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 Outline of Analysis
| Jackson County vs. Alabama Comparative Trends Analysis: Total Personal Income Growth and Change, 1969-2020 Introduction  Jackson County: 2020 TPI = $2,067,884K 2020 Percent of State = 0.9% Alabama: 2020 TPI = $228,748,804K 2020 Percent of U.S. = 1.2% The annual total personal incomes (TPI) estimates compiled by the Bureau of Economic Analysis, (BEA) are among the most comprehensive, consistent, comparable and timely measures of economic activity available statewide and at the national levels. Personal income estimates are also the best available local level indicator of general purchasing power, and are therefore central to tracking and comparing county patterns of economic growth and change. The following graphs highlight trends in the pattern of growth and change in the total personal income of Jackson County and Alabama with comparison to the nation. The data used are those compiled by the Regional Income and Product Divisions of the Bureau of Economic Analysis, U.S. Department of Commerce. The 2012 constant dollar (real) estimates of total personal income reported in the tables and portrayed graphically below are determined using the Implicit Price Deflator for Personal Consumption. Data Definition: Personal income is the income received by persons from participation in production, plus transfer receipts from government and business, plus government interest (which is treated like a transfer receipt). It is defined as the sum of wages and salaries, supplements to wages and salaries, proprietors' income with inventory valuation and capital consumption adjustments, rental income of persons with capital consumption adjustment, personal dividend income, personal interest income, and personal current transfer receipts, less contributions for government social insurance. Because the personal income of an area represents the income that is received by, or on behalf of, all the persons who live in that area, and because the estimates of some components of personal income (wages and salaries, supplements to wages and salaries, and contributions for government social insurance) are made on a place-of-work basis, state personal income includes an adjustment for residence. The residence adjustment represents the net flow of compensation (less contributions for government social insurance) of interstate commuters. Jackson County Total Personal Income, 1970-2020 Current vs. Constant Dollars (Millions)  Figure 1. Figure 1 depicts Jackson County's annual total personal income 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 Jackson County over time. When measured in current dollars, Jackson County's total personal income increased 1,752.8%, from $112M in 1970 to $2,068M in 2020. When measured in constant 2012 dollars to adjust for inflation, it advanced 248.3%, from $534M in 1970 to $1,859M in 2020. Real Total Personal Income, 1969-2020 (Millions)  Figure 2. Figure 2 tracks Jackson County's and Alabama's annual real total personal income for the period 1969-2020 to illustrate real total personal income patterns over time. During this 52-year period, Jackson County's real total personal income rose from $491M in 1969 to $1,859M in 2020, for a net gain of $1,368M, or 278.8%. In comparison, Alabama's real total personal income advanced from $48,747M in 1969 to $205,663M in 2020, for a net gain of $156,916M, or 321.9%. Real Total Personal Income Indices (1969=100): 1969-2020  Figure 3. Figure 3 portrays Jackson County's real total personal income 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 personal income in 1969 as a base figure of 100, and the real total personal incomes in later years as a percentage of the 1969 base figure. This method allows for more direct comparison of differences in real total personal income growth between regions that may differ vastly in size. Jackson County's overall real total personal income growth was 278.8% over 1969-2020 trailed Alabama's increase of 321.9%, and fell below the United States' increase of 345.1%. Total Personal Income as a Percent of the Alabama Total: 1969-2020  Figure 4. Another interesting and insightful way of comparing the total personal income growth of Jackson County is to compare its individual percentage contributions to Alabama's statewide total personal income over time, as shown in Figure 4. A rising share means a region's total personal income grew faster, or declined less, than Alabama's total personal income, while a declining share shows it grew more slowly. In 1969, Jackson County's total personal income comprised 1.01% of Alabama's total personal income, while in 2020 it comprised 0.90% thereby yielding a -0.10% share-shift.
Jackson County Real Total Personal Income: Annual Percent Change, 1970-2020  Figure 5. Figure 5 shows the short-run pattern of Jackson County's real total personal income 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 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, Jackson County's real total personal income grew at an annual rate of 2.71% over 1970-2020. The county posted its highest growth in 1973 (11.74%) and posted its lowest growth in 1980 (-5.24%). In 2020, Jackson County's real total personal income grew by 4.07% Jackson County Real Total Personal Income: 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 illustrates the annual percent change in Jackson County's real total personal income since 1970, but this time they are overlayed with average growth rates for the decade of the 1970s, 1980s, 1990s, 2000s, and 2020. During the 1970s, Jackson County's annual real total personal income growth rate averaged 6.84%. It averaged 1.21% throughout the 1980s, 3.14% during the 1990s, 1.30% during the 2000s, 0.91% in the 2010s, and 4.07% in 2020. Real Total Personal Income Growth: Average Annual Percent Change by Decade  Figure 7. Figure 7 compares the decade average growth rates for Jackson County noted in the previous graph with the corresponding decade averages for Alabama and the nation. As the chart reveals, Jackson County's average annual real total personal income growth topped Alabama's average in the 1970s (6.84% vs. 4.53%), recorded under Alabama's average in the 1980s (1.21% vs. 2.81%), fell below Alabama's average in the 1990s (3.14% vs. 3.14%), lagged Alabama's average throughout the 2000s (1.30% vs. 2.03%), and lagged Alabama's average over the 10 year period of the last decade, 2010-2019 (0.91% vs. 1.72%). In 2020, Jackson County's growth has fell below Alabama's average (4.07% vs. 4.70%). Finally, relative to nationwide real total personal income growth trends, Jackson County outpaced the nation over the 1970s (6.84% vs. 3.50%), fell under the nation in the 1980s (1.21% vs. 3.17%), lagged the nation throughout the 1990s (3.14% vs. 3.30%), trailed the nation throughout the 2000s (1.30% vs. 2.04%), and trailed the nation over 2010-2019 (0.91% vs. 2.70%). In 2020, growth for Jackson County has trailed the national average (4.07% vs. 5.30%).
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