Lamb County vs. Texas
Comparative Trends Analysis:
Gross Domestic Product Growth and Change, 2001-2021
Introduction
Lamb County vs. Texas
Lamb County:
2021 GDP = $805,985K
2021 Percent of State = 0.04%
Texas:
2021 GDP = $2,051,768,556K
2021 Percent of U.S. = 8.80%
Nationally, GDP (Gross Domestic Product) is widely regarded as the foremost blue-chip barometer for tracking and calibrating the economic performance of the economy nationwide. Like its closely followed national counterpart, the GDP of Lamb County is the most comprehensive measure of output of all goods and services produced by labor and property located within Lamb County. It is a market valuation of the goods and services-both private and public-produced within a regional economy.
Unlike the widely and frequently reported employment and job numbers that measure labor as one of the units of input into production, GDP is a valuation of the output. Also, while County Personal Income is representative of the "purchasing power" of those that reside within a county, think of Gross Domestic Product as representative of the "producing power" of that county.
For a more detailed and technical explanation of Gross Domestic Product (GDP) by County compiled by the Regional Product Branch of Bureau of Economic Analysis please refer to the A Primer on Local Area Gross Domestic Product Methodology article found on the BEA website.

BEA: Definition

GDP by county is the county counterpart of the Nation's gross domestic product (GDP), the Bureau's featured and most comprehensive measure of U.S. economic activity. GDP by county is derived as the sum of the GDP originating in all the industries in a county.

The statistics of real GDP by county are prepared in chained (2012) dollars. Real GDP by county is an inflation-adjusted measure of each county's gross product that is based on national prices for the goods and services produced within that county. The statistics of real GDP by county and of quantity indexes with a base year of 2012 were derived by applying national chain-type price indexes to the current-dollar GDP-by-county values for the 64 detailed NAICS-based industries for 1997 forward.

The chain-type index formula that is used in the national accounts is then used to calculate the values of total real GDP by county and of real GDP by county at more aggregated industry levels. Real GDP by county may reflect a substantial volume of output that is sold to other counties and regions. To the extent that a county's output is produced and sold in national markets at relatively uniform prices (or sold locally at national prices), real GDP by state captures the differences across states that reflect the relative differences in the mix of goods and services that the counties produce. However, real GDP by county does not capture geographic differences in the prices of goods and services that are produced and sold locally.

United States. Bureau of Economic Analysis, Regional Product Division.
BEA News Release (GDP by State). 2013. Web.
https://www.bea.gov/data/gdp/gdp-state.

BEA: Relation of GDP by county to U.S. Gross Domestic Product (GDP)

An industry's GDP by county, or its value added, in practice, is calculated as the sum of incomes earned by labor and capital and the costs incurred in the production of goods and services. That is, it includes the wages and salaries that workers earn, the income earned by individual or joint entrepreneurs as well as by corporations, and business taxes such as sales, property, and Federal excise taxes that count as a business expense.

GDP is calculated as the sum of what consumers, businesses, and government spend on final goods and services, plus investment and net foreign trade. In theory, incomes earned should equal what is spent, but due to different data sources, income earned, usually referred to as gross domestic income (GDI), does not always equal what is spent (GDP). The difference is referred to as the "statistical discrepancy."

Starting with the 2004 comprehensive revision, BEA's annual industry accounts and its GDP-by-county accounts allocate the statistical discrepancy across all private-sector industries. Therefore, the GDP-by-county statistics are now conceptually more similar to the GDP statistics in the national accounts than they had been in the past.

U.S. real GDP by county for the advance year, 2012, may differ from the Annual Industry Accounts' GDP by industry and, hence NIPA (National Income and Product Account) GDP, because of different sources and vintages of data used to estimate GDP by state and NIPA GDP. For the revised years of 2009-2011, U.S. GDP by county is nearly identical to GDP by industry except for small differences resulting from the GDP-by-county accounts' exclusion of overseas Federal military and civilian activity (because it cannot be attributed to a particular state). The GDP-by-industry statistics are identical to those from the 2012 annual revision of the NIPAs, released in July 2012. However, because of revisions since July 2012, GDP in the NIPAs may differ from U.S. GDP by county.

United States. Bureau of Economic Analysis, Regional Product Division.
BEA News Release (GDP by State). 2013. Web.
https://www.bea.gov/data/gdp/gdp-state.

Lamb County Gross Domestic Product, 2002-2021
Current vs. Chained 2012 Dollars (Millions)
Lamb County Gross Domestic Product, 2002-2021
Current vs. Chained 2012 Dollars (Millions)
Figure 1.
Figure 1 depicts Lamb County's annual gross domestic product over 2002-2021 in current and constant (chained 2012) dollars. Constant dollar measurements remove the effects of inflation. They allow for comparison of changes in the real total good and services output of Lamb County over time.
When measured in current dollars, Lamb County's GDP increased 35.93%, from $593M in 2002 to $806M in 2021. When measured in constant 2012 dollars to adjust for inflation, it declined -19.52%, from $832M in 2002 to $670M in 2021.
Real Gross Domestic Product, 2001-2021 (Millions)
Real Gross Domestic Product, 2001-2021 (Millions)
Figure 2.
Figure 2 tracks Lamb County's and Texas' annual real gross domestic product for the period 2001-2021 to illustrate real gross domestic product patterns over time. During this 21-year period, Lamb County's real gross domestic product dropped from $809M in 2001 to $670M in 2021, for a net loss of ($139)M, or -17.22%. In comparison, Texas' real GDP advanced from $1,020,538M in 2001 to $1,815,064M in 2021, for a net gain of $794,526M, or 77.85%.
Real Gross Domestic Product Indices (2001=100): 2001-2021
Real Gross Domestic Product Indices (2001=100): 2001-2021
Figure 3.
Figure 3 shows Lamb County's real gross domestic product growth in a broader context by offering direct comparisons across time with Texas, the United States. The growth indices shown here express each region's real gross domestic product in 2001 as a base figure of 100, and the real gross domestic products in later years as a percentage of the 2001 base figure. This method allows for more direct comparison of differences in real gross domestic product growth between regions that may differ vastly in size.
Lamb County's overall real GDP growth was -17.22% over 2001-2021 trailed Texas' increase of 77.85%, and fell below the United States' increase of 47.85%.
Gross Domestic Product as a Percent of the Texas Total: 2001-2021
Gross Domestic Product as a Percent of the Texas Total: 2001-2021
Figure 4.
Another interesting and insightful way of highlighting the gross domestic product growth of Lamb County is to trace its individual percentage contributions to Texas' statewide gross domestic product over time, as shown in Figure 4. A rising share means a region's gross domestic product grew faster, or declined less, than Texas' gross domestic product, while a declining share shows it grew more slowly.
In 2001, Lamb County's GDP totaled 0.08% of Texas' GDP, while in 2021 it totaled 0.04% thereby yielding a -0.04% share-shift.
   
 
Gross Domestic Product Share-Shift
2021 vs. 2001
 
Share-
Shift*
 
2021
vs.
2001
-0.04%
=
0.04%
-
0.08%
 
   
Lamb County Real Gross Domestic Product:
Annual Percent Change, 2002-2021
Lamb County Real Gross Domestic Product:
Annual Percent Change, 2002-2021
Figure 5.
Figure 5 highlights the short-run pattern of Lamb County's real gross domestic product growth by tracking the year-to-year percent change over 2002-2021. The average annual percent change for the entire 20-year period is also illustrated 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, Lamb County's real GDP contracted at an annual rate of -0.65% over 2002-2021. The county recorded its highest growth in 2010 (24.13%) and posted its lowest growth in 2011 (-10.68%). In 2021, Lamb County's real GDP declined by -7.50%
Lamb County Real Gross Domestic Product:
Annual Percent Change and Decade Averages Over 2002-2021
Lamb County Real Gross Domestic Product:
Annual Percent Change and Decade Averages Over 2002-2021
Figure 6.
Figure 6 again shows the annual percent change in Lamb County's real gross domestic product since 2002, but this time they are displayed with average growth rates for the decade of the 2000s, 2010s, and 2020-2021.
During 2002-2009, Lamb County's annual real GDP growth rate averaged -0.62%. It averaged 0.21% throughout the 2010s, -5.14% thus far this decade (2020-2021).
Real Gross Domestic Product Growth:
Average Annual Percent Change by Decade
Real Gross Domestic Product Growth:
Average Annual Percent Change by Decade
Figure 7.
Figure 7 compares the decade average growth rates for Lamb County noted in the previous graph with the corresponding decade averages for Texas and the nation. As the chart reveals, Lamb County's average annual real gross domestic product growth amounted to less than Texas' average during the 2000s (-0.62% vs. 2.88%), recorded under Texas' average during the 2010s (0.21% vs. 3.38%), and trailed Texas' average over the 2 year period of the current decade, 2020-2021 (-5.14% vs. 1.03%).
Finally, relative to nationwide real gross domestic product growth trends, Lamb County trailed the nation in the 2000s (-0.62% vs. 1.77%), lagged the nation during the 2010s (0.21% vs. 2.25%), and lagged the nation over 2020-2021 (-5.14% vs. 1.59%).
   
 
Real* Gross Domestic Product Growth:
Average Annual Percent Change
 
 
 
-0.65
-0.62
0.21
-5.14
-7.50
 
2.95
2.88
3.38
1.03
3.86
 
1.99
1.77
2.25
1.59
5.95
 
   

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

   
 
Lamb County:
Gross Domestic Product, 2001-2021
 
2001
 
601,461
0.951
808,917
100.0
N
0.08
2002
 
592,963
0.979
831,960
102.8
2.85
0.08
2003
 
691,222
1.053
895,134
110.7
7.59
0.08
2004
 
714,191
1.027
873,208
107.9
-2.45
0.08
2005
 
706,992
0.988
839,617
103.8
-3.85
0.07
2006
 
758,213
1.020
867,341
107.2
3.30
0.07
2007
 
764,544
0.973
827,358
102.3
-4.61
0.06
2008
 
808,511
0.998
848,495
104.9
2.55
0.06
2009
 
707,608
0.895
760,892
94.1
-10.32
0.06
2010
 
902,577
1.111
944,482
116.8
24.13
0.07
2011
 
859,989
0.992
843,600
104.3
-10.68
0.06
2012
 
850,221
1.000
850,221
105.1
0.78
0.06
2013
 
954,967
1.088
924,682
114.3
8.76
0.06
2014
 
894,188
1.002
851,822
105.3
-7.88
0.06
2015
 
832,067
0.989
841,286
104.0
-1.24
0.05
2016
 
741,829
0.933
792,919
98.0
-5.75
0.05
2017
 
799,057
0.961
817,389
101.0
3.09
0.05
2018
 
751,887
0.896
761,949
94.2
-6.78
0.04
2019
 
737,780
0.876
744,569
92.0
-2.28
0.04
2020
 
715,465
0.851
723,858
89.5
-2.78
0.04
2021
 
805,985
0.788
669,596
82.8
-7.50
0.04
Source: Calculations by the Texas Regional Economic Analysis Project (TX-REAP)
with data provided by the U.S. Department of Commerce, Bureau of Economic Analysis
November 2023
REAP_PI_CA1400_2000_PSN
 
   

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

   
 
Texas:
Gross Domestic Product, 2001-2021
 
2001
 
773,375,473
0.718
1,020,537,759
100.0
N
7.31
2002
 
789,817,593
0.734
1,043,566,910
102.3
2.26
7.23
2003
 
833,342,258
0.739
1,050,609,448
102.9
0.67
7.27
2004
 
913,444,373
0.781
1,109,477,025
108.7
5.60
7.48
2005
 
995,252,430
0.803
1,141,373,737
111.8
2.87
7.63
2006
 
1,103,197,618
0.864
1,228,547,292
120.4
7.64
7.99
2007
 
1,191,093,058
0.905
1,286,192,710
126.0
4.69
8.23
2008
 
1,244,294,865
0.902
1,282,088,657
125.6
-0.32
8.42
2009
 
1,169,607,677
0.899
1,277,295,392
125.2
-0.37
8.08
2010
 
1,245,959,423
0.922
1,309,962,361
128.4
2.56
8.28
2011
 
1,341,334,387
0.952
1,353,600,364
132.6
3.33
8.60
2012
 
1,421,180,088
1.000
1,421,180,088
139.3
4.99
8.74
2013
 
1,515,195,596
1.045
1,484,700,136
145.5
4.47
9.00
2014
 
1,579,299,467
1.076
1,529,617,128
149.9
3.03
9.00
2015
 
1,573,498,371
1.130
1,605,901,672
157.4
4.99
8.64
2016
 
1,579,014,883
1.140
1,619,954,155
158.7
0.88
8.45
2017
 
1,673,234,322
1.168
1,659,453,293
162.6
2.44
8.59
2018
 
1,809,396,730
1.216
1,728,304,015
169.4
4.15
8.81
2019
 
1,858,757,760
1.252
1,779,781,391
174.4
2.98
8.69
2020
 
1,789,933,358
1.230
1,747,562,001
171.2
-1.81
8.50
2021
 
2,051,768,556
1.277
1,815,063,574
177.9
3.86
8.80
Source: Calculations by the Texas Regional Economic Analysis Project (TX-REAP)
with data provided by the U.S. Department of Commerce, Bureau of Economic Analysis
November 2023
REAP_PI_CA1400_2000_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:
Gross Domestic Product, 2001-2021
 
2001
 
10,581,929,000
0.816
13,263,417,000
100.0
N
2002
 
10,929,108,000
0.830
13,488,357,000
101.7
1.70
2003
 
11,456,450,000
0.853
13,865,519,000
104.5
2.80
2004
 
12,217,196,000
0.886
14,399,696,000
108.6
3.85
2005
 
13,039,197,000
0.917
14,901,269,000
112.3
3.48
2006
 
13,815,583,000
0.942
15,315,943,000
115.5
2.78
2007
 
14,474,228,000
0.961
15,623,871,000
117.8
2.01
2008
 
14,769,862,000
0.962
15,642,962,000
117.9
0.12
2009
 
14,478,067,000
0.937
15,236,262,000
114.9
-2.60
2010
 
15,048,970,000
0.963
15,648,991,000
118.0
2.71
2011
 
15,599,731,000
0.978
15,891,534,000
119.8
1.55
2012
 
16,253,970,000
1.000
16,253,970,000
122.5
2.28
2013
 
16,843,196,000
1.018
16,553,348,000
124.8
1.84
2014
 
17,550,687,000
1.042
16,932,051,000
127.7
2.29
2015
 
18,206,023,000
1.070
17,390,295,000
131.1
2.71
2016
 
18,695,106,000
1.088
17,680,274,000
133.3
1.67
2017
 
19,477,337,000
1.112
18,076,651,000
136.3
2.24
2018
 
20,533,058,000
1.145
18,609,078,000
140.3
2.95
2019
 
21,380,976,000
1.171
19,036,052,000
143.5
2.29
2020
 
21,060,474,000
1.139
18,509,143,000
139.6
-2.77
2021
 
23,315,081,000
1.206
19,609,812,000
147.8
5.95
Source: Calculations by the Texas Regional Economic Analysis Project (TX-REAP)
with data provided by the U.S. Department of Commerce, Bureau of Economic Analysis
November 2023
REAP_PI_CA1400_2000_PN
 
   
Analysis Options Menu
Primary: Lamb
Secondary: Texas
Select Alternative Regions
AndersonKarnes
AndrewsKaufman
AngelinaKendall
AransasKenedy
ArcherKent
ArmstrongKerr
AtascosaKimble
AustinKing
BaileyKinney
BanderaKleberg
BastropKnox
BaylorLamar
BeeLamb
BellLampasas
BexarLa Salle
BlancoLavaca
BordenLee
BosqueLeon
BowieLiberty
BrazoriaLimestone
BrazosLipscomb
BrewsterLive Oak
BriscoeLlano
BrooksLoving
BrownLubbock
BurlesonLynn
BurnetMcCulloch
CaldwellMcLennan
CalhounMcMullen
CallahanMadison
CameronMarion
CampMartin
CarsonMason
CassMatagorda
CastroMaverick
ChambersMedina
CherokeeMenard
ChildressMidland
ClayMilam
CochranMills
CokeMitchell
ColemanMontague
CollinMontgomery
CollingsworthMoore
ColoradoMorris
ComalMotley
ComancheNacogdoches
ConchoNavarro
CookeNewton
CoryellNolan
CottleNueces
CraneOchiltree
CrockettOldham
CrosbyOrange
CulbersonPalo Pinto
DallamPanola
DallasParker
DawsonParmer
Deaf SmithPecos
DeltaPolk
DentonPotter
DeWittPresidio
DickensRains
DimmitRandall
DonleyReagan
DuvalReal
EastlandRed River
EctorReeves
EdwardsRefugio
EllisRoberts
El PasoRobertson
ErathRockwall
FallsRunnels
FanninRusk
FayetteSabine
FisherSan Augustine
FloydSan Jacinto
FoardSan Patricio
Fort BendSan Saba
FranklinSchleicher
FreestoneScurry
FrioShackelford
GainesShelby
GalvestonSherman
GarzaSmith
GillespieSomervell
GlasscockStarr
GoliadStephens
GonzalesSterling
GrayStonewall
GraysonSutton
GreggSwisher
GrimesTarrant
GuadalupeTaylor
HaleTerrell
HallTerry
HamiltonThrockmorton
HansfordTitus
HardemanTom Green
HardinTravis
HarrisTrinity
HarrisonTyler
HartleyUpshur
HaskellUpton
HaysUvalde
HemphillVal Verde
HendersonVan Zandt
HidalgoVictoria
HillWalker
HockleyWaller
HoodWard
HopkinsWashington
HoustonWebb
HowardWharton
HudspethWheeler
HuntWichita
HutchinsonWilbarger
IrionWillacy
JackWilliamson
JacksonWilson
JasperWinkler
Jeff DavisWise
JeffersonWood
Jim HoggYoakum
Jim WellsYoung
JohnsonZapata
JonesZavala
Copyright © 2023. 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, TX-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.