Wilson County vs. Texas Comparative Trends Analysis: Total Personal Income Growth and Change, 1969-2022 Introduction Wilson County: 2022 TPI = $2,987,959K 2022 Percent of State = 0.16% Texas: 2022 TPI = $1,879,419,645K 2022 Percent of U.S. = 8.61% 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 Wilson County and Texas 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. Wilson County Total Personal Income, 1970-2022 Current vs. Constant Dollars (Millions) Figure 1. Figure 1 depicts Wilson 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 Wilson County over time. When measured in current dollars, Wilson County's total personal income increased 7,606.69%, from $39M in 1970 to $2,988M in 2022. When measured in constant 2017 dollars to adjust for inflation, it advanced 1,212.71%, from $196M in 1970 to $2,575M in 2022. Real Total Personal Income, 1969-2022 (Millions) Figure 2. Figure 2 tracks Wilson County's and Texas' annual real total personal income for the period 1969-2022 to illustrate real total personal income patterns over time. During this 54-year period, Wilson County's real total personal income rose from $180M in 1969 to $2,575M in 2022, for a net gain of $2,395M, or 1,334.09%. In comparison, Texas' real total personal income advanced from $204,284M in 1969 to $1,619,589M in 2022, for a net advance of $1,415,305M, or 692.81%. Total Personal Income as a Percent of the Texas Total: 1969-2022 Figure 3. Another interesting and insightful way of comparing the total personal income growth of Wilson County is to trace its individual percentage contributions to Texas' statewide total personal income over time, as shown in Figure 3. A rising share means a region's total personal income grew faster, or declined less, than Texas' total personal income, while a declining share shows it grew more slowly. In 1969, Wilson County's total personal income comprised 0.09% of Texas' total personal income, while in 2022 it totaled 0.16% thereby yielding a +0.07% share-shift.
Wilson County Real Total Personal Income: Annual Percent Change, 1970-2022 Figure 4. Figure 4 shows the short-run pattern of Wilson 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, Wilson County's real total personal income grew at an annual rate of 5.24% over 1970-2022. The county posted its highest growth in 1973 (17.86%) and recorded its lowest growth in 1971 (-6.96%). In 2022, Wilson County's real total personal income declined by -2.51% Wilson County Real Total Personal Income: Annual Percent Change and Decade Averages Over 1970-2022 Figure 5. 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 5 again depicts the annual percent change in Wilson 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, Wilson County's annual real total personal income growth rate averaged 5.43%. It averaged 5.46% in the 1980s, 6.45% during the 1990s, 5.21% during the 2000s, 4.37% in the 2010s, 2.79% thus far this decade (2020-2022). Real Total Personal Income Growth: Average Annual Percent Change by Decade Figure 6. Figure 6 compares the decade average growth rates for Wilson County noted in the previous graph with the corresponding decade averages for Texas and the nation. As the chart reveals, Wilson County's average annual real total personal income growth fell below Texas' average during the 1970s (5.43% vs. 5.69%), outperformed Texas' average during the 1980s (5.46% vs. 3.13%), exceeded Texas' average during the 1990s (6.45% vs. 4.63%), led Texas' average in the 2000s (5.21% vs. 3.29%), topped Texas' average in the 2010s (4.37% vs. 3.66%), and recorded under Texas' average over the 3 year period of the current decade, 2020-2022 (2.79% vs. 3.00%). Finally, relative to nationwide real total personal income growth trends, Wilson County outgained the nation in the 1970s (5.43% vs. 3.50%), outperformed the nation over the 1980s (5.46% vs. 3.16%), registered above the nation in the 1990s (6.45% vs. 3.27%), exceeded the nation in the 2000s (5.21% vs. 2.06%), exceeded the nation over the 2010s (4.37% vs. 2.72%), and registered above the nation over 2020-2022 (2.79% vs. 2.10%).
| Analysis Options Menu |