Iron County vs. Utah
Comparative Trends Analysis:
Total Industry Earnings Growth and Change, 1969-2017
Introduction
Iron County:
2017 Earnings = $896,588K
2017 Percent of State = 0.9%
Utah:
2017 Earnings = $100,694,606K
2017 Percent of State = 0.8%
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.
Iron County Total Industry Earnings, 1969-2017
Current vs. Constant Dollars (Millions)
Iron County Total Industry Earnings, 1969-2017
Current vs. Constant Dollars (Millions)
Figure 1.
Figure 1 depicts Iron County's annual total industry earnings over 1969-2017 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 Iron County over time.
When measured in current dollars, Iron County's total industry earnings increased 3,045.9%, from $29M in 1969 to $897M in 2017. When measured in constant 2012 dollars to adjust for inflation, it advanced 493.6%, from $142M in 1969 to $845M in 2017.
Real Total Industry Earnings, 1969-2017 (Millions)
Real Total Industry Earnings, 1969-2017 (Millions)
Figure 2.
Figure 2 tracks Iron County's and Utah's annual real total industry earnings for the period 1969-2017 to illustrate real total industry earnings patterns over time. During this 49-year period, Iron County's real total industry earnings rose from $142M in 1969 to $845M in 2017, for a net gain of $703M, or 493.6%. In comparison, Utah's real total industry earnings advanced from $14,159M in 1969 to $94,930M in 2017, for a net gain of $80,770M, or 570.4%.
Real Total Industry Earnings Indices (1969=100): 1969-2017
Real Total Industry Earnings Indices (1969=100): 1969-2017
Figure 3.
Figure 3 portrays Iron County's real total industry earnings growth in a broader context by offering direct comparisons across time with Utah, 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.
Iron County's overall real total industry earnings growth was 493.6% over 1969-2017 trailed Utah's increase of 570.4%, and topped the United States' increase of 242.6%.
Total Industry Earnings as a Percent of the Utah Total: 1969-2017
Total Industry Earnings as a Percent of the Utah Total: 1969-2017
Figure 4.
Another interesting and insightful way of comparing the total industry earnings growth of Iron County is to trace its individual percentage contributions to Utah'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 Utah's total industry earnings, while a declining share shows it grew more slowly.
In 1969, Iron County's total industry earnings comprised 1.01% of Utah's total industry earnings, while in 2017 it equated to 0.89% thereby yielding a -0.12% share-shift.
   
 
Total Industry Earnings Share-Shift
2017 vs. 1969
 
Share-
Shift*
 
2017
vs.
1969
-0.12%
=
0.89%
-
1.01%
 
   
Iron County Real Total Industry Earnings:
Annual Percent Change, 1970-2017
Iron County Real Total Industry Earnings:
Annual Percent Change, 1970-2017
Figure 5.
Figure 5 shows the short-run pattern of Iron County's real total industry earnings growth by tracking the year-to-year percent change over 1970-2017. The average annual percent change for the entire 48-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, Iron County's real total industry earnings grew at an annual rate of 3.89% over 1970-2017. The county recorded its highest growth in 1971 (12.08%) and recorded its lowest growth in 2009 (-5.15%). In 2017, Iron County's real total industry earnings grew by 5.14%
Iron County Real Total Industry Earnings:
Annual Percent Change and Decade Averages Over 1970-2017
Iron County Real Total Industry Earnings:
Annual Percent Change and Decade Averages Over 1970-2017
Figure 6.
Over the past four 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 Iron 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, and 2010-2017.
During the 1970s, Iron County's annual real total industry earnings growth rate averaged 4.88%. It averaged 1.88% throughout the 1980s, 6.98% throughout the 1990s, 2.88% throughout the 2000s, and 2.54% thus far this decade (2010 to 2017).
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 Iron County noted in the previous graph with the corresponding decade averages for Utah and the nation. As the chart reveals, Iron County's average annual real total industry earnings growth trailed Utah's average throughout the 1970s (4.88% vs. 5.55%), posted below Utah's average during the 1980s (1.88% vs. 2.49%), recorded above Utah's average throughout the 1990s (6.98% vs. 5.75%), outperformed Utah's average in the 2000s (2.88% vs. 2.63%), and amounted to less than Utah's average over the 8 year period of the last decade, 2010-2017 (2.54% vs. 3.95%).
Finally, relative to nationwide real total industry earnings growth trends, Iron County exceeded the nation throughout the 1970s (4.88% vs. 3.13%), lagged the nation throughout the 1980s (1.88% vs. 2.61%), outgained the nation throughout the 1990s (6.98% vs. 3.44%), outpaced the nation throughout the 2000s (2.88% vs. 1.47%), and registered above the nation over 2010-2017 (2.54% vs. 2.46%).
   
 
Real* Total Industry Earnings Growth:
Average Annual Percent Change
 
 
 
3.89
4.88
1.88
6.98
2.88
2.54
5.14
 
4.08
5.55
2.49
5.75
2.63
3.95
3.71
 
2.63
3.13
2.61
3.44
1.47
2.46
2.86
 
   

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

   
 
Iron County:
Total Industry Earnings, 1969-2017
 
1969
 
28,500
0.200
142,393
100.0
N
1.01
1970
 
28,688
0.210
136,929
96.2
-3.84
0.92
1971
 
33,518
0.218
153,464
107.8
12.08
0.97
1972
 
37,509
0.226
166,072
116.6
8.22
0.97
1973
 
41,493
0.238
174,326
122.4
4.97
0.96
1974
 
45,250
0.263
172,184
120.9
-1.23
0.94
1975
 
49,313
0.285
173,210
121.6
0.60
0.93
1976
 
57,198
0.300
190,457
133.8
9.96
0.94
1977
 
67,097
0.320
209,770
147.3
10.14
0.97
1978
 
76,120
0.342
222,502
156.3
6.07
0.95
1979
 
84,440
0.373
226,678
159.2
1.88
0.94
1980
 
89,765
0.413
217,549
152.8
-4.03
0.90
1981
 
93,378
0.450
207,701
145.9
-4.53
0.84
1982
 
97,900
0.475
206,296
144.9
-0.68
0.83
1983
 
106,124
0.495
214,505
150.6
3.98
0.85
1984
 
120,261
0.513
234,231
164.5
9.20
0.86
1985
 
122,142
0.531
229,875
161.4
-1.86
0.82
1986
 
125,455
0.543
231,083
162.3
0.53
0.80
1987
 
131,972
0.560
235,816
165.6
2.05
0.81
1988
 
146,024
0.582
251,112
176.4
6.49
0.83
1989
 
164,020
0.607
270,259
189.8
7.62
0.87
1990
 
187,413
0.634
295,814
207.7
9.46
0.91
1991
 
191,059
0.655
291,813
204.9
-1.35
0.86
1992
 
217,964
0.672
324,264
227.7
11.12
0.90
1993
 
244,218
0.689
354,494
249.0
9.32
0.94
1994
 
269,690
0.703
383,464
269.3
8.17
0.95
1995
 
298,477
0.718
415,642
291.9
8.39
0.97
1996
 
316,967
0.733
432,153
303.5
3.97
0.95
1997
 
361,147
0.746
483,962
339.9
11.99
1.00
1998
 
390,530
0.752
519,211
364.6
7.28
1.01
1999
 
402,209
0.763
526,879
370.0
1.48
0.97
2000
 
407,640
0.782
521,046
365.9
-1.11
0.93
2001
 
459,620
0.797
576,413
404.8
10.63
1.01
2002
 
491,537
0.808
608,421
427.3
5.55
1.05
2003
 
513,736
0.824
623,784
438.1
2.53
1.07
2004
 
556,880
0.844
659,724
463.3
5.76
1.07
2005
 
604,543
0.868
696,382
489.1
5.56
1.08
2006
 
669,205
0.892
750,449
527.0
7.76
1.07
2007
 
685,611
0.914
749,810
526.6
-0.09
1.02
2008
 
687,809
0.942
730,313
512.9
-2.60
1.00
2009
 
651,780
0.941
692,690
486.5
-5.15
0.99
2010
 
652,464
0.957
681,745
478.8
-1.58
0.97
2011
 
686,310
0.981
699,381
491.2
2.59
0.97
2012
 
695,726
1.000
695,726
488.6
-0.52
0.91
2013
 
732,605
1.013
722,875
507.7
3.90
0.91
2014
 
773,208
1.029
751,651
527.9
3.98
0.91
2015
 
802,727
1.031
778,394
546.7
3.56
0.89
2016
 
838,002
1.042
803,955
564.6
3.28
0.88
2017
 
896,588
1.061
845,256
593.6
5.14
0.89
Source: Calculations by the Utah Regional Economic Analysis Project (UT-REAP)
with data provided by the U.S. Department of Commerce, Bureau of Economic Analysis
November 2018
REAP_PI_CA1400_1200_PSN
 
   

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

   
 
Utah:
Total Industry Earnings, 1969-2017
 
1969
 
2,833,962
0.200
14,159,191
100.0
N
0.43
1970
 
3,111,862
0.210
14,853,048
104.9
4.90
0.45
1971
 
3,452,305
0.218
15,806,534
111.6
6.42
0.46
1972
 
3,866,219
0.226
17,117,768
120.9
8.30
0.47
1973
 
4,342,914
0.238
18,246,005
128.9
6.59
0.47
1974
 
4,837,472
0.263
18,407,428
130.0
0.88
0.49
1975
 
5,319,425
0.285
18,684,317
132.0
1.50
0.50
1976
 
6,086,596
0.300
20,267,035
143.1
8.47
0.52
1977
 
6,930,034
0.320
21,665,835
153.0
6.90
0.53
1978
 
7,978,934
0.342
23,322,715
164.7
7.65
0.54
1979
 
9,022,656
0.373
24,221,245
171.1
3.85
0.55
1980
 
9,942,235
0.413
24,095,378
170.2
-0.52
0.56
1981
 
11,089,090
0.450
24,665,443
174.2
2.37
0.56
1982
 
11,781,535
0.475
24,826,229
175.3
0.65
0.57
1983
 
12,526,894
0.495
25,320,156
178.8
1.99
0.57
1984
 
13,940,645
0.513
27,151,988
191.8
7.23
0.57
1985
 
14,915,209
0.531
28,070,932
198.3
3.38
0.57
1986
 
15,619,414
0.543
28,770,333
203.2
2.49
0.56
1987
 
16,329,093
0.560
29,177,852
206.1
1.42
0.54
1988
 
17,534,837
0.582
30,153,973
213.0
3.35
0.54
1989
 
18,768,984
0.607
30,925,991
218.4
2.56
0.54
1990
 
20,557,803
0.634
32,448,588
229.2
4.92
0.56
1991
 
22,159,293
0.655
33,844,933
239.0
4.30
0.58
1992
 
24,141,125
0.672
35,914,673
253.6
6.12
0.59
1993
 
26,105,253
0.689
37,893,011
267.6
5.51
0.62
1994
 
28,356,507
0.703
40,319,219
284.8
6.40
0.64
1995
 
30,638,859
0.718
42,665,969
301.3
5.82
0.65
1996
 
33,227,066
0.733
45,301,811
319.9
6.18
0.67
1997
 
36,100,168
0.746
48,376,731
341.7
6.79
0.68
1998
 
38,755,682
0.752
51,525,848
363.9
6.51
0.68
1999
 
41,265,557
0.763
54,056,377
381.8
4.91
0.68
2000
 
43,792,598
0.782
55,975,712
395.3
3.55
0.66
2001
 
45,587,013
0.797
57,171,001
403.8
2.14
0.66
2002
 
46,607,033
0.808
57,689,825
407.4
0.91
0.67
2003
 
48,158,211
0.824
58,474,236
413.0
1.36
0.66
2004
 
51,876,141
0.844
61,456,612
434.0
5.10
0.68
2005
 
56,032,742
0.868
64,544,927
455.9
5.03
0.70
2006
 
62,659,662
0.892
70,266,739
496.3
8.86
0.74
2007
 
67,274,886
0.914
73,574,319
519.6
4.71
0.76
2008
 
68,550,328
0.942
72,786,502
514.1
-1.07
0.76
2009
 
65,579,661
0.941
69,695,901
492.2
-4.25
0.75
2010
 
66,942,000
0.957
69,946,189
494.0
0.36
0.74
2011
 
71,059,544
0.981
72,412,942
511.4
3.53
0.75
2012
 
76,464,478
1.000
76,464,478
540.0
5.60
0.77
2013
 
80,397,306
1.013
79,329,531
560.3
3.75
0.79
2014
 
84,826,510
1.029
82,461,514
582.4
3.95
0.79
2015
 
90,342,679
1.031
87,604,173
618.7
6.24
0.81
2016
 
95,406,502
1.042
91,530,198
646.4
4.48
0.84
2017
 
100,694,606
1.061
94,929,535
670.4
3.71
0.85
Source: Calculations by the Utah Regional Economic Analysis Project (UT-REAP)
with data provided by the U.S. Department of Commerce, Bureau of Economic Analysis
November 2018
REAP_PI_CA1400_1200_PSN
 
   

Tip: 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, 1969-2017
 
1969
 
655,222,000
0.200
3,273,654,759
100.0
N
1970
 
695,122,000
0.210
3,317,846,404
101.3
1.35
1971
 
744,129,000
0.218
3,407,028,067
104.1
2.69
1972
 
821,953,000
0.226
3,639,214,558
111.2
6.81
1973
 
921,321,000
0.238
3,870,771,364
118.2
6.36
1974
 
996,515,000
0.263
3,791,914,003
115.8
-2.04
1975
 
1,062,436,000
0.285
3,731,773,797
114.0
-1.59
1976
 
1,176,158,000
0.300
3,916,349,228
119.6
4.95
1977
 
1,306,927,000
0.320
4,085,934,471
124.8
4.33
1978
 
1,479,559,000
0.342
4,324,804,887
132.1
5.85
1979
 
1,652,190,000
0.373
4,435,290,328
135.5
2.55
1980
 
1,788,607,000
0.413
4,334,755,950
132.4
-2.27
1981
 
1,963,955,000
0.450
4,368,421,638
133.4
0.78
1982
 
2,055,057,000
0.475
4,330,447,151
132.3
-0.87
1983
 
2,189,442,000
0.495
4,425,439,625
135.2
2.19
1984
 
2,433,929,000
0.513
4,740,527,433
144.8
7.12
1985
 
2,617,433,000
0.531
4,926,098,167
150.5
3.91
1986
 
2,788,677,000
0.543
5,136,631,055
156.9
4.27
1987
 
2,997,904,000
0.560
5,356,843,685
163.6
4.29
1988
 
3,262,349,000
0.582
5,610,133,962
171.4
4.73
1989
 
3,470,801,000
0.607
5,718,900,972
174.7
1.94
1990
 
3,683,053,000
0.634
5,813,358,062
177.6
1.65
1991
 
3,792,707,000
0.655
5,792,780,230
177.0
-0.35
1992
 
4,064,120,000
0.672
6,046,178,107
184.7
4.37
1993
 
4,243,356,000
0.689
6,159,432,155
188.2
1.87
1994
 
4,463,755,000
0.703
6,346,871,890
193.9
3.04
1995
 
4,682,699,000
0.718
6,520,865,884
199.2
2.74
1996
 
4,964,951,000
0.733
6,769,218,499
206.8
3.81
1997
 
5,297,835,000
0.746
7,099,466,652
216.9
4.88
1998
 
5,717,821,000
0.752
7,601,867,954
232.2
7.08
1999
 
6,109,679,000
0.763
8,003,456,994
244.5
5.28
2000
 
6,611,246,000
0.782
8,450,496,581
258.1
5.59
2001
 
6,865,291,000
0.797
8,609,810,881
263.0
1.89
2002
 
7,001,130,000
0.808
8,665,944,621
264.7
0.65
2003
 
7,243,665,000
0.824
8,795,338,644
268.7
1.49
2004
 
7,675,133,000
0.844
9,092,574,428
277.7
3.38
2005
 
8,039,648,000
0.868
9,260,986,960
282.9
1.85
2006
 
8,519,777,000
0.892
9,554,104,335
291.8
3.17
2007
 
8,866,784,000
0.914
9,697,044,992
296.2
1.50
2008
 
9,013,458,000
0.942
9,570,458,696
292.3
-1.31
2009
 
8,688,446,000
0.941
9,233,793,866
282.1
-3.52
2010
 
9,023,198,000
0.957
9,428,136,461
288.0
2.10
2011
 
9,443,528,000
0.981
9,623,389,143
294.0
2.07
2012
 
9,901,882,000
1.000
9,901,882,000
302.5
2.89
2013
 
10,231,478,000
1.013
10,095,591,341
308.4
1.96
2014
 
10,686,606,000
1.029
10,388,659,253
317.3
2.90
2015
 
11,110,111,000
1.031
10,773,336,501
329.1
3.70
2016
 
11,365,731,000
1.042
10,903,948,770
333.1
1.21
2017
 
11,897,410,000
1.061
11,216,247,301
342.6
2.86
Source: Calculations by the Utah Regional Economic Analysis Project (UT-REAP)
with data provided by the U.S. Department of Commerce, Bureau of Economic Analysis
November 2018
REAP_PI_CA1400_1200_PN
 
   
Copyright © 2019. Pacific Northwest Regional Economic Analysis Project (PNREAP). All Rights Reserved.

Please stay tuned...
while your request is processing:

Please wait while your request is being processed...
To offer the most comprehensive set of interactive options in support of your research, UT-REAP calculates and crunches most of the data and generates the narrative and graphic analysis on demand in response to your request.
Your request will soon be available.
Just a few more seconds....Your request has been generated and is now loading the results.