Madison County vs. Virginia
Comparative Trends Analysis:
Total Personal Income Growth and Change, 1969-2022
Introduction
Madison County vs. Virginia
Madison County:
2022 TPI = $791,493K
2022 Percent of State = 0.13%
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 Madison 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.
Madison County Total Personal Income, 1970-2022
Current vs. Constant Dollars (Millions)
Madison County Total Personal Income, 1970-2022
Current vs. Constant Dollars (Millions)
Figure 1.
Figure 1 depicts Madison 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 Madison County over time.
When measured in current dollars, Madison County's total personal income increased 2,968.16%, from $26M in 1970 to $791M in 2022. When measured in constant 2017 dollars to adjust for inflation, it advanced 422.61%, from $131M in 1970 to $682M in 2022.
Real Total Personal Income, 1969-2022 (Millions)
Real Total Personal Income, 1969-2022 (Millions)
Figure 2.
Figure 2 tracks Madison 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, Madison County's real total personal income rose from $123M in 1969 to $682M in 2022, for a net gain of $559M, or 456.30%. In comparison, Virginia's real total personal income advanced 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 Madison 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.
Madison County's overall real total personal income growth was 456.30% over 1969-2022 outpaced Virginia's increase of 446.17%, and topped 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 Madison County is to compare 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, Madison County's total personal income comprised 0.13% of Virginia's total personal income, while in 2022 it totaled 0.13% thereby yielding a +0.00% share-shift.
   
 
Total Personal Income Share-Shift
2022 vs. 1969
 
Share-
Shift*
 
2022
vs.
1969
0.00%
=
0.13%
-
0.13%
 
   
Madison County Real Total Personal Income:
Annual Percent Change, 1970-2022
Madison County Real Total Personal Income:
Annual Percent Change, 1970-2022
Figure 5.
Figure 5 shows the short-run pattern of Madison 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 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, Madison County's real total personal income grew at an annual rate of 3.34% over 1970-2022. The county posted its highest growth in 1984 (9.15%) and recorded its lowest growth in 2022 (-3.54%). In 2022, Madison County's real total personal income declined by -3.54%
Madison County Real Total Personal Income:
Annual Percent Change and Decade Averages Over 1970-2022
Madison 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 Madison 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, Madison County's annual real total personal income growth rate averaged 4.14%. It averaged 4.31% throughout the 1980s, 3.63% during the 1990s, 2.05% throughout the 2000s, 2.77% throughout the 2010s, 2.73% 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 Madison County noted in the previous graph with the corresponding decade averages for Virginia and the nation. As the chart reveals, Madison County's average annual real total personal income growth recorded under Virginia's average in the 1970s (4.14% vs. 4.24%), outperformed Virginia's average during the 1980s (4.31% vs. 4.19%), registered above Virginia's average during the 1990s (3.63% vs. 3.30%), recorded under Virginia's average during the 2000s (2.05% vs. 2.85%), outperformed Virginia's average in the 2010s (2.77% vs. 2.13%), and recorded above Virginia's average over the 3 year period of the current decade, 2020-2022 (2.73% vs. 2.18%).
Finally, relative to nationwide real total personal income growth trends, Madison County led the nation during the 1970s (4.14% vs. 3.50%), registered above the nation throughout the 1980s (4.31% vs. 3.16%), registered above the nation in the 1990s (3.63% vs. 3.27%), posted below the nation over the 2000s (2.05% vs. 2.06%), exceeded the nation over the 2010s (2.77% vs. 2.72%), and topped the nation over 2020-2022 (2.73% vs. 2.10%).
   
 
Real* Total Personal Income Growth:
Average Annual Percent Change
 
 
 
3.34
4.14
4.31
3.63
2.05
2.77
2.73
-3.54
 
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.

   
 
Madison County:
Total Personal Income, 1969-2022
 
1969
 
23,152
0.189
122,608
100.0
N
0.13
1970
 
25,797
0.198
130,512
106.4
6.45
0.13
1971
 
27,395
0.206
132,953
108.4
1.87
0.13
1972
 
30,857
0.213
144,814
118.1
8.92
0.13
1973
 
34,710
0.225
154,576
126.1
6.74
0.13
1974
 
38,017
0.248
153,338
125.1
-0.80
0.13
1975
 
41,564
0.269
154,743
126.2
0.92
0.13
1976
 
45,816
0.283
161,705
131.9
4.50
0.13
1977
 
49,131
0.302
162,815
132.8
0.69
0.12
1978
 
56,711
0.323
175,706
143.3
7.92
0.13
1979
 
64,320
0.351
183,024
149.3
4.16
0.13
1980
 
69,212
0.389
177,795
145.0
-2.86
0.12
1981
 
74,607
0.424
175,898
143.5
-1.07
0.12
1982
 
81,665
0.448
182,406
148.8
3.70
0.12
1983
 
90,691
0.467
194,299
158.5
6.52
0.12
1984
 
102,728
0.484
212,077
173.0
9.15
0.12
1985
 
108,115
0.501
215,678
175.9
1.70
0.12
1986
 
117,360
0.512
229,134
186.9
6.24
0.12
1987
 
129,324
0.528
244,923
199.8
6.89
0.12
1988
 
144,841
0.549
263,995
215.3
7.79
0.13
1989
 
158,775
0.573
277,283
226.2
5.03
0.13
1990
 
161,121
0.598
269,546
219.8
-2.79
0.12
1991
 
168,282
0.618
272,416
222.2
1.06
0.12
1992
 
180,268
0.634
284,245
231.8
4.34
0.13
1993
 
190,653
0.650
293,312
239.2
3.19
0.13
1994
 
201,425
0.664
303,552
247.6
3.49
0.13
1995
 
214,130
0.678
316,040
257.8
4.11
0.13
1996
 
225,491
0.692
325,840
265.8
3.10
0.13
1997
 
242,077
0.704
343,825
280.4
5.52
0.13
1998
 
261,753
0.710
368,838
300.8
7.27
0.13
1999
 
284,150
0.720
394,647
321.9
7.00
0.13
2000
 
307,008
0.738
415,876
339.2
5.38
0.13
2001
 
328,660
0.753
436,456
356.0
4.95
0.13
2002
 
336,294
0.763
440,804
359.5
1.00
0.13
2003
 
353,907
0.779
454,344
370.6
3.07
0.13
2004
 
372,480
0.798
466,609
380.6
2.70
0.13
2005
 
388,050
0.821
472,500
385.4
1.26
0.13
2006
 
400,661
0.844
474,492
387.0
0.42
0.12
2007
 
418,355
0.866
483,050
394.0
1.80
0.12
2008
 
437,077
0.892
490,161
399.8
1.47
0.12
2009
 
428,911
0.889
482,351
393.4
-1.59
0.12
2010
 
447,817
0.905
494,749
403.5
2.57
0.12
2011
 
483,798
0.928
521,312
425.2
5.37
0.13
2012
 
530,468
0.945
561,140
457.7
7.64
0.13
2013
 
542,196
0.958
566,079
461.7
0.88
0.14
2014
 
566,241
0.971
583,026
475.5
2.99
0.14
2015
 
579,085
0.973
595,160
485.4
2.08
0.13
2016
 
604,607
0.983
615,163
501.7
3.36
0.14
2017
 
602,549
1.000
602,549
491.4
-2.05
0.13
2018
 
609,240
1.020
597,019
486.9
-0.92
0.13
2019
 
653,362
1.035
631,188
514.8
5.72
0.13
2020
 
712,069
1.046
680,527
555.0
7.82
0.13
2021
 
770,755
1.090
707,108
576.7
3.91
0.13
2022
 
791,493
1.160
682,069
556.3
-3.54
0.13
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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