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.

Figure 1 depicts Haywood County's annual total industry earnings over 1970-2021 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 Haywood County over time.

When measured in current dollars, Haywood County's total industry earnings increased 1,174.63%, from $96M in 1970 to $1,230M in 2021. When measured in constant 2012 dollars to adjust for inflation, it advanced 130.52%, from $461M in 1970 to $1,064M in 2021.

Figure 2 traces Haywood County's and North Carolina's annual real total industry earnings for the period 1969-2021 to illustrate real total industry earnings patterns over time. During this 53-year period, Haywood County's real total industry earnings rose from $467M in 1969 to $1,064M in 2021, for a net gain of $596M, or 127.64%. In comparison, North Carolina's real total industry earnings increased from $68,559M in 1969 to $345,339M in 2021, for a net gain of $276,780M, or 403.71%.

Figure 3 portrays Haywood County's real total industry earnings 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 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.

Haywood County's overall real total industry earnings growth was 127.64% over 1969-2021 trailed North Carolina's increase of 403.71%, and fell below the United States' increase of 277.56%.

Another interesting and insightful way of contrasting the total industry earnings growth of Haywood County is to trace its individual percentage contributions to North Carolina'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 North Carolina's total industry earnings, while a declining share shows it grew more slowly.

In 1969, Haywood County's total industry earnings comprised 0.68% of North Carolina's total industry earnings, while in 2021 it comprised 0.31% thereby yielding a -0.37% share-shift.

Figure 5 shows the short-run pattern of Haywood County's real total industry earnings growth by tracking the year-to-year percent change over 1970-2021. The average annual percent change for the entire 52-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, Haywood County's real total industry earnings grew at an annual rate of 1.65% over 1970-2021. The county posted its highest growth in 1976 (10.63%) and recorded its lowest growth in 2008 (-6.00%). In 2021, Haywood County's real total industry earnings grew by 3.21%

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 Haywood 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, 2010s, and 2020-2021.

During the 1970s, Haywood County's annual real total industry earnings growth rate averaged 2.87%. It averaged 1.44% in the 1980s, 1.87% during the 1990s, 0.33% throughout the 2000s, 1.49% during the 2010s, 2.86% thus far this decade (2020-2021).

Figure 7 compares the decade average growth rates for Haywood County noted in the previous graph with the corresponding decade averages for North Carolina and the nation. As the chart reveals, Haywood County's average annual real total industry earnings growth recorded under North Carolina's average throughout the 1970s (2.87% vs. 3.59%), amounted to less than North Carolina's average in the 1980s (1.44% vs. 3.90%), recorded under North Carolina's average throughout the 1990s (1.87% vs. 4.07%), lagged North Carolina's average throughout the 2000s (0.33% vs. 2.15%), fell below North Carolina's average in the 2010s (1.49% vs. 2.22%), and posted below North Carolina's average over the 2 year period of the current decade, 2020-2021 (2.86% vs. 3.71%).

Finally, relative to nationwide real total industry earnings growth trends, Haywood County fell under the nation over the 1970s (2.87% vs. 3.13%), posted below the nation over the 1980s (1.44% vs. 2.62%), lagged the nation throughout the 1990s (1.87% vs. 3.43%), fell below the nation over the 2000s (0.33% vs. 1.47%), trailed the nation throughout the 2010s (1.49% vs. 2.53%), and surpassed the nation over 2020-2021 (2.86% vs. 2.08%).