Monroe County vs. Alabama
Comparative Trends Analysis:
Total Industry Earnings Growth and Change, 1969-2022
Introduction
Monroe County vs. Alabama
Monroe County:
2022 Earnings = $441,467K
2022 Percent of State = 0.27%
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.
Monroe County Total Industry Earnings, 1970-2022
Current vs. Constant Dollars (Millions)
Monroe County Total Industry Earnings, 1970-2022
Current vs. Constant Dollars (Millions)
Figure 1.
Figure 1 depicts Monroe 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 Monroe County over time.
When measured in current dollars, Monroe County's total industry earnings increased 1,018.49%, from $39M in 1970 to $441M in 2022. When measured in constant 2017 dollars to adjust for inflation, it advanced 90.52%, from $200M in 1970 to $380M in 2022.
Real Total Industry Earnings, 1969-2022 (Millions)
Real Total Industry Earnings, 1969-2022 (Millions)
Figure 2.
Figure 2 tracks Monroe 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, Monroe County's real total industry earnings rose from $193M in 1969 to $380M in 2022, for a net gain of $188M, or 97.55%. 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%.
Real Total Industry Earnings Indices (1969=100): 1969-2022
Real Total Industry Earnings Indices (1969=100): 1969-2022
Figure 3.
Figure 3 shows Monroe 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.
Monroe County's overall real total industry earnings growth was 97.55% over 1969-2022 trailed Alabama's increase of 233.69%, and fell below the United States' increase of 278.59%.
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 Monroe County is to compare 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, Monroe County's total industry earnings totaled 0.45% of Alabama's total industry earnings, while in 2022 it comprised 0.27% thereby yielding a -0.18% share-shift.
   
 
Total Industry Earnings Share-Shift
2022 vs. 1969
 
Share-
Shift*
 
2022
vs.
1969
-0.18%
=
0.27%
-
0.45%
 
   
Monroe County Real Total Industry Earnings:
Annual Percent Change, 1970-2022
Monroe County Real Total Industry Earnings:
Annual Percent Change, 1970-2022
Figure 5.
Figure 5 displays the short-run pattern of Monroe 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 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, Monroe County's real total industry earnings grew at an annual rate of 1.62% over 1970-2022. The county posted its highest growth in 1978 (46.66%) and recorded its lowest growth in 2009 (-13.07%). In 2022, Monroe County's real total industry earnings declined by -5.96%
Monroe County Real Total Industry Earnings:
Annual Percent Change and Decade Averages Over 1970-2022
Monroe 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 illustrates the annual percent change in Monroe 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, Monroe County's annual real total industry earnings growth rate averaged 7.19%. It averaged 1.78% during the 1980s, 2.59% throughout the 1990s, -2.21% during the 2000s, -0.62% during the 2010s, -0.45% 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 Monroe County noted in the previous graph with the corresponding decade averages for Alabama and the nation. As the chart reveals, Monroe County's average annual real total industry earnings growth registered above Alabama's average during the 1970s (7.19% vs. 3.98%), trailed Alabama's average during the 1980s (1.78% vs. 2.17%), lagged Alabama's average during the 1990s (2.59% vs. 3.01%), lagged Alabama's average throughout the 2000s (-2.21% vs. 1.15%), trailed Alabama's average in the 2010s (-0.62% vs. 1.51%), and recorded under Alabama's average over the 3 year period of the current decade, 2020-2022 (-0.45% vs. 1.75%).
Finally, relative to nationwide real total industry earnings growth trends, Monroe County recorded above the nation over the 1970s (7.19% vs. 3.13%), fell below the nation over the 1980s (1.78% vs. 2.62%), lagged the nation during the 1990s (2.59% vs. 3.43%), fell below the nation during the 2000s (-2.21% vs. 1.47%), fell under the nation over the 2010s (-0.62% vs. 2.53%), and posted below the nation over 2020-2022 (-0.45% vs. 1.48%).
   
 
Real* Total Industry Earnings Growth:
Average Annual Percent Change
 
 
 
1.62
7.19
1.78
2.59
-2.21
-0.62
-0.45
-5.96
 
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
 
   

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

   
 
Monroe County:
Total Industry Earnings, 1969-2022
 
1969
 
36,365
0.189
192,581
100.0
N
0.45
1970
 
39,470
0.198
199,686
103.7
3.69
0.46
1971
 
41,663
0.206
202,198
105.0
1.26
0.44
1972
 
44,541
0.213
209,034
108.5
3.38
0.42
1973
 
52,005
0.225
231,597
120.3
10.79
0.44
1974
 
57,085
0.248
230,246
119.6
-0.58
0.44
1975
 
57,603
0.269
214,456
111.4
-6.86
0.41
1976
 
69,526
0.283
245,389
127.4
14.42
0.44
1977
 
78,289
0.302
259,441
134.7
5.73
0.44
1978
 
122,812
0.323
380,506
197.6
46.66
0.61
1979
 
124,843
0.351
355,243
184.5
-6.64
0.56
1980
 
120,721
0.389
310,114
161.0
-12.70
0.51
1981
 
133,705
0.424
315,230
163.7
1.65
0.52
1982
 
136,664
0.448
305,251
158.5
-3.17
0.51
1983
 
151,346
0.467
324,248
168.4
6.22
0.53
1984
 
161,506
0.484
333,421
173.1
2.83
0.51
1985
 
168,903
0.501
336,943
175.0
1.06
0.49
1986
 
180,374
0.512
352,162
182.9
4.52
0.50
1987
 
197,440
0.528
373,925
194.2
6.18
0.51
1988
 
216,077
0.549
393,834
204.5
5.32
0.51
1989
 
238,829
0.573
417,088
216.6
5.90
0.54
1990
 
297,578
0.598
497,830
258.5
19.36
0.63
1991
 
345,918
0.618
559,973
290.8
12.48
0.69
1992
 
309,859
0.634
488,582
253.7
-12.75
0.58
1993
 
313,909
0.650
482,937
250.8
-1.16
0.56
1994
 
326,190
0.664
491,576
255.3
1.79
0.55
1995
 
336,946
0.678
497,308
258.2
1.17
0.55
1996
 
347,305
0.692
501,864
260.6
0.92
0.54
1997
 
358,023
0.704
508,505
264.0
1.32
0.53
1998
 
366,764
0.710
516,809
268.4
1.63
0.51
1999
 
376,227
0.720
522,530
271.3
1.11
0.50
2000
 
376,686
0.738
510,263
265.0
-2.35
0.48
2001
 
377,384
0.753
501,161
260.2
-1.78
0.47
2002
 
371,828
0.763
487,381
253.1
-2.75
0.45
2003
 
390,842
0.779
501,761
260.5
2.95
0.46
2004
 
424,502
0.798
531,777
276.1
5.98
0.46
2005
 
436,185
0.821
531,110
275.8
-0.13
0.45
2006
 
429,704
0.844
508,887
264.2
-4.18
0.42
2007
 
420,465
0.866
485,486
252.1
-4.60
0.40
2008
 
423,640
0.892
475,093
246.7
-2.14
0.40
2009
 
367,251
0.889
413,008
214.5
-13.07
0.35
2010
 
375,944
0.905
415,343
215.7
0.57
0.35
2011
 
363,420
0.928
391,600
203.3
-5.72
0.33
2012
 
348,470
0.945
368,619
191.4
-5.87
0.31
2013
 
356,332
0.958
372,028
193.2
0.92
0.31
2014
 
359,368
0.971
370,021
192.1
-0.54
0.30
2015
 
359,114
0.973
369,083
191.7
-0.25
0.29
2016
 
372,195
0.983
378,693
196.6
2.60
0.30
2017
 
381,659
1.000
381,659
198.2
0.78
0.29
2018
 
393,264
1.020
385,375
200.1
0.97
0.29
2019
 
400,107
1.035
386,528
200.7
0.30
0.28
2020
 
415,282
1.046
396,886
206.1
2.68
0.29
2021
 
440,971
1.090
404,557
210.1
1.93
0.28
2022
 
441,467
1.160
380,434
197.5
-5.96
0.27
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
 
   

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
 
   

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
 
   
Copyright © 2024. Pacific Northwest Regional Economic Analysis Project (PNREAP). All Rights Reserved.

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