Putnam County vs. West Virginia
Comparative Trends Analysis:
Total Industry Earnings Growth and Change, 1969-2022
Introduction
Putnam County vs. West Virginia
Putnam County:
2022 Earnings = $1,889,153K
2022 Percent of State = 3.69%
West Virginia:
2022 Earnings = $51,154,417K
2022 Percent of U.S. = 0.34%
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.
Putnam County Total Industry Earnings, 1970-2022
Current vs. Constant Dollars (Millions)
Putnam County Total Industry Earnings, 1970-2022
Current vs. Constant Dollars (Millions)
Figure 1.
Figure 1 depicts Putnam 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 Putnam County over time.
When measured in current dollars, Putnam County's total industry earnings increased 2,696.88%, from $68M in 1970 to $1,889M in 2022. When measured in constant 2017 dollars to adjust for inflation, it advanced 376.40%, from $342M in 1970 to $1,628M in 2022.
Real Total Industry Earnings, 1969-2022 (Millions)
Real Total Industry Earnings, 1969-2022 (Millions)
Figure 2.
Figure 2 tracks Putnam County's and West Virginia'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, Putnam County's real total industry earnings rose from $269M in 1969 to $1,628M in 2022, for a net gain of $1,359M, or 504.96%. In comparison, West Virginia's real total industry earnings increased from $22,101M in 1969 to $44,082M in 2022, for a net gain of $21,981M, or 99.46%.
Real Total Industry Earnings Indices (1969=100): 1969-2022
Real Total Industry Earnings Indices (1969=100): 1969-2022
Figure 3.
Figure 3 portrays Putnam County's real total industry earnings growth in a broader context by offering direct comparisons across time with West Virginia, 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.
Putnam County's overall real total industry earnings growth was 504.96% over 1969-2022 outpaced West Virginia's increase of 99.46%, and topped the United States' increase of 278.59%.
Total Industry Earnings as a Percent of the West Virginia Total: 1969-2022
Total Industry Earnings as a Percent of the West Virginia Total: 1969-2022
Figure 4.
Another interesting and insightful way of contrasting the total industry earnings growth of Putnam County is to compare its individual percentage contributions to West Virginia'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 West Virginia's total industry earnings, while a declining share shows it grew more slowly.
In 1969, Putnam County's total industry earnings totaled 1.22% of West Virginia's total industry earnings, while in 2022 it equated to 3.69% thereby yielding a +2.48% share-shift.
   
 
Total Industry Earnings Share-Shift
2022 vs. 1969
 
Share-
Shift*
 
2022
vs.
1969
+2.48%
=
3.69%
-
1.22%
 
   
Putnam County Real Total Industry Earnings:
Annual Percent Change, 1970-2022
Putnam County Real Total Industry Earnings:
Annual Percent Change, 1970-2022
Figure 5.
Figure 5 displays the short-run pattern of Putnam 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, Putnam County's real total industry earnings grew at an annual rate of 3.63% over 1970-2022. The county recorded its highest growth in 1970 (26.99%) and recorded its lowest growth in 1978 (-12.81%). In 2022, Putnam County's real total industry earnings grew by 5.47%
Putnam County Real Total Industry Earnings:
Annual Percent Change and Decade Averages Over 1970-2022
Putnam 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 Putnam 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, Putnam County's annual real total industry earnings growth rate averaged 3.95%. It averaged 3.37% throughout the 1980s, 6.72% throughout the 1990s, 3.43% in the 2000s, 1.73% in the 2010s, 0.07% 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 Putnam County noted in the previous graph with the corresponding decade averages for West Virginia and the nation. As the chart reveals, Putnam County's average annual real total industry earnings growth led West Virginia's average in the 1970s (3.95% vs. 3.91%), topped West Virginia's average during the 1980s (3.37% vs. -0.84%), outpaced West Virginia's average throughout the 1990s (6.72% vs. 1.97%), outperformed West Virginia's average throughout the 2000s (3.43% vs. 1.46%), recorded above West Virginia's average in the 2010s (1.73% vs. 0.90%), and outgained West Virginia's average over the 3 year period of the current decade, 2020-2022 (0.07% vs. -0.89%).
Finally, relative to nationwide real total industry earnings growth trends, Putnam County topped the nation throughout the 1970s (3.95% vs. 3.13%), topped the nation over the 1980s (3.37% vs. 2.62%), outgained the nation during the 1990s (6.72% vs. 3.43%), led the nation during the 2000s (3.43% vs. 1.47%), posted below the nation in the 2010s (1.73% vs. 2.53%), and fell below the nation over 2020-2022 (0.07% vs. 1.48%).
   
 
Real* Total Industry Earnings Growth:
Average Annual Percent Change
 
 
 
3.63
3.95
3.37
6.72
3.43
1.73
0.07
5.47
 
1.35
3.91
-0.84
1.97
1.46
0.90
-0.89
-0.92
 
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.

   
 
Putnam County:
Total Industry Earnings, 1969-2022
 
1969
 
50,815
0.189
269,104
100.0
N
1.22
1970
 
67,545
0.198
341,723
127.0
26.99
1.48
1971
 
76,557
0.206
371,546
138.1
8.73
1.55
1972
 
81,384
0.213
381,941
141.9
2.80
1.49
1973
 
89,246
0.225
397,444
147.7
4.06
1.51
1974
 
88,811
0.248
358,210
133.1
-9.87
1.36
1975
 
89,908
0.269
334,728
124.4
-6.56
1.24
1976
 
106,081
0.283
374,408
139.1
11.85
1.30
1977
 
127,795
0.302
423,499
157.4
13.11
1.39
1978
 
119,172
0.323
369,228
137.2
-12.81
1.16
1979
 
131,357
0.351
373,779
138.9
1.23
1.16
1980
 
145,122
0.389
372,796
138.5
-0.26
1.20
1981
 
168,391
0.424
397,008
147.5
6.49
1.32
1982
 
182,370
0.448
407,340
151.4
2.60
1.39
1983
 
196,432
0.467
420,842
156.4
3.31
1.51
1984
 
223,155
0.484
460,693
171.2
9.47
1.59
1985
 
237,148
0.501
473,085
175.8
2.69
1.63
1986
 
242,489
0.512
473,436
175.9
0.07
1.64
1987
 
251,326
0.528
475,978
176.9
0.54
1.66
1988
 
269,902
0.549
491,938
182.8
3.35
1.66
1989
 
297,090
0.573
518,835
192.8
5.47
1.75
1990
 
328,329
0.598
549,275
204.1
5.87
1.81
1991
 
362,990
0.618
587,610
218.4
6.98
1.93
1992
 
419,362
0.634
661,246
245.7
12.53
2.10
1993
 
455,719
0.650
701,106
260.5
6.03
2.19
1994
 
508,372
0.664
766,128
284.7
9.27
2.33
1995
 
539,696
0.678
796,552
296.0
3.97
2.41
1996
 
568,910
0.692
822,089
305.5
3.21
2.46
1997
 
604,399
0.704
858,436
319.0
4.42
2.52
1998
 
673,217
0.710
948,634
352.5
10.51
2.70
1999
 
713,159
0.720
990,485
368.1
4.41
2.75
2000
 
760,744
0.738
1,030,511
382.9
4.04
2.78
2001
 
824,089
0.753
1,094,379
406.7
6.20
2.88
2002
 
851,466
0.763
1,116,077
414.7
1.98
2.90
2003
 
897,178
0.779
1,151,793
428.0
3.20
2.99
2004
 
973,426
0.798
1,219,419
453.1
5.87
3.09
2005
 
990,509
0.821
1,206,070
448.2
-1.09
2.97
2006
 
1,091,687
0.844
1,292,855
480.4
7.20
3.10
2007
 
1,174,012
0.866
1,355,562
503.7
4.85
3.30
2008
 
1,287,226
0.892
1,443,564
536.4
6.49
3.46
2009
 
1,226,861
0.889
1,379,720
512.7
-4.42
3.32
2010
 
1,236,514
0.905
1,366,102
507.6
-0.99
3.24
2011
 
1,311,145
0.928
1,412,811
525.0
3.42
3.25
2012
 
1,360,509
0.945
1,439,174
534.8
1.87
3.29
2013
 
1,380,393
0.958
1,441,197
535.6
0.14
3.33
2014
 
1,394,614
0.971
1,435,955
533.6
-0.36
3.32
2015
 
1,455,389
0.973
1,495,790
555.8
4.17
3.45
2016
 
1,483,527
0.983
1,509,429
560.9
0.91
3.61
2017
 
1,502,736
1.000
1,502,736
558.4
-0.44
3.49
2018
 
1,687,395
1.020
1,653,547
614.5
10.04
3.65
2019
 
1,686,248
1.035
1,629,021
605.3
-1.48
3.59
2020
 
1,616,171
1.046
1,544,580
574.0
-5.18
3.55
2021
 
1,682,409
1.090
1,543,480
573.6
-0.07
3.47
2022
 
1,889,153
1.160
1,627,977
605.0
5.47
3.69
Source: Calculations by the West Virginia Regional Economic Analysis Project (WV-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.

   
 
West Virginia:
Total Industry Earnings, 1969-2022
 
1969
 
4,173,345
0.189
22,101,070
100.0
N
0.64
1970
 
4,567,817
0.198
23,109,466
104.6
4.56
0.66
1971
 
4,954,108
0.206
24,043,232
108.8
4.04
0.67
1972
 
5,474,485
0.213
25,692,158
116.2
6.86
0.67
1973
 
5,928,148
0.225
26,400,125
119.5
2.76
0.65
1974
 
6,513,675
0.248
26,272,234
118.9
-0.48
0.66
1975
 
7,240,391
0.269
26,956,035
122.0
2.60
0.68
1976
 
8,154,161
0.283
28,779,730
130.2
6.77
0.69
1977
 
9,215,356
0.302
30,538,693
138.2
6.11
0.71
1978
 
10,301,395
0.323
31,916,579
144.4
4.51
0.70
1979
 
11,370,381
0.351
32,354,611
146.4
1.37
0.69
1980
 
12,085,492
0.389
31,045,756
140.5
-4.05
0.68
1981
 
12,760,919
0.424
30,085,863
136.1
-3.09
0.65
1982
 
13,097,919
0.448
29,255,364
132.4
-2.76
0.64
1983
 
12,968,021
0.467
27,783,060
125.7
-5.03
0.59
1984
 
14,034,160
0.484
28,972,852
131.1
4.28
0.58
1985
 
14,568,500
0.501
29,062,600
131.5
0.31
0.56
1986
 
14,758,277
0.512
28,814,067
130.4
-0.86
0.53
1987
 
15,160,082
0.528
28,711,189
129.9
-0.36
0.51
1988
 
16,278,383
0.549
29,669,886
134.2
3.34
0.50
1989
 
16,957,114
0.573
29,613,723
134.0
-0.19
0.49
1990
 
18,147,757
0.598
30,360,112
137.4
2.52
0.49
1991
 
18,782,216
0.618
30,404,727
137.6
0.15
0.50
1992
 
19,981,593
0.634
31,506,769
142.6
3.62
0.49
1993
 
20,767,488
0.650
31,949,982
144.6
1.41
0.49
1994
 
21,853,206
0.664
32,933,278
149.0
3.08
0.49
1995
 
22,433,881
0.678
33,110,785
149.8
0.54
0.48
1996
 
23,089,726
0.692
33,365,210
151.0
0.77
0.47
1997
 
23,975,949
0.704
34,053,360
154.1
2.06
0.45
1998
 
24,934,470
0.710
35,135,302
159.0
3.18
0.44
1999
 
25,907,045
0.720
35,981,507
162.8
2.41
0.42
2000
 
27,406,301
0.738
37,124,842
168.0
3.18
0.42
2001
 
28,659,645
0.753
38,059,607
172.2
2.52
0.42
2002
 
29,411,513
0.763
38,551,747
174.4
1.29
0.42
2003
 
30,011,569
0.779
38,528,730
174.3
-0.06
0.41
2004
 
31,544,893
0.798
39,516,571
178.8
2.56
0.41
2005
 
33,311,917
0.821
40,561,468
183.5
2.64
0.41
2006
 
35,261,670
0.844
41,759,439
188.9
2.95
0.41
2007
 
35,569,125
0.866
41,069,573
185.8
-1.65
0.40
2008
 
37,158,538
0.892
41,671,569
188.6
1.47
0.41
2009
 
36,954,076
0.889
41,558,323
188.0
-0.27
0.43
2010
 
38,124,713
0.905
42,120,239
190.6
1.35
0.42
2011
 
40,288,257
0.928
43,412,199
196.4
3.07
0.43
2012
 
41,350,578
0.945
43,741,488
197.9
0.76
0.42
2013
 
41,460,579
0.958
43,286,851
195.9
-1.04
0.41
2014
 
41,961,341
0.971
43,205,219
195.5
-0.19
0.40
2015
 
42,154,633
0.973
43,324,837
196.0
0.28
0.38
2016
 
41,095,822
0.983
41,813,339
189.2
-3.49
0.36
2017
 
43,083,066
1.000
43,083,066
194.9
3.04
0.36
2018
 
46,291,659
1.020
45,363,077
205.3
5.29
0.37
2019
 
46,921,444
1.035
45,329,035
205.1
-0.08
0.36
2020
 
45,477,558
1.046
43,463,046
196.7
-4.12
0.35
2021
 
48,494,379
1.090
44,489,848
201.3
2.36
0.34
2022
 
51,154,417
1.160
44,082,294
199.5
-0.92
0.34
Source: Calculations by the West Virginia Regional Economic Analysis Project (WV-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 West Virginia Regional Economic Analysis Project (WV-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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