Yancey County vs. North Carolina
Comparative Trends Analysis:
Per Capita Personal Income Growth and Change, 1969-2022
Introduction
Yancey County vs. North Carolina
Yancey County:
2022 PCI = $42,006
2022 Percent of State = 72.29%
North Carolina:
2022 PCI = $58,109
Per Capita Income (PCI) is one of the most widely used indicators for gauging the economic performance and changing fortunes of local economies. It is used as a yardstick to assess the economic well being of a region's residents and the quality of consumer markets. It serves as a barometer for calibrating the economic performance of a region over time and to judge differences in relative economic prosperity between regions. Shifting trends in local per capita income growth have important social and political ramifications and significant implications in formulating local economic development strategies and initiatives.
Data Definition:
This measure of income is calculated as the total personal income of the residents of an area divided by the population of the area. Per capita personal income is often used as an indicator of consumers' purchasing power and of the economic well-being of the residents of an area.
Personal income is measured as a flow throughout the year, while the measurement of population is at one point in mid-year. Therefore, per capita income is distorted if a significant change in population occurs during the year.
For smaller counties in particular, per capita income in any given year may be exceptionally high or low for the short run because of unusual local conditions, such as a bumper crop, a catastrophe, or a major construction project as the building of a dam or nuclear power plant.
Farm incomes are notorious for being especially volatile year-to-year, owing to changing weather, commodity market conditions, and alterations in government programs. Therefore, the per capita income of farm-dependent counties may exhibit sharp fluctuations over time.
The presence of large institutional populations--such as residents attending a local college or the residents of a local prison or state mental institution--can significantly lower the per capita income estimates of an area. Such results may not reflect the relative economic well being of the non-institutional population and may mislead if care is not given to their interpretation.
Yancey County Per Capita Personal Income, 1970-2022
Current vs. Constant Dollars
Yancey County Per Capita Personal Income, 1970-2022
Current vs. Constant Dollars
Figure 1.
Figure 1 depicts Yancey County's annual per capita 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 Yancey County over time.
When measured in current dollars, Yancey County's per capita personal income increased 1,968.06%, from $2,031 in 1970 to $42,006 in 2022. When measured in constant 2017 dollars to adjust for inflation, it advanced 252.26%, from $10,276 in 1970 to $36,199 in 2022.
Real Per Capita Personal Income, 1969-2022
Real Per Capita Personal Income, 1969-2022
Figure 2.
Figure 2 traces Yancey County's and North Carolina's annual real per capita personal income for the period 1969-2022 to illustrate real per capita personal income patterns over time. During this 54-year period, Yancey County's real per capita personal income rose from $9,927 in 1969 to $36,199 in 2022, for a net gain of $26,272, or 264.66%. In comparison, North Carolina's real per capita personal income advanced from $16,693 in 1969 to $50,075 in 2022, for a net advance of $33,383, or 199.98%.
Real Per Capita Personal Income Indices (1969=100): 1969-2022
Real Per Capita Personal Income Indices (1969=100): 1969-2022
Figure 3.
Figure 3 portrays Yancey County's real per capita personal income growth in a broader context by offering direct comparisons across time with North Carolina, the United States. The growth indices shown here express each region's real per capita personal income in 1969 as a base figure of 100, and the real per capita personal incomes in later years as a percentage of the 1969 base figure. This method allows for more direct comparison of differences in real per capita personal income growth between regions that may differ vastly in size.
Yancey County's overall real per capita personal income growth was 264.66% over 1969-2022 outpaced North Carolina's increase of 199.98%, and topped the United States' increase of 171.04%.
Per Capita Personal Income as a Percent of the U.S. Average: 1969-2022
Per Capita Personal Income as a Percent of the U.S. Average: 1969-2022
Figure 4.
Figure 4 portrays the trends for per capita personal income relative to the national average by tracing Yancey County and North Carolina per capita personal income as a percent of the national average over 1969-2022.
In 1969, Yancey County's per capita personal income amounted to 47.69% of the national average; in 2022, it approximated 64.16%. Similarly, in 1969, North Carolina's per capita personal income totaled 80.19% of the national average; in 2022, it consisted of 88.76%.
Yancey County Real Per Capita Personal Income:
Annual Percent Change, 1970-2022
Yancey County Real Per Capita Personal Income:
Annual Percent Change, 1970-2022
Figure 5.
Figure 5 displays the short-run pattern of Yancey County's real per capita 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, Yancey County's real per capita personal income grew at an annual rate of 2.52% over 1970-2022. The county posted its highest growth in 1986 (12.63%) and recorded its lowest growth in 2022 (-5.60%). In 2022, Yancey County's real per capita personal income declined by -5.60%
Yancey County Real Per Capita Personal Income:
Annual Percent Change and Decade Averages Over 1970-2022
Yancey County Real Per Capita 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 Yancey County's real per capita personal income 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, Yancey County's annual real per capita personal income growth rate averaged 3.92%. It averaged 4.33% during the 1980s, 1.94% in the 1990s, 1.50% throughout the 2000s, 1.50% during the 2010s, 0.59% thus far this decade (2020-2022).
Real Per Capita Personal Income Growth:
Average Annual Percent Change by Decade
Real Per Capita Personal Income Growth:
Average Annual Percent Change by Decade
Figure 7.
Figure 7 compares the decade average growth rates for Yancey County noted in the previous graph with the corresponding decade averages for North Carolina and the nation. As the chart reveals, Yancey County's average annual real per capita personal income growth exceeded North Carolina's average in the 1970s (3.92% vs. 2.62%), exceeded North Carolina's average in the 1980s (4.33% vs. 3.09%), fell below North Carolina's average during the 1990s (1.94% vs. 2.24%), registered above North Carolina's average during the 2000s (1.50% vs. 1.10%), outperformed North Carolina's average throughout the 2010s (1.50% vs. 1.49%), and recorded under North Carolina's average over the 3 year period of the current decade, 2020-2022 (0.59% vs. 2.43%).
Finally, relative to nationwide real per capita personal income growth trends, Yancey County outpaced the nation in the 1970s (3.92% vs. 2.37%), registered above the nation during the 1980s (4.33% vs. 2.19%), trailed the nation throughout the 1990s (1.94% vs. 2.01%), recorded above the nation during the 2000s (1.50% vs. 1.10%), trailed the nation during the 2010s (1.50% vs. 1.97%), and trailed the nation over 2020-2022 (0.59% vs. 1.78%).
   
 
Real* Per Capita Personal Income Growth:
Average Annual Percent Change
 
 
 
2.52
3.92
4.33
1.94
1.50
1.50
0.59
-5.60
 
2.13
2.62
3.09
2.24
1.10
1.49
2.43
-3.74
 
1.92
2.37
2.19
2.01
1.10
1.97
1.78
-4.55
 
   

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

   
 
Yancey County:
Per Capita Personal Income, 1969-2022
 
1969
 
1,874
0.189
9,927
100.0
N
59.47
47.69
1970
 
2,031
0.198
10,276
103.5
3.52
59.80
48.39
1971
 
2,170
0.206
10,533
106.1
2.50
59.86
48.54
1972
 
2,494
0.213
11,704
117.9
11.12
61.95
51.35
1973
 
2,877
0.225
12,811
129.1
9.46
64.05
53.64
1974
 
3,195
0.248
12,885
129.8
0.57
65.45
54.74
1975
 
3,479
0.269
12,953
130.5
0.53
66.54
55.02
1976
 
3,824
0.283
13,498
136.0
4.21
66.57
55.62
1977
 
4,216
0.302
13,972
140.8
3.52
67.88
56.10
1978
 
4,732
0.323
14,661
147.7
4.93
68.36
56.63
1979
 
5,094
0.351
14,495
146.0
-1.13
67.31
55.18
1980
 
5,649
0.389
14,511
146.2
0.11
67.65
55.47
1981
 
6,142
0.424
14,480
145.9
-0.21
65.98
54.39
1982
 
6,521
0.448
14,566
146.7
0.59
66.11
54.39
1983
 
7,138
0.467
15,292
154.1
4.99
67.09
56.20
1984
 
8,030
0.484
16,577
167.0
8.40
67.76
57.81
1985
 
8,878
0.501
17,711
178.4
6.85
70.31
60.21
1986
 
10,218
0.512
19,949
201.0
12.63
75.86
66.00
1987
 
10,942
0.528
20,723
208.8
3.88
76.51
67.43
1988
 
11,803
0.549
21,513
216.7
3.81
76.10
67.67
1989
 
12,599
0.573
22,002
221.6
2.28
75.48
67.53
1990
 
12,617
0.598
21,107
212.6
-4.07
72.17
64.31
1991
 
12,789
0.618
20,703
208.6
-1.91
71.14
63.79
1992
 
13,626
0.634
21,486
216.4
3.78
70.89
64.65
1993
 
14,346
0.650
22,071
222.3
2.72
71.49
66.07
1994
 
15,201
0.664
22,908
230.8
3.79
72.63
67.40
1995
 
15,588
0.678
23,007
231.8
0.43
70.99
66.11
1996
 
16,343
0.692
23,616
237.9
2.65
71.06
66.10
1997
 
17,538
0.704
24,909
250.9
5.48
72.50
67.65
1998
 
18,509
0.710
26,082
262.7
4.71
72.92
67.32
1999
 
19,121
0.720
26,557
267.5
1.82
73.10
66.88
2000
 
19,688
0.738
26,669
268.7
0.42
71.83
64.44
2001
 
20,901
0.753
27,756
279.6
4.07
75.23
66.25
2002
 
21,060
0.763
27,605
278.1
-0.54
75.61
66.23
2003
 
21,490
0.779
27,588
277.9
-0.06
74.85
65.80
2004
 
22,499
0.798
28,185
283.9
2.16
73.56
65.82
2005
 
23,564
0.821
28,692
289.0
1.80
73.16
66.06
2006
 
25,058
0.844
29,676
298.9
3.43
73.29
66.22
2007
 
26,104
0.866
30,141
303.6
1.57
72.59
65.94
2008
 
27,173
0.892
30,473
307.0
1.10
71.94
66.51
2009
 
27,382
0.889
30,793
310.2
1.05
76.23
69.66
2010
 
28,209
0.905
31,165
314.0
1.21
78.69
69.55
2011
 
29,167
0.928
31,429
316.6
0.85
79.22
68.39
2012
 
30,188
0.945
31,934
321.7
1.61
77.67
68.24
2013
 
30,254
0.958
31,586
318.2
-1.09
79.48
68.14
2014
 
31,240
0.971
32,166
324.0
1.84
78.36
67.49
2015
 
31,429
0.973
32,301
325.4
0.42
75.52
65.40
2016
 
31,979
0.983
32,537
327.8
0.73
75.10
65.30
2017
 
33,262
1.000
33,262
335.1
2.23
75.24
65.22
2018
 
35,814
1.020
35,096
353.5
5.51
77.79
67.18
2019
 
36,935
1.035
35,682
359.4
1.67
76.37
66.49
2020
 
39,418
1.046
37,672
379.5
5.58
76.12
66.64
2021
 
41,798
1.090
38,347
386.3
1.79
73.71
64.87
2022
 
42,006
1.160
36,199
364.7
-5.60
72.29
64.16
Source: Calculations by the North Carolina Regional Economic Analysis Project (NC-REAP)
with data provided by the U.S. Department of Commerce, Bureau of Economic Analysis
November 2023
REAP_PI_CA1400_700_PSN
 
   

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

   
 
North Carolina:
Per Capita Personal Income, 1969-2022
 
1969
 
3,152
0.189
16,693
100.0
N
80.19
1970
 
3,397
0.198
17,185
102.9
2.95
80.92
1971
 
3,626
0.206
17,597
105.4
2.40
81.10
1972
 
4,025
0.213
18,892
113.2
7.36
82.88
1973
 
4,491
0.225
20,002
119.8
5.88
83.75
1974
 
4,881
0.248
19,686
117.9
-1.58
83.64
1975
 
5,229
0.269
19,467
116.6
-1.11
82.69
1976
 
5,745
0.283
20,275
121.5
4.15
83.56
1977
 
6,211
0.302
20,583
123.3
1.52
82.64
1978
 
6,922
0.323
21,447
128.5
4.20
82.84
1979
 
7,568
0.351
21,535
129.0
0.41
81.97
1980
 
8,350
0.389
21,450
128.5
-0.40
81.99
1981
 
9,309
0.424
21,947
131.5
2.32
82.44
1982
 
9,864
0.448
22,033
132.0
0.39
82.27
1983
 
10,639
0.467
22,793
136.5
3.45
83.76
1984
 
11,850
0.484
24,463
146.6
7.33
85.32
1985
 
12,628
0.501
25,192
150.9
2.98
85.64
1986
 
13,470
0.512
26,298
157.5
4.39
87.00
1987
 
14,301
0.528
27,084
162.3
2.99
88.13
1988
 
15,510
0.549
28,269
169.3
4.37
88.92
1989
 
16,692
0.573
29,151
174.6
3.12
89.46
1990
 
17,481
0.598
29,245
175.2
0.32
89.10
1991
 
17,978
0.618
29,103
174.3
-0.49
89.67
1992
 
19,222
0.634
30,309
181.6
4.14
91.20
1993
 
20,067
0.650
30,872
184.9
1.86
92.42
1994
 
20,928
0.664
31,539
188.9
2.16
92.80
1995
 
21,959
0.678
32,409
194.2
2.76
93.13
1996
 
23,000
0.692
33,236
199.1
2.55
93.02
1997
 
24,189
0.704
34,356
205.8
3.37
93.30
1998
 
25,385
0.710
35,770
214.3
4.12
92.33
1999
 
26,158
0.720
36,331
217.6
1.57
91.49
2000
 
27,410
0.738
37,130
222.4
2.20
89.72
2001
 
27,782
0.753
36,894
221.0
-0.64
88.06
2002
 
27,856
0.763
36,512
218.7
-1.03
87.59
2003
 
28,709
0.779
36,857
220.8
0.94
87.91
2004
 
30,586
0.798
38,315
229.5
3.96
89.48
2005
 
32,209
0.821
39,218
234.9
2.36
90.30
2006
 
34,189
0.844
40,489
242.6
3.24
90.35
2007
 
35,960
0.866
41,521
248.7
2.55
90.84
2008
 
37,772
0.892
42,360
253.8
2.02
92.46
2009
 
35,921
0.889
40,397
242.0
-4.63
91.39
2010
 
35,847
0.905
39,604
237.3
-1.96
88.39
2011
 
36,816
0.928
39,671
237.7
0.17
86.32
2012
 
38,867
0.945
41,114
246.3
3.64
87.86
2013
 
38,062
0.958
39,739
238.1
-3.35
85.72
2014
 
39,866
0.971
41,048
245.9
3.29
86.13
2015
 
41,617
0.973
42,773
256.2
4.20
86.59
2016
 
42,582
0.983
43,325
259.5
1.29
86.95
2017
 
44,207
1.000
44,207
264.8
2.04
86.67
2018
 
46,040
1.020
45,116
270.3
2.06
86.36
2019
 
48,366
1.035
46,725
279.9
3.57
87.07
2020
 
51,781
1.046
49,487
296.5
5.91
87.54
2021
 
56,705
1.090
52,022
311.6
5.12
88.01
2022
 
58,109
1.160
50,075
300.0
-3.74
88.76
Source: Calculations by the North Carolina Regional Economic Analysis Project (NC-REAP)
with data provided by the U.S. Department of Commerce, Bureau of Economic Analysis
November 2023
REAP_PI_CA1400_700_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:
Per Capita Personal Income, 1969-2022
 
1969
 
3,931
0.189
20,816
100.0
N
1970
 
4,198
0.198
21,238
102.0
2.03
1971
 
4,471
0.206
21,697
104.2
2.16
1972
 
4,857
0.213
22,793
109.5
5.05
1973
 
5,363
0.225
23,883
114.7
4.78
1974
 
5,836
0.248
23,537
113.1
-1.45
1975
 
6,324
0.269
23,544
113.1
0.03
1976
 
6,875
0.283
24,265
116.6
3.07
1977
 
7,516
0.302
24,906
119.6
2.64
1978
 
8,356
0.323
25,889
124.4
3.95
1979
 
9,232
0.351
26,271
126.2
1.47
1980
 
10,184
0.389
26,160
125.7
-0.42
1981
 
11,291
0.424
26,621
127.9
1.76
1982
 
11,990
0.448
26,781
128.7
0.60
1983
 
12,701
0.467
27,210
130.7
1.61
1984
 
13,889
0.484
28,674
137.7
5.38
1985
 
14,746
0.501
29,417
141.3
2.59
1986
 
15,482
0.512
30,227
145.2
2.75
1987
 
16,228
0.528
30,733
147.6
1.67
1988
 
17,442
0.549
31,790
152.7
3.44
1989
 
18,658
0.573
32,584
156.5
2.50
1990
 
19,619
0.598
32,821
157.7
0.73
1991
 
20,050
0.618
32,457
155.9
-1.11
1992
 
21,077
0.634
33,234
159.7
2.39
1993
 
21,713
0.650
33,405
160.5
0.51
1994
 
22,552
0.664
33,986
163.3
1.74
1995
 
23,577
0.678
34,798
167.2
2.39
1996
 
24,725
0.692
35,729
171.6
2.67
1997
 
25,925
0.704
36,822
176.9
3.06
1998
 
27,493
0.710
38,740
186.1
5.21
1999
 
28,592
0.720
39,711
190.8
2.51
2000
 
30,551
0.738
41,384
198.8
4.21
2001
 
31,548
0.753
41,895
201.3
1.23
2002
 
31,801
0.763
41,684
200.2
-0.50
2003
 
32,659
0.779
41,928
201.4
0.59
2004
 
34,183
0.798
42,821
205.7
2.13
2005
 
35,669
0.821
43,432
208.6
1.43
2006
 
37,843
0.844
44,816
215.3
3.19
2007
 
39,588
0.866
45,710
219.6
1.99
2008
 
40,854
0.892
45,816
220.1
0.23
2009
 
39,307
0.889
44,204
212.4
-3.52
2010
 
40,557
0.905
44,808
215.3
1.36
2011
 
42,649
0.928
45,956
220.8
2.56
2012
 
44,237
0.945
46,795
224.8
1.83
2013
 
44,401
0.958
46,357
222.7
-0.94
2014
 
46,287
0.971
47,659
229.0
2.81
2015
 
48,060
0.973
49,394
237.3
3.64
2016
 
48,971
0.983
49,826
239.4
0.88
2017
 
51,004
1.000
51,004
245.0
2.36
2018
 
53,309
1.020
52,240
251.0
2.42
2019
 
55,547
1.035
53,662
257.8
2.72
2020
 
59,153
1.046
56,533
271.6
5.35
2021
 
64,430
1.090
59,110
284.0
4.56
2022
 
65,470
1.160
56,419
271.0
-4.55
Source: Calculations by the North Carolina Regional Economic Analysis Project (NC-REAP)
with data provided by the U.S. Department of Commerce, Bureau of Economic Analysis
November 2023
REAP_PI_CA1400_700_PN
 
   
Copyright © 2023. Pacific Northwest Regional Economic Analysis Project (PNREAP). All Rights Reserved.

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