Carter County vs. Tennessee | Total Personal Income Trends over 1969-2022

Introduction

Carter County:

2022 TPI = $2,277,749K

2022 Percent of State = 0.55%

Tennessee:

2022 TPI = $411,035,072K

2022 Percent of U.S. = 1.88%

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 Carter County and Tennessee 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 2017 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.

Carter County Total Personal Income, 1970-2022
Current vs. Constant Dollars (Millions)

Figure 1.

Figure 1 depicts Carter County's annual total personal income 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 Carter County over time.

When measured in current dollars, Carter County's total personal income increased 1,906.44%, from $114M in 1970 to $2,278M in 2022. When measured in constant 2017 dollars to adjust for inflation, it advanced 241.76%, from $574M in 1970 to $1,963M in 2022.

Real Total Personal Income, 1969-2022 (Millions)

Figure 2.

Figure 2 tracks Carter County's and Tennessee's annual real total personal income for the period 1969-2022 to illustrate real total personal income patterns over time. During this 54-year period, Carter County's real total personal income rose from $554M in 1969 to $1,963M in 2022, for a net gain of $1,409M, or 254.24%. In comparison, Tennessee's real total personal income increased from $62,573M in 1969 to $354,209M in 2022, for a net gain of $291,637M, or 466.08%.

Real Total Personal Income Indices (1969=100): 1969-2022

Figure 3.

Figure 3 shows Carter County's real total personal income 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 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.

Carter County's overall real total personal income growth was 254.24% over 1969-2022 trailed Tennessee's increase of 466.08%, and fell below the United States' increase of 348.76%.

Total Personal Income as a Percent of the Tennessee Total: 1969-2022

Figure 4.

Another interesting and insightful way of comparing the total personal income growth of Carter County is to trace its individual percentage contributions to Tennessee'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 Tennessee's total personal income, while a declining share shows it grew more slowly.

In 1969, Carter County's total personal income comprised 0.89% of Tennessee's total personal income, while in 2022 it equated to 0.55% thereby yielding a -0.33% share-shift.

Total Personal Income Share-Shift

2022 vs. 1969

	Share- Shift*		2022	vs.	1969
Carter County	-0.33%	=	0.55%	-	0.89%

*Percent figures may not add due to rounding by a factor of ± 0.01%.

Carter County Real Total Personal Income:
Annual Percent Change, 1970-2022

Figure 5.

Figure 5 displays the short-run pattern of Carter County's real total personal income 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, Carter County's real total personal income grew at an annual rate of 2.45% over 1970-2022. The county posted its highest growth in 1973 (7.96%) and posted its lowest growth in 2022 (-6.05%). In 2022, Carter County's real total personal income declined by -6.05%

Carter County Real Total Personal Income:
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 shows the annual percent change in Carter County's real total personal income 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, Carter County's annual real total personal income growth rate averaged 3.83%. It averaged 2.55% in the 1980s, 3.23% throughout the 1990s, 1.97% during the 2000s, 1.08% in the 2010s, 1.11% thus far this decade (2020-2022).

Real Total Personal Income Growth:
Average Annual Percent Change by Decade

Figure 7.

Figure 7 compares the decade average growth rates for Carter County noted in the previous graph with the corresponding decade averages for Tennessee and the nation. As the chart reveals, Carter County's average annual real total personal income growth fell below Tennessee's average throughout the 1970s (3.83% vs. 4.66%), recorded under Tennessee's average in the 1980s (2.55% vs. 3.19%), lagged Tennessee's average in the 1990s (3.23% vs. 4.17%), topped Tennessee's average throughout the 2000s (1.97% vs. 1.93%), lagged Tennessee's average in the 2010s (1.08% vs. 2.88%), and trailed Tennessee's average over the 3 year period of the current decade, 2020-2022 (1.11% vs. 3.09%).

Finally, relative to nationwide real total personal income growth trends, Carter County topped the nation during the 1970s (3.83% vs. 3.50%), fell under the nation during the 1980s (2.55% vs. 3.16%), posted below the nation in the 1990s (3.23% vs. 3.27%), posted below the nation in the 2000s (1.97% vs. 2.06%), recorded underneath the nation over the 2010s (1.08% vs. 2.72%), and posted below the nation over 2020-2022 (1.11% vs. 2.10%).

Real* Total Personal Income Growth:

Average Annual Percent Change

	1970-2022	1970-1979	1980-1989	1990-1999	2000-2009	2010-2019	2020-2022	2022
	%	%	%	%	%	%	%	%
Carter	2.45	3.83	2.55	3.23	1.97	1.08	1.11	-6.05
Tennessee	3.35	4.66	3.19	4.17	1.93	2.88	3.09	-2.74
United States	2.89	3.50	3.16	3.27	2.06	2.72	2.10	-4.19

*Real total personal income growth determined using the Implicit Price Deflator for
Personal Consumption (2017=1.00).

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

Carter County:
Total Personal Income, 1969-2022


Year	Current Dollars (1000s)	Implicit Price Deflator2	Constant Dollars (1000s)	Index1	Percent Change	Percent of Statewide Total
1969	104,631	0.189	554,102	100.0	N	0.89
1970	113,522	0.198	574,330	103.7	3.65	0.88
1971	125,161	0.206	607,430	109.6	5.76	0.88
1972	137,591	0.213	645,725	116.5	6.30	0.86
1973	156,534	0.225	697,101	125.8	7.96	0.86
1974	168,461	0.248	679,470	122.6	-2.53	0.84
1975	177,710	0.269	661,616	119.4	-2.63	0.81
1976	198,823	0.283	701,736	126.6	6.06	0.81
1977	217,596	0.302	721,090	130.1	2.76	0.80
1978	249,893	0.323	774,238	139.7	7.37	0.81
1979	281,732	0.351	801,673	144.7	3.54	0.82
1980	325,460	0.389	836,056	150.9	4.29	0.85
1981	364,032	0.424	858,262	154.9	2.66	0.86
1982	379,488	0.448	847,620	153.0	-1.24	0.84
1983	408,215	0.467	874,572	157.8	3.18	0.85
1984	443,273	0.484	915,116	165.2	4.64	0.83
1985	463,503	0.501	924,639	166.9	1.04	0.81
1986	490,339	0.512	957,338	172.8	3.54	0.80
1987	518,030	0.528	981,080	177.1	2.48	0.79
1988	553,640	0.549	1,009,095	182.1	2.86	0.77
1989	589,896	0.573	1,030,188	185.9	2.09	0.77
1990	650,260	0.598	1,087,846	196.3	5.60	0.80
1991	678,391	0.618	1,098,182	198.2	0.95	0.79
1992	726,449	0.634	1,145,457	206.7	4.30	0.77
1993	765,386	0.650	1,177,517	212.5	2.80	0.77
1994	777,414	0.664	1,171,581	211.4	-0.50	0.73
1995	832,646	0.678	1,228,925	221.8	4.89	0.73
1996	863,869	0.692	1,248,311	225.3	1.58	0.72
1997	922,060	0.704	1,309,614	236.3	4.91	0.72
1998	983,821	0.710	1,386,308	250.2	5.86	0.70
1999	1,016,859	0.720	1,412,285	254.9	1.87	0.70
2000	1,096,823	0.738	1,485,767	268.1	5.20	0.71
2001	1,129,600	0.753	1,500,093	270.7	0.96	0.71
2002	1,161,859	0.763	1,522,931	274.8	1.52	0.71
2003	1,211,411	0.779	1,555,205	280.7	2.12	0.71
2004	1,309,573	0.798	1,640,514	296.1	5.49	0.73
2005	1,348,356	0.821	1,641,794	296.3	0.08	0.72
2006	1,403,910	0.844	1,662,613	300.1	1.27	0.70
2007	1,478,943	0.866	1,707,648	308.2	2.71	0.71
2008	1,523,769	0.892	1,708,836	308.4	0.07	0.70
2009	1,524,281	0.889	1,714,197	309.4	0.31	0.70
2010	1,575,316	0.905	1,740,411	314.1	1.53	0.69
2011	1,662,275	0.928	1,791,167	323.3	2.92	0.69
2012	1,682,349	0.945	1,779,623	321.2	-0.64	0.67
2013	1,666,985	0.958	1,740,413	314.1	-2.20	0.66
2014	1,701,779	0.971	1,752,226	316.2	0.68	0.64
2015	1,738,994	0.973	1,787,268	322.6	2.00	0.63
2016	1,759,342	0.983	1,790,059	323.1	0.16	0.61
2017	1,831,395	1.000	1,831,395	330.5	2.31	0.61
2018	1,880,406	1.020	1,842,686	332.6	0.62	0.59
2019	1,973,167	1.035	1,906,202	344.0	3.45	0.59
2020	2,096,297	1.046	2,003,438	361.6	5.10	0.58
2021	2,277,387	1.090	2,089,327	377.1	4.29	0.57
2022	2,277,749	1.160	1,962,849	354.2	-6.05	0.55

1 1969 = 100

2 Implicit Price Deflator for Personal Consumption (2017=1.00).

*Real total personal income determined using the Implicit Price Deflator for
Personal Consumption (2017=1.00).

N Data not available for this year or not meaningful.

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_300_PSN

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

Tennessee:
Total Personal Income, 1969-2022


Year	Current Dollars (1000s)	Implicit Price Deflator2	Constant Dollars (1000s)	Index1	Percent Change	Percent of Nationwide Total
1969	11,815,600	0.189	62,572,684	100.0	N	1.49
1970	12,849,372	0.198	65,007,447	103.9	3.89	1.50
1971	14,188,137	0.206	68,857,738	110.0	5.92	1.53
1972	15,970,576	0.213	74,951,079	119.8	8.85	1.57
1973	18,141,651	0.225	80,791,142	129.1	7.79	1.60
1974	20,073,602	0.248	80,964,797	129.4	0.21	1.61
1975	21,893,630	0.269	81,510,164	130.3	0.67	1.61
1976	24,519,691	0.283	86,541,104	138.3	6.17	1.64
1977	27,175,753	0.302	90,057,506	143.9	4.06	1.65
1978	30,979,262	0.323	95,982,346	153.4	6.58	1.67
1979	34,544,015	0.351	98,295,578	157.1	2.41	1.67
1980	38,090,043	0.389	97,847,418	156.4	-0.46	1.65
1981	42,374,357	0.424	99,904,178	159.7	2.10	1.64
1982	45,036,017	0.448	100,591,939	160.8	0.69	1.62
1983	48,073,556	0.467	102,994,164	164.6	2.39	1.62
1984	53,445,267	0.484	110,335,199	176.3	7.13	1.63
1985	57,197,621	0.501	114,103,138	182.4	3.41	1.63
1986	61,206,494	0.512	119,499,588	191.0	4.73	1.65
1987	65,770,270	0.528	124,560,187	199.1	4.23	1.67
1988	71,613,065	0.549	130,525,955	208.6	4.79	1.68
1989	76,875,704	0.573	134,254,910	214.6	2.86	1.67
1990	81,787,247	0.598	136,825,173	218.7	1.91	1.67
1991	86,093,139	0.618	139,367,920	222.7	1.86	1.70
1992	94,022,364	0.634	148,253,491	236.9	6.38	1.74
1993	100,041,604	0.650	153,910,160	246.0	3.82	1.77
1994	106,433,967	0.664	160,398,407	256.3	4.22	1.79
1995	114,276,071	0.678	168,663,210	269.5	5.15	1.82
1996	120,649,337	0.692	174,341,195	278.6	3.37	1.81
1997	127,785,224	0.704	181,495,056	290.1	4.10	1.81
1998	139,760,336	0.710	196,937,078	314.7	8.51	1.84
1999	145,231,941	0.720	201,708,228	322.4	2.42	1.82
2000	153,990,107	0.738	208,596,498	333.4	3.41	1.79
2001	158,125,252	0.753	209,988,117	335.6	0.67	1.76
2002	162,879,395	0.763	213,497,523	341.2	1.67	1.78
2003	169,929,514	0.779	218,154,818	348.6	2.18	1.79
2004	179,892,943	0.798	225,353,506	360.1	3.30	1.80
2005	188,177,577	0.821	229,129,978	366.2	1.68	1.79
2006	200,188,916	0.844	237,078,299	378.9	3.47	1.77
2007	209,746,788	0.866	242,182,258	387.0	2.15	1.76
2008	218,372,476	0.892	244,894,556	391.4	1.12	1.76
2009	217,094,703	0.889	244,143,344	390.2	-0.31	1.80
2010	227,613,018	0.905	251,467,196	401.9	3.00	1.81
2011	241,431,730	0.928	260,152,289	415.8	3.45	1.82
2012	252,592,322	0.945	267,197,328	427.0	2.71	1.82
2013	254,464,603	0.958	265,673,362	424.6	-0.57	1.81
2014	263,856,025	0.971	271,677,624	434.2	2.26	1.79
2015	277,356,111	0.973	285,055,459	455.6	4.92	1.79
2016	286,532,273	0.983	291,535,014	465.9	2.27	1.80
2017	299,307,669	1.000	299,307,669	478.3	2.67	1.80
2018	316,176,537	1.020	309,834,230	495.2	3.52	1.81
2019	335,496,924	1.035	324,110,908	518.0	4.61	1.83
2020	359,633,593	1.046	343,702,961	549.3	6.04	1.83
2021	396,986,140	1.090	364,204,127	582.0	5.96	1.86
2022	411,035,072	1.160	354,209,278	566.1	-2.74	1.88

1 1969 = 100

2 Implicit Price Deflator for Personal Consumption (2017=1.00).

*Real total personal income determined using the Implicit Price Deflator for
Personal Consumption (2017=1.00).

N Data not available for this year or not meaningful.

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_300_PSN

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

United States:
Total Personal Income, 1969-2022


Year	Current Dollars (1000s)	Implicit Price Deflator2	Constant Dollars (1000s)	Index1	Percent Change
1969	791,229,000	0.189	4,190,165,758	100.0	N
1970	855,525,000	0.198	4,328,265,709	103.3	3.30
1971	924,613,000	0.206	4,487,323,465	107.1	3.67
1972	1,016,408,000	0.213	4,770,076,966	113.8	6.30
1973	1,133,468,000	0.225	5,047,731,018	120.5	5.82
1974	1,244,912,000	0.248	5,021,223,733	119.8	-0.53
1975	1,362,505,000	0.269	5,072,617,275	121.1	1.02
1976	1,495,704,000	0.283	5,279,017,400	126.0	4.07
1977	1,651,632,000	0.302	5,473,329,799	130.6	3.68
1978	1,855,849,000	0.323	5,749,934,936	137.2	5.05
1979	2,073,296,000	0.351	5,899,598,782	140.8	2.60
1980	2,313,972,000	0.389	5,944,235,512	141.9	0.76
1981	2,590,995,000	0.424	6,108,676,176	145.8	2.77
1982	2,777,640,000	0.448	6,204,105,336	148.1	1.56
1983	2,969,333,000	0.467	6,361,584,112	151.8	2.54
1984	3,275,415,000	0.484	6,761,937,695	161.4	6.29
1985	3,508,482,000	0.501	6,999,046,441	167.0	3.51
1986	3,717,756,000	0.512	7,258,548,586	173.2	3.71
1987	3,931,800,000	0.528	7,446,308,852	177.7	2.59
1988	4,264,433,000	0.549	7,772,592,728	185.5	4.38
1989	4,605,107,000	0.573	8,042,309,775	191.9	3.47
1990	4,897,332,000	0.598	8,192,943,538	195.5	1.87
1991	5,072,291,000	0.618	8,211,045,100	196.0	0.22
1992	5,406,546,000	0.634	8,524,985,809	203.5	3.82
1993	5,643,648,000	0.650	8,682,535,385	207.2	1.85
1994	5,933,938,000	0.664	8,942,579,420	213.4	3.00
1995	6,278,125,000	0.678	9,266,058,093	221.1	3.62
1996	6,660,854,000	0.692	9,625,094,288	229.7	3.87
1997	7,068,422,000	0.704	10,039,373,926	239.6	4.30
1998	7,584,003,000	0.710	10,686,661,406	255.0	6.45
1999	7,978,449,000	0.720	11,081,025,264	264.5	3.69
2000	8,620,234,000	0.738	11,677,052,911	278.7	5.38
2001	8,990,104,000	0.753	11,938,732,039	284.9	2.24
2002	9,146,700,000	0.763	11,989,225,466	286.1	0.42
2003	9,474,684,000	0.779	12,163,560,736	290.3	1.45
2004	10,008,929,000	0.798	12,538,275,270	299.2	3.08
2005	10,540,800,000	0.821	12,834,755,927	306.3	2.36
2006	11,291,446,000	0.844	13,372,153,008	319.1	4.19
2007	11,925,044,000	0.866	13,769,145,681	328.6	2.97
2008	12,423,410,000	0.892	13,932,275,429	332.5	1.18
2009	12,058,253,000	0.889	13,560,635,845	323.6	-2.67
2010	12,547,501,000	0.905	13,862,497,514	330.8	2.23
2011	13,299,818,000	0.928	14,331,082,712	342.0	3.38
2012	13,905,749,000	0.945	14,709,785,897	351.1	2.64
2013	14,063,283,000	0.958	14,682,748,144	350.4	-0.18
2014	14,778,160,000	0.971	15,216,235,418	363.1	3.63
2015	15,467,113,000	0.973	15,896,476,839	379.4	4.47
2016	15,884,741,000	0.983	16,162,082,333	385.7	1.67
2017	16,658,962,000	1.000	16,658,962,000	397.6	3.07
2018	17,514,402,000	1.020	17,163,073,878	409.6	3.03
2019	18,343,601,000	1.035	17,721,060,157	422.9	3.25
2020	19,609,985,000	1.046	18,741,324,605	447.3	5.76
2021	21,392,812,000	1.090	19,626,252,970	468.4	4.72
2022	21,820,248,000	1.160	18,803,588,325	448.8	-4.19

1 1969 = 100

2 Implicit Price Deflator for Personal Consumption (2017=1.00).

*Real total personal income determined using the Implicit Price Deflator for
Personal Consumption (2017=1.00).

N Data not available for this year or not meaningful.

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_300_PN

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