Introduction
Franklin County vs. Alabama
Franklin County:
2022 Earnings = $769,951K
2022 Percent of State = 0.46%
Alabama:
2022 Earnings = $166,356,184K
2022 Percent of U.S. = 1.09%
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.
Page 2 of 13
Franklin County Total Industry Earnings, 1970-2022
Current vs. Constant Dollars (Millions)
Franklin County Total Industry Earnings, 1970-2022
Current vs. Constant Dollars (Millions)
Figure 1.
Figure 1 depicts Franklin 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 Franklin County over time.
When measured in current dollars, Franklin County's total industry earnings increased 1,954.57%, from $37M in 1970 to $770M in 2022. When measured in constant 2017 dollars to adjust for inflation, it advanced 249.96%, from $190M in 1970 to $664M in 2022.
Page 3 of 13
Real Total Industry Earnings, 1969-2022 (Millions)
Real Total Industry Earnings, 1969-2022 (Millions)
Figure 2.
Figure 2 traces Franklin County's and Alabama'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, Franklin County's real total industry earnings rose from $196M in 1969 to $664M in 2022, for a net gain of $468M, or 238.91%. In comparison, Alabama's real total industry earnings increased from $42,961M in 1969 to $143,357M in 2022, for a net advance of $100,397M, or 233.69%.
Page 4 of 13
Real Total Industry Earnings Indices (1969=100): 1969-2022
Real Total Industry Earnings Indices (1969=100): 1969-2022
Figure 3.
Figure 3 portrays Franklin County's real total industry earnings growth in a broader context by offering direct comparisons across time with Alabama, 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.
Franklin County's overall real total industry earnings growth was 238.91% over 1969-2022 outpaced Alabama's increase of 233.69%, and fell below the United States' increase of 278.59%.
Page 5 of 13
Total Industry Earnings as a Percent of the Alabama Total: 1969-2022
Total Industry Earnings as a Percent of the Alabama Total: 1969-2022
Figure 4.
Another interesting and insightful way of highlighting the total industry earnings growth of Franklin County is to trace its individual percentage contributions to Alabama'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 Alabama's total industry earnings, while a declining share shows it grew more slowly.
In 1969, Franklin County's total industry earnings totaled 0.46% of Alabama's total industry earnings, while in 2022 it comprised 0.46% thereby yielding a +0.01% share-shift.
   
 
Total Industry Earnings Share-Shift
2022 vs. 1969
 
Share-
Shift*
 
2022
vs.
1969
+0.01%
=
0.46%
-
0.46%
 
   
Page 6 of 13
Franklin County Real Total Industry Earnings:
Annual Percent Change, 1970-2022
Franklin County Real Total Industry Earnings:
Annual Percent Change, 1970-2022
Figure 5.
Figure 5 displays the short-run pattern of Franklin 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, Franklin County's real total industry earnings grew at an annual rate of 2.50% over 1970-2022. The county recorded its highest growth in 1973 (17.84%) and posted its lowest growth in 1974 (-11.68%). In 2022, Franklin County's real total industry earnings grew by 7.10%
Page 7 of 13
Franklin County Real Total Industry Earnings:
Annual Percent Change and Decade Averages Over 1970-2022
Franklin 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 traces the annual percent change in Franklin 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 2020-2022.
During the 1970s, Franklin County's annual real total industry earnings growth rate averaged 4.56%. It averaged 1.86% throughout the 1980s, 4.81% throughout the 1990s, -0.74% during the 2000s, 1.62% during the 2010s, 3.72% thus far this decade (2020-2022).
Page 8 of 13
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 Franklin County noted in the previous graph with the corresponding decade averages for Alabama and the nation. As the chart reveals, Franklin County's average annual real total industry earnings growth registered above Alabama's average throughout the 1970s (4.56% vs. 3.98%), posted below Alabama's average throughout the 1980s (1.86% vs. 2.17%), led Alabama's average in the 1990s (4.81% vs. 3.01%), recorded under Alabama's average throughout the 2000s (-0.74% vs. 1.15%), recorded above Alabama's average throughout the 2010s (1.62% vs. 1.51%), and outgained Alabama's average over the 3 year period of the current decade, 2020-2022 (3.72% vs. 1.75%).
Finally, relative to nationwide real total industry earnings growth trends, Franklin County led the nation over the 1970s (4.56% vs. 3.13%), fell below the nation in the 1980s (1.86% vs. 2.62%), led the nation in the 1990s (4.81% vs. 3.43%), trailed the nation during the 2000s (-0.74% vs. 1.47%), recorded underneath the nation throughout the 2010s (1.62% vs. 2.53%), and topped the nation over 2020-2022 (3.72% vs. 1.48%).
   
 
Real* Total Industry Earnings Growth:
Average Annual Percent Change
 
 
 
2.50
4.56
1.86
4.81
-0.74
1.62
3.72
7.10
 
2.33
3.98
2.17
3.01
1.15
1.51
1.75
0.26
 
2.57
3.13
2.62
3.43
1.47
2.53
1.48
0.05
 
   
Page 9 of 13

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

   
 
Franklin County:
Total Industry Earnings, 1969-2022
 
1969
 
36,968
0.189
195,774
100.0
N
0.46
1970
 
37,475
0.198
189,593
96.8
-3.16
0.43
1971
 
40,397
0.206
196,054
100.1
3.41
0.43
1972
 
48,147
0.213
225,957
115.4
15.25
0.46
1973
 
59,792
0.225
266,275
136.0
17.84
0.50
1974
 
58,305
0.248
235,167
120.1
-11.68
0.45
1975
 
66,161
0.269
246,318
125.8
4.74
0.47
1976
 
74,892
0.283
264,328
135.0
7.31
0.47
1977
 
81,187
0.302
269,045
137.4
1.78
0.46
1978
 
97,074
0.323
300,762
153.6
11.79
0.48
1979
 
103,876
0.351
295,581
151.0
-1.72
0.47
1980
 
107,996
0.389
277,425
141.7
-6.14
0.46
1981
 
129,900
0.424
306,260
156.4
10.39
0.50
1982
 
129,060
0.448
288,267
147.2
-5.87
0.48
1983
 
144,855
0.467
310,342
158.5
7.66
0.51
1984
 
154,598
0.484
319,160
163.0
2.84
0.49
1985
 
169,507
0.501
338,148
172.7
5.95
0.50
1986
 
181,808
0.512
354,962
181.3
4.97
0.50
1987
 
189,148
0.528
358,221
183.0
0.92
0.49
1988
 
194,724
0.549
354,915
181.3
-0.92
0.46
1989
 
200,789
0.573
350,656
179.1
-1.20
0.45
1990
 
203,698
0.598
340,775
174.1
-2.82
0.43
1991
 
231,084
0.618
374,080
191.1
9.77
0.46
1992
 
268,444
0.634
423,280
216.2
13.15
0.50
1993
 
285,905
0.650
439,854
224.7
3.92
0.51
1994
 
304,944
0.664
459,558
234.7
4.48
0.51
1995
 
322,007
0.678
475,259
242.8
3.42
0.52
1996
 
347,122
0.692
501,600
256.2
5.54
0.54
1997
 
344,647
0.704
489,507
250.0
-2.41
0.51
1998
 
357,080
0.710
503,163
257.0
2.79
0.49
1999
 
399,558
0.720
554,934
283.5
10.29
0.53
2000
 
389,010
0.738
526,957
269.2
-5.04
0.50
2001
 
399,246
0.753
530,193
270.8
0.61
0.50
2002
 
382,421
0.763
501,266
256.0
-5.46
0.46
2003
 
401,932
0.779
515,999
263.6
2.94
0.47
2004
 
452,490
0.798
566,838
289.5
9.85
0.49
2005
 
469,853
0.821
572,105
292.2
0.93
0.49
2006
 
457,581
0.844
541,901
276.8
-5.28
0.45
2007
 
467,067
0.866
539,295
275.5
-0.48
0.44
2008
 
462,811
0.892
519,021
265.1
-3.76
0.44
2009
 
453,647
0.889
510,169
260.6
-1.71
0.44
2010
 
488,540
0.905
539,740
275.7
5.80
0.46
2011
 
478,254
0.928
515,338
263.2
-4.52
0.44
2012
 
483,560
0.945
511,520
261.3
-0.74
0.43
2013
 
496,212
0.958
518,069
264.6
1.28
0.43
2014
 
513,726
0.971
528,955
270.2
2.10
0.43
2015
 
547,059
0.973
562,245
287.2
6.29
0.45
2016
 
534,216
0.983
543,543
277.6
-3.33
0.43
2017
 
571,164
1.000
571,164
291.7
5.08
0.44
2018
 
609,857
1.020
597,624
305.3
4.63
0.45
2019
 
616,053
1.035
595,146
304.0
-0.41
0.44
2020
 
631,400
1.046
603,431
308.2
1.39
0.44
2021
 
675,313
1.090
619,548
316.5
2.67
0.43
2022
 
769,951
1.160
663,505
338.9
7.10
0.46
Source: Calculations by the Alabama Regional Economic Analysis Project (AL-REAP)
with data provided by the U.S. Department of Commerce, Bureau of Economic Analysis
November 2023
REAP_PI_CA1400_1200_PSN
 
   
Page 10 of 13

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

   
 
Alabama:
Total Industry Earnings, 1969-2022
 
1969
 
8,112,293
0.189
42,960,827
100.0
N
1.24
1970
 
8,628,530
0.198
43,653,395
101.6
1.61
1.24
1971
 
9,403,095
0.206
45,635,016
106.2
4.54
1.27
1972
 
10,496,269
0.213
49,259,757
114.7
7.94
1.28
1973
 
11,861,577
0.225
52,823,768
123.0
7.24
1.29
1974
 
12,960,825
0.248
52,276,146
121.7
-1.04
1.30
1975
 
14,045,483
0.269
52,291,448
121.7
0.03
1.33
1976
 
15,977,583
0.283
56,392,133
131.3
7.84
1.36
1977
 
17,715,705
0.302
58,707,930
136.7
4.11
1.36
1978
 
20,164,933
0.323
62,476,555
145.4
6.42
1.37
1979
 
22,203,571
0.351
63,180,636
147.1
1.13
1.35
1980
 
23,708,925
0.389
60,904,555
141.8
-3.60
1.33
1981
 
25,812,609
0.424
60,857,265
141.7
-0.08
1.32
1982
 
26,629,404
0.448
59,479,136
138.4
-2.26
1.30
1983
 
28,581,996
0.467
61,234,887
142.5
2.95
1.31
1984
 
31,634,478
0.484
65,307,868
152.0
6.65
1.30
1985
 
34,180,201
0.501
68,185,846
158.7
4.41
1.31
1986
 
36,335,700
0.512
70,941,838
165.1
4.04
1.30
1987
 
38,826,596
0.528
73,532,434
171.2
3.65
1.30
1988
 
41,972,545
0.549
76,501,495
178.1
4.04
1.29
1989
 
44,619,334
0.573
77,922,729
181.4
1.86
1.29
1990
 
47,432,666
0.598
79,352,013
184.7
1.83
1.29
1991
 
50,105,140
0.618
81,110,402
188.8
2.22
1.32
1992
 
53,808,914
0.634
84,845,339
197.5
4.60
1.33
1993
 
56,263,471
0.650
86,559,186
201.5
2.02
1.33
1994
 
59,265,224
0.664
89,314,039
207.9
3.18
1.33
1995
 
61,719,606
0.678
91,093,671
212.0
1.99
1.32
1996
 
64,433,868
0.692
93,108,490
216.7
2.21
1.30
1997
 
67,511,279
0.704
95,887,169
223.2
2.98
1.28
1998
 
72,164,908
0.710
101,687,979
236.7
6.05
1.26
1999
 
75,429,135
0.720
104,761,232
243.9
3.02
1.24
2000
 
77,978,535
0.738
105,630,483
245.9
0.83
1.18
2001
 
80,308,883
0.753
106,649,070
248.2
0.96
1.17
2002
 
82,624,721
0.763
108,302,055
252.1
1.55
1.18
2003
 
85,884,349
0.779
110,257,978
256.6
1.81
1.19
2004
 
91,540,120
0.798
114,673,131
266.9
4.00
1.19
2005
 
96,799,376
0.821
117,865,472
274.4
2.78
1.20
2006
 
102,208,900
0.844
121,043,226
281.8
2.70
1.20
2007
 
105,583,340
0.866
121,910,862
283.8
0.72
1.19
2008
 
106,202,564
0.892
119,101,227
277.2
-2.30
1.18
2009
 
104,241,969
0.889
117,229,866
272.9
-1.57
1.20
2010
 
107,113,941
0.905
118,339,639
275.5
0.95
1.19
2011
 
109,788,306
0.928
118,301,265
275.4
-0.03
1.16
2012
 
112,110,406
0.945
118,592,682
276.0
0.25
1.14
2013
 
115,358,203
0.958
120,439,548
280.3
1.56
1.13
2014
 
118,674,266
0.971
122,192,179
284.4
1.46
1.12
2015
 
122,547,294
0.973
125,949,181
293.2
3.07
1.11
2016
 
124,983,437
0.983
127,165,599
296.0
0.97
1.10
2017
 
129,741,033
1.000
129,741,033
302.0
2.03
1.10
2018
 
135,414,877
1.020
132,698,538
308.9
2.28
1.09
2019
 
140,884,484
1.035
136,103,179
316.8
2.57
1.08
2020
 
144,959,649
1.046
138,538,394
322.5
1.79
1.10
2021
 
155,852,509
1.090
142,982,641
332.8
3.21
1.09
2022
 
166,356,184
1.160
143,357,362
333.7
0.26
1.09
Source: Calculations by the Alabama Regional Economic Analysis Project (AL-REAP)
with data provided by the U.S. Department of Commerce, Bureau of Economic Analysis
November 2023
REAP_PI_CA1400_1200_PSN
 
   
Page 11 of 13

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 Alabama Regional Economic Analysis Project (AL-REAP)
with data provided by the U.S. Department of Commerce, Bureau of Economic Analysis
November 2023
REAP_PI_CA1400_1200_PN
 
   
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