Lake County vs. Tennessee
Comparative Trends Analysis:
Total Industry Earnings Growth and Change, 1969-2022
Introduction
Lake County vs. Tennessee
Lake County:
2022 Earnings = $95,441K
2022 Percent of State = 0.03%
Tennessee:
2022 Earnings = $303,722,111K
2022 Percent of U.S. = 2.00%
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.
Lake County Total Industry Earnings, 1970-2022
Current vs. Constant Dollars (Millions)
Lake County Total Industry Earnings, 1970-2022
Current vs. Constant Dollars (Millions)
Figure 1.
Figure 1 depicts Lake 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 Lake County over time.
When measured in current dollars, Lake County's total industry earnings increased 639.45%, from $13M in 1970 to $95M in 2022. When measured in constant 2017 dollars to adjust for inflation, it advanced 25.95%, from $65M in 1970 to $82M in 2022.
Real Total Industry Earnings, 1969-2022 (Millions)
Real Total Industry Earnings, 1969-2022 (Millions)
Figure 2.
Figure 2 traces Lake County's and Tennessee'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, Lake County's real total industry earnings rose from $72M in 1969 to $82M in 2022, for a net gain of $11M, or 14.88%. In comparison, Tennessee's real total industry earnings advanced from $54,193M in 1969 to $261,732M in 2022, for a net advance of $207,540M, or 382.96%.
Real Total Industry Earnings Indices (1969=100): 1969-2022
Real Total Industry Earnings Indices (1969=100): 1969-2022
Figure 3.
Figure 3 shows Lake County's real total industry earnings growth in a broader context by offering direct comparisons across time with Tennessee, 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.
Lake County's overall real total industry earnings growth was 14.88% over 1969-2022 trailed Tennessee's increase of 382.96%, and fell below the United States' increase of 278.59%.
Total Industry Earnings as a Percent of the Tennessee Total: 1969-2022
Total Industry Earnings as a Percent of the Tennessee Total: 1969-2022
Figure 4.
Another interesting and insightful way of comparing the total industry earnings growth of Lake County is to trace its individual percentage contributions to Tennessee'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 Tennessee's total industry earnings, while a declining share shows it grew more slowly.
In 1969, Lake County's total industry earnings comprised 0.13% of Tennessee's total industry earnings, while in 2022 it comprised 0.03% thereby yielding a -0.10% share-shift.
   
 
Total Industry Earnings Share-Shift
2022 vs. 1969
 
Share-
Shift*
 
2022
vs.
1969
-0.10%
=
0.03%
-
0.13%
 
   
Lake County Real Total Industry Earnings:
Annual Percent Change, 1970-2022
Lake County Real Total Industry Earnings:
Annual Percent Change, 1970-2022
Figure 5.
Figure 5 displays the short-run pattern of Lake 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, Lake County's real total industry earnings grew at an annual rate of 0.93% over 1970-2022. The county recorded its highest growth in 2011 (24.83%) and posted its lowest growth in 1983 (-19.79%). In 2022, Lake County's real total industry earnings declined by -15.40%
Lake County Real Total Industry Earnings:
Annual Percent Change and Decade Averages Over 1970-2022
Lake 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 Lake 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, Lake County's annual real total industry earnings growth rate averaged -0.17%. It averaged 0.32% during the 1980s, 1.44% during the 1990s, 2.03% in the 2000s, 1.84% throughout the 2010s, -1.84% 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 Lake County noted in the previous graph with the corresponding decade averages for Tennessee and the nation. As the chart reveals, Lake County's average annual real total industry earnings growth trailed Tennessee's average in the 1970s (-0.17% vs. 4.14%), posted below Tennessee's average in the 1980s (0.32% vs. 2.69%), amounted to less than Tennessee's average in the 1990s (1.44% vs. 4.41%), registered above Tennessee's average during the 2000s (2.03% vs. 1.11%), fell below Tennessee's average during the 2010s (1.84% vs. 2.88%), and lagged Tennessee's average over the 3 year period of the current decade, 2020-2022 (-1.84% vs. 3.29%).
Finally, relative to nationwide real total industry earnings growth trends, Lake County lagged the nation in the 1970s (-0.17% vs. 3.13%), fell under the nation during the 1980s (0.32% vs. 2.62%), recorded underneath the nation over the 1990s (1.44% vs. 3.43%), recorded above the nation during the 2000s (2.03% vs. 1.47%), posted below the nation during the 2010s (1.84% vs. 2.53%), and lagged the nation over 2020-2022 (-1.84% vs. 1.48%).
   
 
Real* Total Industry Earnings Growth:
Average Annual Percent Change
 
 
 
0.93
-0.17
0.32
1.44
2.03
1.84
-1.84
-15.40
 
3.06
4.14
2.69
4.41
1.11
2.88
3.29
1.98
 
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.

   
 
Lake County:
Total Industry Earnings, 1969-2022
 
1969
 
13,519
0.189
71,593
100.0
N
0.13
1970
 
12,907
0.198
65,299
91.2
-8.79
0.12
1971
 
14,007
0.206
67,979
95.0
4.10
0.12
1972
 
14,988
0.213
70,340
98.2
3.47
0.11
1973
 
18,818
0.225
83,803
117.1
19.14
0.12
1974
 
16,678
0.248
67,269
94.0
-19.73
0.10
1975
 
20,330
0.269
75,689
105.7
12.52
0.12
1976
 
22,038
0.283
77,782
108.6
2.77
0.11
1977
 
22,464
0.302
74,443
104.0
-4.29
0.10
1978
 
21,776
0.323
67,468
94.2
-9.37
0.09
1979
 
23,357
0.351
66,463
92.8
-1.49
0.08
1980
 
21,198
0.389
54,454
76.1
-18.07
0.07
1981
 
23,838
0.424
56,202
78.5
3.21
0.07
1982
 
22,459
0.448
50,164
70.1
-10.74
0.07
1983
 
18,780
0.467
40,235
56.2
-19.79
0.05
1984
 
21,696
0.484
44,790
62.6
11.32
0.05
1985
 
26,052
0.501
51,971
72.6
16.03
0.06
1986
 
26,140
0.512
51,036
71.3
-1.80
0.05
1987
 
27,724
0.528
52,506
73.3
2.88
0.05
1988
 
35,210
0.549
64,176
89.6
22.23
0.06
1989
 
35,990
0.573
62,853
87.8
-2.06
0.06
1990
 
43,423
0.598
72,644
101.5
15.58
0.07
1991
 
41,653
0.618
67,428
94.2
-7.18
0.06
1992
 
49,819
0.634
78,554
109.7
16.50
0.07
1993
 
51,459
0.650
79,168
110.6
0.78
0.07
1994
 
56,887
0.664
85,730
119.7
8.29
0.07
1995
 
50,508
0.678
74,546
104.1
-13.05
0.06
1996
 
55,837
0.692
80,686
112.7
8.24
0.06
1997
 
53,377
0.704
75,812
105.9
-6.04
0.05
1998
 
46,528
0.710
65,563
91.6
-13.52
0.04
1999
 
49,484
0.720
68,727
96.0
4.83
0.04
2000
 
51,766
0.738
70,123
97.9
2.03
0.04
2001
 
49,653
0.753
65,938
92.1
-5.97
0.04
2002
 
52,469
0.763
68,775
96.1
4.30
0.04
2003
 
54,833
0.779
70,394
98.3
2.35
0.04
2004
 
59,753
0.798
74,853
104.6
6.33
0.04
2005
 
64,392
0.821
78,405
109.5
4.75
0.04
2006
 
68,643
0.844
81,292
113.5
3.68
0.04
2007
 
70,282
0.866
81,150
113.3
-0.17
0.04
2008
 
81,466
0.892
91,360
127.6
12.58
0.05
2009
 
73,483
0.889
82,639
115.4
-9.55
0.05
2010
 
64,896
0.905
71,697
100.1
-13.24
0.04
2011
 
83,062
0.928
89,503
125.0
24.83
0.05
2012
 
84,257
0.945
89,129
124.5
-0.42
0.05
2013
 
104,813
0.958
109,430
152.8
22.78
0.06
2014
 
90,207
0.971
92,881
129.7
-15.12
0.05
2015
 
81,774
0.973
84,044
117.4
-9.51
0.04
2016
 
79,953
0.983
81,349
113.6
-3.21
0.04
2017
 
79,700
1.000
79,700
111.3
-2.03
0.04
2018
 
75,223
1.020
73,714
103.0
-7.51
0.03
2019
 
92,970
1.035
89,815
125.5
21.84
0.04
2020
 
85,707
1.046
81,910
114.4
-8.80
0.03
2021
 
105,970
1.090
97,219
135.8
18.69
0.04
2022
 
95,441
1.160
82,246
114.9
-15.40
0.03
Source: Calculations by the Tennessee Regional Economic Analysis Project (TN-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.

   
 
Tennessee:
Total Industry Earnings, 1969-2022
 
1969
 
10,233,232
0.189
54,192,830
100.0
N
1.57
1970
 
10,874,511
0.198
55,016,245
101.5
1.52
1.57
1971
 
11,934,774
0.206
57,921,737
106.9
5.28
1.61
1972
 
13,549,949
0.213
63,590,900
117.3
9.79
1.65
1973
 
15,409,376
0.225
68,623,362
126.6
7.91
1.68
1974
 
16,733,272
0.248
67,491,921
124.5
-1.65
1.68
1975
 
17,566,261
0.269
65,399,334
120.7
-3.10
1.66
1976
 
19,870,518
0.283
70,132,065
129.4
7.24
1.69
1977
 
22,242,221
0.302
73,708,315
136.0
5.10
1.71
1978
 
25,573,237
0.323
79,232,981
146.2
7.50
1.73
1979
 
28,337,443
0.351
80,634,673
148.8
1.77
1.72
1980
 
30,223,849
0.389
77,640,385
143.3
-3.71
1.69
1981
 
33,054,861
0.424
77,932,008
143.8
0.38
1.69
1982
 
34,230,154
0.448
76,456,085
141.1
-1.89
1.67
1983
 
36,624,627
0.467
78,465,650
144.8
2.63
1.67
1984
 
41,077,506
0.484
84,802,548
156.5
8.08
1.69
1985
 
44,189,520
0.501
88,153,367
162.7
3.95
1.69
1986
 
47,566,544
0.512
92,868,943
171.4
5.35
1.71
1987
 
51,861,136
0.528
98,218,128
181.2
5.76
1.73
1988
 
56,405,109
0.549
102,807,088
189.7
4.67
1.73
1989
 
59,858,333
0.573
104,535,955
192.9
1.68
1.73
1990
 
63,298,582
0.598
105,894,742
195.4
1.30
1.72
1991
 
66,335,920
0.618
107,384,854
198.2
1.41
1.75
1992
 
72,870,814
0.634
114,901,946
212.0
7.00
1.80
1993
 
77,895,424
0.650
119,839,114
221.1
4.30
1.84
1994
 
83,319,836
0.664
125,564,886
231.7
4.78
1.87
1995
 
88,702,687
0.678
130,918,746
241.6
4.26
1.90
1996
 
93,413,647
0.692
134,984,967
249.1
3.11
1.88
1997
 
99,731,877
0.704
141,650,513
261.4
4.94
1.89
1998
 
110,303,791
0.710
155,429,694
286.8
9.73
1.93
1999
 
115,606,593
0.720
160,562,482
296.3
3.30
1.90
2000
 
121,921,922
0.738
165,156,623
304.8
2.86
1.85
2001
 
124,037,951
0.753
164,720,659
304.0
-0.26
1.81
2002
 
128,528,619
0.763
168,471,535
310.9
2.28
1.84
2003
 
133,515,438
0.779
171,406,576
316.3
1.74
1.84
2004
 
142,064,931
0.798
177,966,015
328.4
3.83
1.85
2005
 
147,601,537
0.821
179,723,522
331.6
0.99
1.84
2006
 
156,151,353
0.844
184,925,809
341.2
2.89
1.83
2007
 
160,502,483
0.866
185,322,760
342.0
0.21
1.81
2008
 
162,069,993
0.892
181,753,945
335.4
-1.93
1.80
2009
 
159,149,435
0.889
178,978,458
330.3
-1.53
1.83
2010
 
164,770,290
0.905
182,038,458
335.9
1.71
1.83
2011
 
173,810,441
0.928
187,287,661
345.6
2.88
1.84
2012
 
182,666,976
0.945
193,228,866
356.6
3.17
1.85
2013
 
187,256,165
0.958
195,504,500
360.8
1.18
1.84
2014
 
194,835,601
0.971
200,611,197
370.2
2.61
1.84
2015
 
204,821,652
0.973
210,507,458
388.4
4.93
1.86
2016
 
212,224,922
0.983
215,930,286
398.4
2.58
1.88
2017
 
221,567,574
1.000
221,567,574
408.9
2.61
1.87
2018
 
233,325,390
1.020
228,645,026
421.9
3.19
1.88
2019
 
245,947,655
1.035
237,600,741
438.4
3.92
1.89
2020
 
253,418,091
1.046
242,192,470
446.9
1.93
1.93
2021
 
279,764,872
1.090
256,662,665
473.6
5.97
1.96
2022
 
303,722,111
1.160
261,732,385
483.0
1.98
2.00
Source: Calculations by the Tennessee Regional Economic Analysis Project (TN-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 Tennessee Regional Economic Analysis Project (TN-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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