Guilford County vs. North Carolina
Comparative Trends Analysis:
Total Industry Earnings Growth and Change, 1969-2022
Introduction
Guilford County vs. North Carolina
Guilford County:
2022 Earnings = $24,692,485K
2022 Percent of State = 5.68%
North Carolina:
2022 Earnings = $434,666,848K
2022 Percent of U.S. = 2.86%
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.
Guilford County Total Industry Earnings, 1970-2022
Current vs. Constant Dollars (Millions)
Guilford County Total Industry Earnings, 1970-2022
Current vs. Constant Dollars (Millions)
Figure 1.
Figure 1 depicts Guilford County'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 Guilford County over time.
When measured in current dollars, Guilford County's total industry earnings increased 1,926.49%, from $1,218M in 1970 to $24,692M in 2022. When measured in constant 2017 dollars to adjust for inflation, it advanced 245.18%, from $6,165M in 1970 to $21,279M in 2022.
Real Total Industry Earnings, 1969-2022 (Millions)
Real Total Industry Earnings, 1969-2022 (Millions)
Figure 2.
Figure 2 tracks Guilford County's and North Carolina'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, Guilford County's real total industry earnings rose from $5,959M in 1969 to $21,279M in 2022, for a net gain of $15,320M, or 257.11%. In comparison, North Carolina's real total industry earnings increased from $72,528M in 1969 to $374,574M in 2022, for a net advance of $302,046M, or 416.46%.
Real Total Industry Earnings Indices (1969=100): 1969-2022
Real Total Industry Earnings Indices (1969=100): 1969-2022
Figure 3.
Figure 3 portrays Guilford 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.
Guilford County's overall real total industry earnings growth was 257.11% over 1969-2022 trailed North Carolina's increase of 416.46%, and fell below the United States' increase of 278.59%.
Total Industry Earnings as a Percent of the North Carolina Total: 1969-2022
Total Industry Earnings as a Percent of the North Carolina Total: 1969-2022
Figure 4.
Another interesting and insightful way of highlighting the total industry earnings growth of Guilford 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, Guilford County's total industry earnings totaled 8.22% of North Carolina's total industry earnings, while in 2022 it totaled 5.68% thereby yielding a -2.53% share-shift.
   
 
Total Industry Earnings Share-Shift
2022 vs. 1969
 
Share-
Shift*
 
2022
vs.
1969
-2.53%
=
5.68%
-
8.22%
 
   
Guilford County Real Total Industry Earnings:
Annual Percent Change, 1970-2022
Guilford County Real Total Industry Earnings:
Annual Percent Change, 1970-2022
Figure 5.
Figure 5 displays the short-run pattern of Guilford County'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, Guilford County's real total industry earnings grew at an annual rate of 2.48% over 1970-2022. The county recorded its highest growth in 1984 (9.23%) and posted its lowest growth in 2009 (-5.79%). In 2022, Guilford County's real total industry earnings grew by 0.12%
Guilford County Real Total Industry Earnings:
Annual Percent Change and Decade Averages Over 1970-2022
Guilford County Real Total Industry Earnings:
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 shows the annual percent change in Guilford County'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, Guilford County's annual real total industry earnings growth rate averaged 3.39%. It averaged 3.59% throughout the 1980s, 3.65% in the 1990s, 0.26% in the 2000s, 1.95% in the 2010s, 0.99% 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 Guilford County noted in the previous graph with the corresponding decade averages for North Carolina and the nation. As the chart reveals, Guilford County's average annual real total industry earnings growth recorded under North Carolina's average in the 1970s (3.39% vs. 3.59%), recorded under North Carolina's average in the 1980s (3.59% vs. 3.90%), lagged North Carolina's average in the 1990s (3.65% vs. 4.07%), amounted to less than North Carolina's average in the 2000s (0.26% vs. 2.16%), fell below North Carolina's average during the 2010s (1.95% vs. 2.26%), and fell below North Carolina's average over the 3 year period of the current decade, 2020-2022 (0.99% vs. 3.18%).
Finally, relative to nationwide real total industry earnings growth trends, Guilford County led the nation during the 1970s (3.39% vs. 3.13%), recorded above the nation over the 1980s (3.59% vs. 2.62%), recorded above the nation during the 1990s (3.65% vs. 3.43%), recorded underneath the nation during the 2000s (0.26% vs. 1.47%), recorded underneath the nation throughout the 2010s (1.95% vs. 2.53%), and posted below the nation over 2020-2022 (0.99% vs. 1.48%).
   
 
Real* Total Industry Earnings Growth:
Average Annual Percent Change
 
 
 
2.48
3.39
3.59
3.65
0.26
1.95
0.99
0.12
 
3.19
3.59
3.90
4.07
2.16
2.26
3.18
2.26
 
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.

   
 
Guilford County:
Total Industry Earnings, 1969-2022
 
1969
 
1,125,147
0.189
5,958,518
100.0
N
8.22
1970
 
1,218,484
0.198
6,164,545
103.5
3.46
8.31
1971
 
1,342,939
0.206
6,517,539
109.4
5.73
8.44
1972
 
1,514,662
0.213
7,108,419
119.3
9.07
8.36
1973
 
1,676,920
0.225
7,467,914
125.3
5.06
8.12
1974
 
1,818,683
0.248
7,335,470
123.1
-1.77
8.14
1975
 
1,871,669
0.269
6,968,239
116.9
-5.01
8.01
1976
 
2,050,206
0.283
7,236,106
121.4
3.84
7.83
1977
 
2,263,028
0.302
7,499,430
125.9
3.64
7.88
1978
 
2,616,655
0.323
8,107,123
136.1
8.10
8.01
1979
 
2,900,483
0.351
8,253,373
138.5
1.80
8.06
1980
 
3,155,543
0.389
8,106,101
136.0
-1.78
8.04
1981
 
3,465,008
0.424
8,169,299
137.1
0.78
7.97
1982
 
3,634,316
0.448
8,117,567
136.2
-0.63
7.97
1983
 
3,985,934
0.467
8,539,579
143.3
5.20
8.00
1984
 
4,518,149
0.484
9,327,503
156.5
9.23
7.96
1985
 
4,848,089
0.501
9,671,419
162.3
3.69
7.88
1986
 
5,219,400
0.512
10,190,359
171.0
5.37
7.83
1987
 
5,811,328
0.528
11,005,886
184.7
8.00
7.99
1988
 
6,274,882
0.549
11,436,949
191.9
3.92
7.88
1989
 
6,690,790
0.573
11,684,724
196.1
2.17
7.82
1990
 
7,028,596
0.598
11,758,421
197.3
0.63
7.77
1991
 
7,081,757
0.618
11,463,977
192.4
-2.50
7.56
1992
 
7,683,992
0.634
12,116,039
203.3
5.69
7.49
1993
 
8,093,996
0.650
12,452,302
209.0
2.78
7.43
1994
 
8,666,408
0.664
13,060,474
219.2
4.88
7.45
1995
 
9,261,741
0.678
13,669,659
229.4
4.66
7.52
1996
 
9,848,435
0.692
14,231,226
238.8
4.11
7.54
1997
 
10,494,191
0.704
14,905,039
250.1
4.73
7.47
1998
 
11,319,377
0.710
15,950,198
267.7
7.01
7.51
1999
 
12,004,604
0.720
16,672,830
279.8
4.53
7.51
2000
 
12,413,507
0.738
16,815,457
282.2
0.86
7.28
2001
 
12,675,824
0.753
16,833,317
282.5
0.11
7.28
2002
 
12,745,229
0.763
16,706,071
280.4
-0.76
7.23
2003
 
13,048,594
0.779
16,751,732
281.1
0.27
7.11
2004
 
13,613,009
0.798
17,053,139
286.2
1.80
6.87
2005
 
14,279,510
0.821
17,387,108
291.8
1.96
6.75
2006
 
15,255,942
0.844
18,067,198
303.2
3.91
6.65
2007
 
15,795,408
0.866
18,238,027
306.1
0.95
6.45
2008
 
16,152,383
0.892
18,114,145
304.0
-0.68
6.26
2009
 
15,174,416
0.889
17,065,053
286.4
-5.79
6.24
2010
 
15,401,828
0.905
17,015,962
285.6
-0.29
6.30
2011
 
15,756,229
0.928
16,977,963
284.9
-0.22
6.37
2012
 
16,621,161
0.945
17,582,204
295.1
3.56
6.25
2013
 
17,061,701
0.958
17,813,242
299.0
1.31
6.43
2014
 
17,827,553
0.971
18,356,023
308.1
3.05
6.39
2015
 
18,757,270
0.973
19,277,968
323.5
5.02
6.42
2016
 
18,907,190
0.983
19,237,302
322.9
-0.21
6.24
2017
 
19,658,278
1.000
19,658,278
329.9
2.19
6.19
2018
 
20,329,583
1.020
19,921,784
334.3
1.34
6.10
2019
 
21,386,163
1.035
20,660,364
346.7
3.71
6.06
2020
 
21,771,855
1.046
20,807,431
349.2
0.71
5.95
2021
 
23,165,295
1.090
21,252,369
356.7
2.14
5.80
2022
 
24,692,485
1.160
21,278,737
357.1
0.12
5.68
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_1200_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:
Total Industry Earnings, 1969-2022
 
1969
 
13,695,429
0.189
72,527,824
100.0
N
2.10
1970
 
14,664,748
0.198
74,191,784
102.3
2.29
2.12
1971
 
15,905,718
0.206
77,193,487
106.4
4.05
2.14
1972
 
18,116,555
0.213
85,022,316
117.2
10.14
2.21
1973
 
20,658,487
0.225
91,999,497
126.8
8.21
2.25
1974
 
22,351,164
0.248
90,151,107
124.3
-2.01
2.25
1975
 
23,353,015
0.269
86,943,466
119.9
-3.56
2.20
1976
 
26,189,154
0.283
92,433,396
127.4
6.31
2.23
1977
 
28,734,374
0.302
95,222,607
131.3
3.02
2.20
1978
 
32,665,309
0.323
101,206,187
139.5
6.28
2.21
1979
 
35,982,494
0.351
102,388,794
141.2
1.17
2.18
1980
 
39,233,002
0.389
100,783,503
139.0
-1.57
2.20
1981
 
43,471,565
0.424
102,491,017
141.3
1.69
2.22
1982
 
45,591,010
0.448
101,831,565
140.4
-0.64
2.22
1983
 
49,846,549
0.467
106,792,675
147.2
4.87
2.28
1984
 
56,766,941
0.484
117,192,636
161.6
9.74
2.33
1985
 
61,550,281
0.501
122,786,229
169.3
4.77
2.35
1986
 
66,665,936
0.512
130,158,605
179.5
6.00
2.39
1987
 
72,743,723
0.528
137,766,984
190.0
5.85
2.43
1988
 
79,617,455
0.549
145,115,201
200.1
5.33
2.44
1989
 
85,519,255
0.573
149,349,915
205.9
2.92
2.47
1990
 
90,451,887
0.598
151,320,597
208.6
1.32
2.46
1991
 
93,714,590
0.618
151,705,556
209.2
0.25
2.47
1992
 
102,592,310
0.634
161,766,493
223.0
6.63
2.53
1993
 
108,938,643
0.650
167,597,912
231.1
3.60
2.57
1994
 
116,287,949
0.664
175,248,582
241.6
4.56
2.61
1995
 
123,190,745
0.678
181,820,623
250.7
3.75
2.64
1996
 
130,549,061
0.692
188,646,534
260.1
3.75
2.63
1997
 
140,497,574
0.704
199,550,576
275.1
5.78
2.66
1998
 
150,625,445
0.710
212,247,164
292.6
6.36
2.64
1999
 
159,949,078
0.720
222,148,412
306.3
4.66
2.62
2000
 
170,461,725
0.738
230,909,112
318.4
3.94
2.58
2001
 
174,113,335
0.753
231,220,067
318.8
0.13
2.54
2002
 
176,240,116
0.763
231,010,363
318.5
-0.09
2.52
2003
 
183,406,760
0.779
235,456,852
324.6
1.92
2.53
2004
 
198,015,770
0.798
248,056,134
342.0
5.35
2.58
2005
 
211,554,771
0.821
257,594,666
355.2
3.85
2.63
2006
 
229,557,496
0.844
271,858,712
374.8
5.54
2.69
2007
 
244,915,288
0.866
282,789,253
389.9
4.02
2.76
2008
 
258,157,497
0.892
289,511,604
399.2
2.38
2.86
2009
 
243,357,904
0.889
273,678,776
377.3
-5.47
2.80
2010
 
244,526,728
0.905
270,153,488
372.5
-1.29
2.71
2011
 
247,490,495
0.928
266,680,849
367.7
-1.29
2.62
2012
 
266,033,349
0.945
281,415,521
388.0
5.53
2.70
2013
 
265,416,924
0.958
277,108,115
382.1
-1.53
2.61
2014
 
279,153,775
0.971
287,428,852
396.3
3.72
2.63
2015
 
292,329,706
0.973
300,444,718
414.2
4.53
2.65
2016
 
302,983,253
0.983
308,273,221
425.0
2.61
2.68
2017
 
317,386,050
1.000
317,386,050
437.6
2.96
2.68
2018
 
333,004,293
1.020
326,324,432
449.9
2.82
2.68
2019
 
353,022,987
1.035
341,042,175
470.2
4.51
2.72
2020
 
365,699,714
1.046
349,500,372
481.9
2.48
2.78
2021
 
399,280,680
1.090
366,309,190
505.1
4.81
2.80
2022
 
434,666,848
1.160
374,573,949
516.5
2.26
2.86
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_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 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_1200_PN
 
   
Copyright © 2023. Pacific Northwest Regional Economic Analysis Project (PNREAP). All Rights Reserved.

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