Chester County vs. South Carolina
Comparative Trends Analysis:
Total Industry Earnings Growth and Change, 1969-2022
Introduction
Chester County vs. South Carolina
Chester County:
2022 Earnings = $744,387K
2022 Percent of State = 0.42%
South Carolina:
2022 Earnings = $176,962,695K
2022 Percent of U.S. = 1.16%
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.
Chester County Total Industry Earnings, 1970-2022
Current vs. Constant Dollars (Millions)
Chester County Total Industry Earnings, 1970-2022
Current vs. Constant Dollars (Millions)
Figure 1.
Figure 1 depicts Chester 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 Chester County over time.
When measured in current dollars, Chester County's total industry earnings increased 1,024.10%, from $66M in 1970 to $744M in 2022. When measured in constant 2017 dollars to adjust for inflation, it advanced 91.47%, from $335M in 1970 to $641M in 2022.
Real Total Industry Earnings, 1969-2022 (Millions)
Real Total Industry Earnings, 1969-2022 (Millions)
Figure 2.
Figure 2 traces Chester County's and South Carolina'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, Chester County's real total industry earnings rose from $339M in 1969 to $641M in 2022, for a net gain of $302M, or 89.08%. In comparison, South Carolina's real total industry earnings increased from $34,147M in 1969 to $152,498M in 2022, for a net gain of $118,351M, or 346.60%.
Real Total Industry Earnings Indices (1969=100): 1969-2022
Real Total Industry Earnings Indices (1969=100): 1969-2022
Figure 3.
Figure 3 portrays Chester County's real total industry earnings growth in a broader context by offering direct comparisons across time with South Carolina, 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.
Chester County's overall real total industry earnings growth was 89.08% over 1969-2022 trailed South Carolina's increase of 346.60%, and fell below the United States' increase of 278.59%.
Total Industry Earnings as a Percent of the South Carolina Total: 1969-2022
Total Industry Earnings as a Percent of the South Carolina Total: 1969-2022
Figure 4.
Another interesting and insightful way of comparing the total industry earnings growth of Chester County is to trace its individual percentage contributions to South Carolina'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 South Carolina's total industry earnings, while a declining share shows it grew more slowly.
In 1969, Chester County's total industry earnings totaled 0.99% of South Carolina's total industry earnings, while in 2022 it totaled 0.42% thereby yielding a -0.57% share-shift.
   
 
Total Industry Earnings Share-Shift
2022 vs. 1969
 
Share-
Shift*
 
2022
vs.
1969
-0.57%
=
0.42%
-
0.99%
 
   
Chester County Real Total Industry Earnings:
Annual Percent Change, 1970-2022
Chester County Real Total Industry Earnings:
Annual Percent Change, 1970-2022
Figure 5.
Figure 5 shows the short-run pattern of Chester 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 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, Chester County's real total industry earnings grew at an annual rate of 1.34% over 1970-2022. The county posted its highest growth in 1976 (18.56%) and recorded its lowest growth in 2009 (-11.29%). In 2022, Chester County's real total industry earnings grew by 1.49%
Chester County Real Total Industry Earnings:
Annual Percent Change and Decade Averages Over 1970-2022
Chester 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 shows the annual percent change in Chester 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, Chester County's annual real total industry earnings growth rate averaged 3.41%. It averaged 0.75% throughout the 1980s, 2.31% during the 1990s, -2.32% during the 2000s, 3.03% throughout the 2010s, -0.22% 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 Chester County noted in the previous graph with the corresponding decade averages for South Carolina and the nation. As the chart reveals, Chester County's average annual real total industry earnings growth amounted to less than South Carolina's average in the 1970s (3.41% vs. 4.13%), lagged South Carolina's average during the 1980s (0.75% vs. 3.22%), amounted to less than South Carolina's average throughout the 1990s (2.31% vs. 3.35%), lagged South Carolina's average during the 2000s (-2.32% vs. 1.18%), trailed South Carolina's average throughout the 2010s (3.03% vs. 3.05%), and fell below South Carolina's average over the 3 year period of the current decade, 2020-2022 (-0.22% vs. 1.44%).
Finally, relative to nationwide real total industry earnings growth trends, Chester County topped the nation in the 1970s (3.41% vs. 3.13%), fell below the nation in the 1980s (0.75% vs. 2.62%), fell below the nation over the 1990s (2.31% vs. 3.43%), posted below the nation in the 2000s (-2.32% vs. 1.47%), outperformed the nation over the 2010s (3.03% vs. 2.53%), and trailed the nation over 2020-2022 (-0.22% vs. 1.48%).
   
 
Real* Total Industry Earnings Growth:
Average Annual Percent Change
 
 
 
1.34
3.41
0.75
2.31
-2.32
3.03
-0.22
1.49
 
2.90
4.13
3.22
3.35
1.18
3.05
1.44
0.89
 
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.

   
 
Chester County:
Total Industry Earnings, 1969-2022
 
1969
 
64,062
0.189
339,258
100.0
N
0.99
1970
 
66,221
0.198
335,025
98.8
-1.25
0.95
1971
 
72,103
0.206
349,930
103.1
4.45
0.95
1972
 
80,855
0.213
379,458
111.8
8.44
0.95
1973
 
90,346
0.225
402,342
118.6
6.03
0.93
1974
 
96,167
0.248
387,880
114.3
-3.59
0.89
1975
 
94,847
0.269
353,116
104.1
-8.96
0.84
1976
 
118,615
0.283
418,646
123.4
18.56
0.92
1977
 
129,382
0.302
428,758
126.4
2.42
0.92
1978
 
143,169
0.323
443,577
130.7
3.46
0.90
1979
 
163,037
0.351
463,925
136.7
4.59
0.91
1980
 
172,944
0.389
444,266
131.0
-4.24
0.89
1981
 
190,512
0.424
449,162
132.4
1.10
0.88
1982
 
188,457
0.448
420,935
124.1
-6.28
0.84
1983
 
208,177
0.467
446,004
131.5
5.96
0.85
1984
 
216,883
0.484
447,745
132.0
0.39
0.79
1985
 
216,293
0.501
431,481
127.2
-3.63
0.74
1986
 
226,507
0.512
442,232
130.4
2.49
0.72
1987
 
243,256
0.528
460,695
135.8
4.17
0.72
1988
 
262,076
0.549
477,674
140.8
3.69
0.70
1989
 
284,068
0.573
496,093
146.2
3.86
0.71
1990
 
286,793
0.598
479,788
141.4
-3.29
0.67
1991
 
285,179
0.618
461,649
136.1
-3.78
0.65
1992
 
316,568
0.634
499,161
147.1
8.13
0.68
1993
 
320,839
0.650
493,598
145.5
-1.11
0.65
1994
 
337,917
0.664
509,249
150.1
3.17
0.65
1995
 
351,891
0.678
519,366
153.1
1.99
0.65
1996
 
376,956
0.692
544,710
160.6
4.88
0.66
1997
 
395,695
0.704
562,011
165.7
3.18
0.65
1998
 
419,852
0.710
591,616
174.4
5.27
0.64
1999
 
445,854
0.720
619,233
182.5
4.67
0.64
2000
 
469,438
0.738
635,905
187.4
2.69
0.64
2001
 
461,771
0.753
613,225
180.8
-3.57
0.61
2002
 
467,509
0.763
612,797
180.6
-0.07
0.60
2003
 
470,678
0.779
604,254
178.1
-1.39
0.58
2004
 
496,029
0.798
621,380
183.2
2.83
0.59
2005
 
525,512
0.821
639,877
188.6
2.98
0.59
2006
 
538,062
0.844
637,212
187.8
-0.42
0.57
2007
 
507,233
0.866
585,672
172.6
-8.09
0.51
2008
 
486,160
0.892
545,206
160.7
-6.91
0.48
2009
 
430,047
0.889
483,628
142.6
-11.29
0.45
2010
 
414,295
0.905
457,714
134.9
-5.36
0.42
2011
 
430,525
0.928
463,908
136.7
1.35
0.41
2012
 
450,628
0.945
476,684
140.5
2.75
0.41
2013
 
466,783
0.958
487,344
143.7
2.24
0.41
2014
 
479,516
0.971
493,731
145.5
1.31
0.40
2015
 
509,069
0.973
523,201
154.2
5.97
0.40
2016
 
505,088
0.983
513,907
151.5
-1.78
0.39
2017
 
551,804
1.000
551,804
162.7
7.37
0.40
2018
 
615,816
1.020
603,463
177.9
9.36
0.43
2019
 
668,654
1.035
645,961
190.4
7.04
0.44
2020
 
660,481
1.046
631,224
186.1
-2.28
0.43
2021
 
688,926
1.090
632,036
186.3
0.13
0.42
2022
 
744,387
1.160
641,475
189.1
1.49
0.42
Source: Calculations by the South Carolina Regional Economic Analysis Project (SC-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.

   
 
South Carolina:
Total Industry Earnings, 1969-2022
 
1969
 
6,447,908
0.189
34,146,629
100.0
N
0.99
1970
 
6,942,250
0.198
35,122,180
102.9
2.86
1.00
1971
 
7,564,412
0.206
36,711,536
107.5
4.53
1.02
1972
 
8,524,777
0.213
40,007,401
117.2
8.98
1.04
1973
 
9,707,960
0.225
43,232,955
126.6
8.06
1.06
1974
 
10,848,679
0.248
43,757,024
128.1
1.21
1.09
1975
 
11,316,873
0.269
42,132,811
123.4
-3.71
1.07
1976
 
12,843,726
0.283
45,331,331
132.8
7.59
1.09
1977
 
14,087,803
0.302
46,685,455
136.7
2.99
1.08
1978
 
15,992,600
0.323
49,549,510
145.1
6.13
1.08
1979
 
17,885,280
0.351
50,892,866
149.0
2.71
1.09
1980
 
19,488,014
0.389
50,061,688
146.6
-1.63
1.09
1981
 
21,600,572
0.424
50,926,729
149.1
1.73
1.10
1982
 
22,406,360
0.448
50,046,593
146.6
-1.73
1.09
1983
 
24,408,184
0.467
52,292,793
153.1
4.49
1.12
1984
 
27,455,282
0.484
56,680,117
166.0
8.39
1.13
1985
 
29,233,430
0.501
58,317,567
170.8
2.89
1.12
1986
 
31,328,841
0.512
61,166,444
179.1
4.89
1.12
1987
 
33,985,234
0.528
64,363,535
188.5
5.23
1.13
1988
 
37,218,635
0.549
67,836,754
198.7
5.40
1.14
1989
 
39,824,982
0.573
69,549,924
203.7
2.53
1.15
1990
 
42,861,853
0.598
71,705,317
210.0
3.10
1.16
1991
 
44,199,844
0.618
71,550,885
209.5
-0.22
1.17
1992
 
46,889,113
0.634
73,934,268
216.5
3.33
1.16
1993
 
49,203,487
0.650
75,697,672
221.7
2.39
1.16
1994
 
51,749,066
0.664
77,987,019
228.4
3.02
1.16
1995
 
54,431,211
0.678
80,336,528
235.3
3.01
1.16
1996
 
57,240,948
0.692
82,714,547
242.2
2.96
1.15
1997
 
60,813,625
0.704
86,374,402
253.0
4.42
1.15
1998
 
65,335,985
0.710
92,065,305
269.6
6.59
1.14
1999
 
69,550,347
0.720
96,596,363
282.9
4.92
1.14
2000
 
73,814,311
0.738
99,989,584
292.8
3.51
1.12
2001
 
75,459,907
0.753
100,209,698
293.5
0.22
1.10
2002
 
77,350,806
0.763
101,389,163
296.9
1.18
1.10
2003
 
80,561,519
0.779
103,424,550
302.9
2.01
1.11
2004
 
84,528,682
0.798
105,889,839
310.1
2.38
1.10
2005
 
88,717,627
0.821
108,024,921
316.4
2.02
1.10
2006
 
94,342,918
0.844
111,727,757
327.2
3.43
1.11
2007
 
99,031,306
0.866
114,345,614
334.9
2.34
1.12
2008
 
100,641,309
0.892
112,864,539
330.5
-1.30
1.12
2009
 
96,341,177
0.889
108,344,685
317.3
-4.00
1.11
2010
 
99,188,050
0.905
109,583,103
320.9
1.14
1.10
2011
 
103,971,400
0.928
112,033,318
328.1
2.24
1.10
2012
 
109,973,053
0.945
116,331,746
340.7
3.84
1.12
2013
 
113,166,207
0.958
118,150,998
346.0
1.56
1.11
2014
 
119,059,563
0.971
122,588,897
359.0
3.76
1.12
2015
 
125,823,340
0.973
129,316,170
378.7
5.49
1.14
2016
 
130,602,979
0.983
132,883,256
389.2
2.76
1.15
2017
 
137,501,595
1.000
137,501,595
402.7
3.48
1.16
2018
 
143,465,879
1.020
140,588,042
411.7
2.24
1.15
2019
 
151,296,969
1.035
146,162,288
428.0
3.96
1.16
2020
 
152,497,900
1.046
145,742,725
426.8
-0.29
1.16
2021
 
164,758,133
1.090
151,152,864
442.7
3.71
1.15
2022
 
176,962,695
1.160
152,497,518
446.6
0.89
1.16
Source: Calculations by the South Carolina Regional Economic Analysis Project (SC-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 South Carolina Regional Economic Analysis Project (SC-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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