Franklin County vs. Alabama
Comparative Trends Analysis:
Total Industry Earnings Growth and Change, 1969-2020
Introduction
Franklin County vs. Alabama
Franklin County:
2020 Earnings = $629,715K
2020 Percent of State = 0.4%
Alabama:
2020 Earnings = $143,908,729K
2020 Percent of U.S. = 1.1%
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.
Franklin County Total Industry Earnings, 1970-2020
Current vs. Constant Dollars (Millions)
Franklin County Total Industry Earnings, 1970-2020
Current vs. Constant Dollars (Millions)
Figure 1.
Figure 1 depicts Franklin County's annual total industry earnings over 1970-2020 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 Franklin County over time.
When measured in current dollars, Franklin County's total industry earnings increased 1,580.4%, from $37M in 1970 to $630M in 2020. When measured in constant 2012 dollars to adjust for inflation, it advanced 215.9%, from $179M in 1970 to $566M in 2020.
Real Total Industry Earnings, 1969-2020 (Millions)
Real Total Industry Earnings, 1969-2020 (Millions)
Figure 2.
Figure 2 tracks Franklin County's and Alabama's annual real total industry earnings for the period 1969-2020 to illustrate real total industry earnings patterns over time. During this 52-year period, Franklin County's real total industry earnings rose from $185M in 1969 to $566M in 2020, for a net gain of $381M, or 205.9%. In comparison, Alabama's real total industry earnings increased from $40,610M in 1969 to $129,385M in 2020, for a net gain of $88,775M, or 218.6%.
Real Total Industry Earnings Indices (1969=100): 1969-2020
Real Total Industry Earnings Indices (1969=100): 1969-2020
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 205.9% over 1969-2020 trailed Alabama's increase of 218.6%, and fell below the United States' increase of 262.7%.
Total Industry Earnings as a Percent of the Alabama Total: 1969-2020
Total Industry Earnings as a Percent of the Alabama Total: 1969-2020
Figure 4.
Another interesting and insightful way of contrasting 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 2020 it comprised 0.44% thereby yielding a -0.02% share-shift.
   
 
Total Industry Earnings Share-Shift
2020 vs. 1969
 
Share-
Shift*
 
2020
vs.
1969
-0.02%
=
0.44%
-
0.46%
 
   
Franklin County Real Total Industry Earnings:
Annual Percent Change, 1970-2020
Franklin County Real Total Industry Earnings:
Annual Percent Change, 1970-2020
Figure 5.
Figure 5 highlights the short-run pattern of Franklin County's real total industry earnings growth by tracking the year-to-year percent change over 1970-2020. The average annual percent change for the entire 51-year period is also illustrated 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 2.39% over 1970-2020. The county posted its highest growth in 1973 (17.84%) and posted its lowest growth in 1974 (-11.68%). In 2020, Franklin County's real total industry earnings declined by -0.40%
Franklin County Real Total Industry Earnings:
Annual Percent Change and Decade Averages Over 1970-2020
Franklin County Real Total Industry Earnings:
Annual Percent Change and Decade Averages Over 1970-2020
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.
During the 1970s, Franklin County's annual real total industry earnings growth rate averaged 4.56%. It averaged 1.86% in the 1980s, 4.81% in the 1990s, -0.74% during the 2000s, 1.72% during the 2010s, and -0.40% thus far this decade (2020).
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 outpaced Alabama's average throughout the 1970s (4.56% vs. 3.98%), fell below Alabama's average during the 1980s (1.86% vs. 2.17%), topped Alabama's average in the 1990s (4.81% vs. 3.01%), fell below Alabama's average throughout the 2000s (-0.74% vs. 1.14%), and led Alabama's average over the 10 year period of the last decade, 2010-2019 (1.72% vs. 1.48%). Thus far in 2020, Franklin County's growth has posted below Alabama's average (-0.40% vs. 0.89%).
Finally, relative to nationwide real total industry earnings growth trends, Franklin County outpaced the nation in the 1970s (4.56% vs. 3.13%), fell below the nation throughout the 1980s (1.86% vs. 2.62%), recorded above the nation in the 1990s (4.81% vs. 3.43%), trailed the nation in the 2000s (-0.74% vs. 1.47%), and lagged the nation over 2010-2020 (1.72% vs. 2.52%). Thus far in 2020, growth for Franklin County has lagged the national average (-0.40% vs. 0.18%).
   
 
Real* Total Industry Earnings Growth:
Average Annual Percent Change
 
 
 
2.39
4.56
1.86
4.81
-0.74
1.72
-0.40
 
2.33
3.98
2.17
3.01
1.14
1.48
0.89
 
2.59
3.13
2.62
3.43
1.47
2.52
0.18
 
   

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, 1969-2020
 
1969
 
36,968
0.200
185,062
100.0
N
0.46
1970
 
37,475
0.209
179,220
96.8
-3.16
0.43
1971
 
40,397
0.218
185,324
100.1
3.41
0.43
1972
 
48,147
0.225
213,588
115.4
15.25
0.46
1973
 
59,792
0.238
251,692
136.0
17.84
0.50
1974
 
58,305
0.262
222,292
120.1
-11.68
0.45
1975
 
66,161
0.284
232,838
125.8
4.74
0.47
1976
 
74,892
0.300
249,857
135.0
7.31
0.47
1977
 
81,187
0.319
254,321
137.4
1.79
0.46
1978
 
97,074
0.341
284,299
153.6
11.79
0.48
1979
 
103,876
0.372
279,402
151.0
-1.72
0.47
1980
 
107,996
0.412
262,241
141.7
-6.14
0.46
1981
 
129,900
0.449
289,497
156.4
10.39
0.50
1982
 
129,060
0.474
272,491
147.2
-5.87
0.48
1983
 
144,855
0.494
293,359
158.5
7.66
0.51
1984
 
154,598
0.512
301,696
163.0
2.84
0.49
1985
 
169,507
0.530
319,638
172.7
5.95
0.50
1986
 
181,808
0.542
335,538
181.3
4.97
0.50
1987
 
189,148
0.559
338,641
183.0
0.92
0.49
1988
 
194,724
0.580
335,511
181.3
-0.92
0.46
1989
 
200,789
0.606
331,488
179.1
-1.20
0.45
1990
 
203,698
0.632
322,149
174.1
-2.82
0.43
1991
 
231,084
0.653
353,637
191.1
9.77
0.46
1992
 
268,444
0.671
400,143
216.2
13.15
0.50
1993
 
285,905
0.688
415,813
224.7
3.92
0.51
1994
 
304,944
0.702
434,436
234.8
4.48
0.51
1995
 
322,007
0.717
449,285
242.8
3.42
0.52
1996
 
347,122
0.732
474,184
256.2
5.54
0.54
1997
 
344,647
0.745
462,750
250.1
-2.41
0.51
1998
 
357,080
0.751
475,663
257.0
2.79
0.49
1999
 
399,558
0.762
524,602
283.5
10.29
0.53
2000
 
389,010
0.781
498,156
269.2
-5.04
0.50
2001
 
399,246
0.797
501,213
270.8
0.61
0.50
2002
 
382,386
0.807
473,825
256.0
-5.46
0.46
2003
 
401,928
0.824
487,789
263.6
2.95
0.47
2004
 
452,482
0.844
535,843
289.5
9.85
0.49
2005
 
469,844
0.869
540,821
292.2
0.93
0.49
2006
 
457,576
0.893
512,277
276.8
-5.28
0.45
2007
 
466,909
0.916
509,648
275.4
-0.51
0.44
2008
 
462,694
0.943
490,532
265.1
-3.75
0.44
2009
 
453,626
0.941
482,263
260.6
-1.69
0.44
2010
 
488,439
0.957
510,135
275.7
5.78
0.46
2011
 
478,456
0.982
487,375
263.4
-4.46
0.44
2012
 
486,197
1.000
486,197
262.7
-0.24
0.43
2013
 
499,113
1.014
492,445
266.1
1.29
0.43
2014
 
515,936
1.029
501,459
271.0
1.83
0.43
2015
 
549,240
1.031
532,643
287.8
6.22
0.45
2016
 
535,333
1.041
514,012
277.8
-3.50
0.43
2017
 
572,934
1.061
540,244
291.9
5.10
0.44
2018
 
611,911
1.083
564,921
305.3
4.57
0.45
2019
 
624,850
1.099
568,449
307.2
0.62
0.44
2020
 
629,715
1.112
566,163
305.9
-0.40
0.44
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 2021
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.

   
 
Alabama:
Total Industry Earnings, 1969-2020
 
1969
 
8,112,293
0.200
40,610,197
100.0
N
1.24
1970
 
8,628,530
0.209
41,265,088
101.6
1.61
1.24
1971
 
9,403,095
0.218
43,137,421
106.2
4.54
1.27
1972
 
10,496,269
0.225
46,563,167
114.7
7.94
1.28
1973
 
11,861,577
0.238
49,930,868
123.0
7.23
1.29
1974
 
12,960,825
0.262
49,414,103
121.7
-1.03
1.30
1975
 
14,045,483
0.284
49,429,819
121.7
0.03
1.33
1976
 
15,977,583
0.300
53,304,808
131.3
7.84
1.36
1977
 
17,715,705
0.319
55,495,113
136.7
4.11
1.36
1978
 
20,164,933
0.341
59,056,767
145.4
6.42
1.37
1979
 
22,203,571
0.372
59,722,338
147.1
1.13
1.35
1980
 
23,708,925
0.412
57,571,087
141.8
-3.60
1.33
1981
 
25,812,609
0.449
57,526,262
141.7
-0.08
1.32
1982
 
26,629,404
0.474
56,224,065
138.4
-2.26
1.30
1983
 
28,581,996
0.494
57,884,070
142.5
2.95
1.31
1984
 
31,634,478
0.512
61,734,243
152.0
6.65
1.30
1985
 
34,180,201
0.530
64,453,246
158.7
4.40
1.31
1986
 
36,335,700
0.542
67,059,833
165.1
4.04
1.30
1987
 
38,826,596
0.559
69,513,197
171.2
3.66
1.30
1988
 
41,972,545
0.580
72,319,075
178.1
4.04
1.29
1989
 
44,619,334
0.606
73,663,300
181.4
1.86
1.29
1990
 
47,432,666
0.632
75,014,891
184.7
1.83
1.29
1991
 
50,105,140
0.653
76,677,848
188.8
2.22
1.32
1992
 
53,808,914
0.671
80,207,662
197.5
4.60
1.33
1993
 
56,263,471
0.688
81,828,254
201.5
2.02
1.33
1994
 
59,265,224
0.702
84,431,815
207.9
3.18
1.33
1995
 
61,719,606
0.717
86,115,174
212.1
1.99
1.32
1996
 
64,433,868
0.732
88,019,600
216.7
2.21
1.30
1997
 
67,511,279
0.745
90,645,934
223.2
2.98
1.28
1998
 
72,164,908
0.751
96,130,156
236.7
6.05
1.26
1999
 
75,429,135
0.762
99,035,154
243.9
3.02
1.24
2000
 
77,978,535
0.781
99,857,261
245.9
0.83
1.18
2001
 
80,308,883
0.797
100,819,628
248.3
0.96
1.17
2002
 
82,645,763
0.807
102,408,569
252.2
1.58
1.18
2003
 
85,907,277
0.824
104,258,935
256.7
1.81
1.19
2004
 
91,564,139
0.844
108,433,072
267.0
4.00
1.19
2005
 
96,823,916
0.869
111,450,707
274.4
2.78
1.20
2006
 
102,220,883
0.893
114,440,880
281.8
2.68
1.20
2007
 
105,561,949
0.916
115,224,692
283.7
0.68
1.19
2008
 
106,217,575
0.943
112,608,084
277.3
-2.27
1.18
2009
 
104,185,812
0.941
110,762,914
272.7
-1.64
1.20
2010
 
107,052,777
0.957
111,807,970
275.3
0.94
1.19
2011
 
109,806,401
0.982
111,853,317
275.4
0.04
1.16
2012
 
112,662,543
1.000
112,662,543
277.4
0.72
1.14
2013
 
115,980,543
1.014
114,431,145
281.8
1.57
1.13
2014
 
119,108,501
1.029
115,766,327
285.1
1.17
1.11
2015
 
122,895,559
1.031
119,181,852
293.5
2.95
1.11
2016
 
125,188,959
1.041
120,202,941
296.0
0.86
1.10
2017
 
130,073,434
1.061
122,651,775
302.0
2.04
1.09
2018
 
135,796,106
1.083
125,367,996
308.7
2.21
1.09
2019
 
140,964,102
1.099
128,240,118
315.8
2.29
1.08
2020
 
143,908,729
1.112
129,385,236
318.6
0.89
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 2021
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, 1969-2020
 
1969
 
653,665,000
0.200
3,272,251,702
100.0
N
1970
 
693,352,000
0.209
3,315,887,135
101.3
1.33
1971
 
742,094,000
0.218
3,404,413,249
104.0
2.67
1972
 
819,646,000
0.225
3,636,083,755
111.1
6.81
1973
 
918,964,000
0.238
3,868,344,839
118.2
6.39
1974
 
993,909,000
0.262
3,789,351,481
115.8
-2.04
1975
 
1,059,492,000
0.284
3,728,636,284
113.9
-1.60
1976
 
1,173,271,000
0.300
3,914,295,723
119.6
4.98
1977
 
1,303,767,000
0.319
4,084,099,239
124.8
4.34
1978
 
1,476,080,000
0.341
4,322,975,546
132.1
5.85
1979
 
1,648,363,000
0.372
4,433,705,417
135.5
2.56
1980
 
1,784,597,000
0.412
4,333,439,367
132.4
-2.26
1981
 
1,961,173,000
0.449
4,370,691,538
133.6
0.86
1982
 
2,053,729,000
0.474
4,336,146,359
132.5
-0.79
1983
 
2,188,018,000
0.494
4,431,159,626
135.4
2.19
1984
 
2,432,402,000
0.512
4,746,798,587
145.1
7.12
1985
 
2,615,791,000
0.530
4,932,569,629
150.7
3.91
1986
 
2,786,901,000
0.542
5,143,402,111
157.2
4.27
1987
 
2,996,000,000
0.559
5,363,888,640
163.9
4.29
1988
 
3,259,979,000
0.580
5,616,973,362
171.7
4.72
1989
 
3,467,027,000
0.606
5,723,811,332
174.9
1.90
1990
 
3,679,460,000
0.632
5,819,076,086
177.8
1.66
1991
 
3,789,428,000
0.653
5,799,109,343
177.2
-0.34
1992
 
4,059,023,000
0.671
6,050,386,811
184.9
4.33
1993
 
4,237,437,000
0.688
6,162,827,598
188.3
1.86
1994
 
4,456,948,000
0.702
6,349,561,922
194.0
3.03
1995
 
4,674,849,000
0.717
6,522,650,723
199.3
2.73
1996
 
4,956,180,000
0.732
6,770,367,740
206.9
3.80
1997
 
5,288,047,000
0.745
7,100,146,352
217.0
4.87
1998
 
5,707,014,000
0.751
7,602,256,561
232.3
7.07
1999
 
6,098,042,000
0.762
8,006,462,371
244.7
5.32
2000
 
6,598,743,000
0.781
8,450,176,719
258.2
5.54
2001
 
6,865,291,000
0.797
8,618,674,048
263.4
1.99
2002
 
7,001,002,000
0.807
8,675,128,250
265.1
0.66
2003
 
7,243,377,000
0.824
8,790,719,435
268.6
1.33
2004
 
7,674,785,000
0.844
9,088,716,649
277.8
3.39
2005
 
8,039,238,000
0.869
9,253,692,619
282.8
1.82
2006
 
8,519,349,000
0.893
9,537,794,720
291.5
3.07
2007
 
8,866,152,000
0.916
9,677,726,112
295.8
1.47
2008
 
9,014,034,000
0.943
9,556,357,275
292.0
-1.25
2009
 
8,688,852,000
0.941
9,237,366,843
282.3
-3.34
2010
 
9,023,830,000
0.957
9,424,660,825
288.0
2.03
2011
 
9,444,365,000
0.982
9,620,418,662
294.0
2.08
2012
 
9,902,321,000
1.000
9,902,321,000
302.6
2.93
2013
 
10,232,098,000
1.014
10,095,406,200
308.5
1.95
2014
 
10,688,401,000
1.029
10,388,485,426
317.5
2.90
2015
 
11,115,543,000
1.031
10,779,649,133
329.4
3.77
2016
 
11,384,770,000
1.041
10,931,338,096
334.1
1.41
2017
 
11,926,173,000
1.061
11,245,695,939
343.7
2.88
2018
 
12,515,233,000
1.083
11,554,158,127
353.1
2.74
2019
 
13,024,685,000
1.099
11,849,024,763
362.1
2.55
2020
 
13,202,475,000
1.112
11,870,060,688
362.7
0.18
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 2021
REAP_PI_CA1400_1200_PN
 
   
Copyright © 2022. Pacific Northwest Regional Economic Analysis Project (PNREAP). All Rights Reserved.

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