,093
221.1
3.62
1996
 
6,660,854,000
0.692
9,625,094,288
229.7
3.87
1997
 
7,068,422,000
0.704
10,039,373,926
239.6
4.30
1998
 
7,584,003,000
0.710
10,686,661,406
255.0
6.45
1999
 
7,978,449,000
0.720
11,081,025,264
264.5
3.69
2000
 
8,620,234,000
0.738
11,677,052,911
278.7
5.38
2001
 
8,990,104,000
0.753
11,938,732,039
284.9
2.24
2002
 
9,146,700,000
0.763
11,989,225,466
286.1
0.42
2003
 
9,474,684,000
0.779
12,163,560,736
290.3
1.45
2004
 
10,008,929,000
0.798
12,538,275,270
299.2
3.08
2005
 
10,540,800,000
0.821
12,834,755,927
306.3
2.36
2006
 
11,291,446,000
0.844
13,372,153,008
319.1
4.19
2007
 
11,925,044,000
0.866
13,769,145,681
328.6
2.97
2008
 
12,423,410,000
0.892
13,932,275,429
332.5
1.18
2009
 
12,058,253,000
0.889
13,560,635,845
323.6
-2.67
2010
 
12,547,501,000
0.905
13,862,497,514
330.8
2.23
2011
 
13,299,818,000
0.928
14,331,082,712
342.0
3.38
2012
 
13,905,749,000
0.945
14,709,785,897
351.1
2.64
2013
 
14,063,283,000
0.958
14,682,748,144
350.4
-0.18
2014
 
14,778,160,000
0.971
15,216,235,418
363.1
3.63
2015
 
15,467,113,000
0.973
15,896,476,839
379.4
4.47
2016
 
15,884,741,000
0.983
16,162,082,333
385.7
1.67
2017
 
16,658,962,000
1.000
16,658,962,000
397.6
3.07
2018
 
17,514,402,000
1.020
17,163,073,878
409.6
3.03
2019
 
18,343,601,000
1.035
17,721,060,157
422.9
3.25
2020
 
19,609,985,000
1.046
18,741,324,605
447.3
5.76
2021
 
21,392,812,000
1.090
19,626,252,970
468.4
4.72
2022
 
21,820,248,000
1.160
18,803,588,325
448.8
-4.19
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_300_PN
 
   
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