Merrimack County vs. New Hampshire
Comparative Trends Analysis:
Per Capita Personal Income Growth and Change, 1969-2016
Introduction
Merrimack County:
2016 PCI = $53,359
2016 Percent of State = 95.4%
New Hampshire:
2016 PCI = $55,954
Per Capita Income (PCI) is one of the most widely used indicators for gauging the economic performance and changing fortunes of local economies. It is used as a yardstick to assess the economic well being of a region's residents and the quality of consumer markets. It serves as a barometer for calibrating the economic performance of a region over time and to judge differences in relative economic prosperity between regions. Shifting trends in local per capita income growth have important social and political ramifications and significant implications in formulating local economic development strategies and initiatives.
Data Definition:
Personal income is the income that is received by persons from all sources. It is calculated as the sum of wage and salary disbursements, 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 tranfer receipts, less contributions for government social insurance. This measure of income is calculated as the personal income of the residents of a given area divided by the resident population of the area. In computing per capita personal income, BEA uses the Census Bureau's annual midyear population estimates.
Personal income is measured as a flow throughout the year, while the measurement of population is at one point in mid-year. Therefore, per capita income is distorted if a significant change in population occurs during the year.
For smaller counties in particular, per capita income in any given year may be exceptionally high or low for the short run because of unusual local conditions, such as a bumper crop, a catastrophe, or a major construction project as the building of a dam or nuclear power plant.
Farm incomes are notorious for being especially volatile year-to-year, owing to changing weather, commodity market conditions, and alterations in government programs. Therefore, the per capita income of farm-dependent counties may exhibit sharp fluctuations over time.
The presence of large institutional populations--such as residents attending a local college or the residents of a local prison or state mental institution--can significantly lower the per capita income estimates of an area. Such results may not reflect the relative economic well being of the non-institutional population and may mislead if care is not given to their interpretation.
Merrimack County Per Capita Personal Income, 1969-2016
Current vs. Constant Dollars
Merrimack County Per Capita Personal Income, 1969-2016
Current vs. Constant Dollars
Figure 1.
Figure 1 depicts Merrimack County's annual per capita personal income over 1969-2016 in current and constant (2009) dollars. Constant dollar measurements remove the effects of inflation. They allow for comparison of changes in the real purchasing power of Merrimack County over time.
When measured in current dollars, Merrimack County's per capita personal income increased 1,321.5%, from $3,754 in 1969 to $53,359 in 2016. When measured in constant 2009 dollars to adjust for inflation, it advanced 173.5%, from $17,613 in 1969 to $48,163 in 2016.
Real Per Capita Personal Income, 1969-2016
Real Per Capita Personal Income, 1969-2016
Figure 2.
Figure 2 tracks Merrimack County's and New Hampshire's annual real per capita personal income for the period 1969-2016 to illustrate real per capita personal income patterns over time. During this 48-year period, Merrimack County's real per capita personal income rose from $17,613 in 1969 to $48,163 in 2016, for a net gain of $30,550, or 173.5%. In comparison, New Hampshire's real per capita personal income increased from $18,069 in 1969 to $50,505 in 2016, for a net gain of $32,436, or 179.5%.
Real Per Capita Personal Income Indices (1969=100): 1969-2016
Real Per Capita Personal Income Indices (1969=100): 1969-2016
Figure 3.
Figure 3 shows Merrimack County's real per capita personal income growth in a broader context by offering direct comparisons across time with New Hampshire, the United States. The growth indices shown here express each region's real per capita personal income in 1969 as a base figure of 100, and the real per capita personal incomes in later years as a percentage of the 1969 base figure. This method allows for more direct comparison of differences in real per capita personal income growth between regions that may differ vastly in size.
Merrimack County's overall real per capita personal income growth was 173.5% over 1969-2016 trailed New Hampshire's increase of 179.5%, and topped the United States' increase of 141.0%.
Per Capita Personal Income as a Percent of the U.S. Average: 1969-2016
Per Capita Personal Income as a Percent of the U.S. Average: 1969-2016
Figure 4.
Figure 4 portrays the trends for per capita personal income relative to the national average by tracing Merrimack County and New Hampshire per capita personal income as a percent of the national average over 1969-2016.
In 1969, Merrimack County's per capita personal income amounted to 95.5% of the national average; in 2016, it approximated 108.4%. Similarly, in 1969, New Hampshire's per capita personal income totaled 98.0% of the national average; in 2016, it consisted of 113.6%.
Merrimack County Real Per Capita Personal Income:
Annual Percent Change, 1970-2016
Merrimack County Real Per Capita Personal Income:
Annual Percent Change, 1970-2016
Figure 5.
Figure 5 highlights the short-run pattern of Merrimack County's real per capita personal income growth by tracking the year-to-year percent change over 1970-2016. The average annual percent change for the entire 47-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, Merrimack County's real per capita personal income grew at an annual rate of 2.26% over 1970-2016. The county posted its highest growth in 2001 (24.60%) and recorded its lowest growth in 2003 (-6.07%). In 2016, Merrimack County's real per capita personal income grew by 1.84%
Merrimack County Real Per Capita Personal Income:
Annual Percent Change and Decade Averages Over 1970-2016
Merrimack County Real Per Capita Personal Income:
Annual Percent Change and Decade Averages Over 1970-2016
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 depicts the annual percent change in Merrimack County's real per capita personal income since 1970, but this time they are overlayed with average growth rates for the decade of the 1970s, 1980s, 1990s, 2000s, and 2010-2016.
During the 1970s, Merrimack County's annual real per capita personal income growth rate averaged 2.40%. It averaged 3.86% in the 1980s, 1.25% throughout the 1990s, 3.68% throughout the 2000s, and -0.81% thus far this decade (2010 to 2016).
Real Per Capita Personal Income Growth:
Average Annual Percent Change by Decade
Real Per Capita Personal Income Growth:
Average Annual Percent Change by Decade
Figure 7.
Figure 7 compares the decade average growth rates for Merrimack County noted in the previous graph with the corresponding decade averages for New Hampshire and the nation. As the chart reveals, Merrimack County's average annual real per capita personal income growth topped New Hampshire's average during the 1970s (2.40% vs. 2.20%), topped New Hampshire's average throughout the 1980s (3.86% vs. 3.68%), posted below New Hampshire's average during the 1990s (1.25% vs. 2.10%), outgained New Hampshire's average in the 2000s (3.68% vs. 1.55%), and amounted to less than New Hampshire's average over the 7 year period of the last decade, 2010-2016 (-0.81% vs. 1.44%).
Finally, relative to nationwide real per capita personal income growth trends, Merrimack County registered above the nation during the 1970s (2.40% vs. 2.34%), outperformed the nation throughout the 1980s (3.86% vs. 2.21%), fell under the nation over the 1990s (1.25% vs. 2.05%), surpassed the nation throughout the 2000s (3.68% vs. 1.12%), and fell under the nation over 2010-2016 (-0.81% vs. 1.76%).
   
 
Real* Per Capita Personal Income Growth:
Average Annual Percent Change
 
 
 
2.26
2.40
3.86
1.25
3.68
-0.81
1.84
 
2.24
2.20
3.68
2.10
1.55
1.44
1.37
 
1.91
2.34
2.21
2.05
1.12
1.76
0.44
 
   
   
 
Merrimack County:
Per Capita Personal Income, 1969-2016
 
1969
 
3,754
0.213
17,613
100.0
N
97.48
95.51
1970
 
4,001
0.223
17,934
101.8
1.82
99.81
95.36
1971
 
4,297
0.233
18,473
104.9
3.01
101.45
96.18
1972
 
4,557
0.241
18,945
107.6
2.56
99.81
93.92
1973
 
4,996
0.254
19,705
111.9
4.01
99.74
93.33
1974
 
5,516
0.280
19,705
111.9
0.00
101.91
94.71
1975
 
5,913
0.303
19,495
110.7
-1.07
101.92
93.67
1976
 
6,568
0.320
20,529
116.6
5.30
102.20
95.80
1977
 
7,148
0.341
20,978
119.1
2.19
101.26
95.38
1978
 
7,962
0.365
21,835
124.0
4.08
100.29
95.48
1979
 
8,847
0.397
22,286
126.5
2.07
99.48
96.03
1980
 
9,715
0.440
22,100
125.5
-0.84
96.82
95.69
1981
 
10,913
0.478
22,816
129.5
3.24
97.30
96.90
1982
 
11,914
0.505
23,602
134.0
3.44
97.61
99.73
1983
 
12,934
0.527
24,565
139.5
4.08
97.47
102.23
1984
 
14,475
0.546
26,489
150.4
7.83
98.31
104.44
1985
 
15,757
0.566
27,849
158.1
5.13
98.83
107.06
1986
 
17,249
0.578
29,839
169.4
7.15
100.52
111.58
1987
 
18,886
0.597
31,661
179.8
6.10
102.29
116.11
1988
 
19,853
0.620
32,034
181.9
1.18
100.34
113.92
1989
 
20,978
0.646
32,453
184.3
1.31
101.07
112.46
1990
 
20,868
0.674
30,943
175.7
-4.65
100.81
106.51
1991
 
21,515
0.697
30,889
175.4
-0.17
100.38
107.66
1992
 
22,433
0.715
31,377
178.2
1.58
100.51
106.52
1993
 
23,091
0.733
31,511
178.9
0.43
101.14
106.42
1994
 
24,399
0.748
32,618
185.2
3.51
101.10
108.26
1995
 
25,281
0.764
33,109
188.0
1.51
99.88
107.27
1996
 
25,967
0.780
33,299
189.1
0.57
98.30
105.01
1997
 
27,155
0.793
34,231
194.4
2.80
96.89
104.64
1998
 
28,797
0.799
36,026
204.5
5.24
94.91
104.68
1999
 
29,723
0.811
36,645
208.1
1.72
93.11
103.83
2000
 
32,399
0.831
38,973
221.3
6.35
91.37
105.87
2001
 
41,148
0.847
48,561
275.7
24.60
111.75
130.46
2002
 
41,642
0.859
48,492
275.3
-0.14
112.15
130.89
2003
 
39,889
0.876
45,550
258.6
-6.07
106.08
122.02
2004
 
40,788
0.897
45,469
258.2
-0.18
102.97
118.86
2005
 
42,167
0.923
45,704
259.5
0.52
103.04
117.44
2006
 
47,704
0.947
50,359
285.9
10.18
109.01
125.06
2007
 
48,940
0.971
50,401
286.2
0.08
108.28
122.90
2008
 
49,898
1.001
49,866
283.1
-1.06
107.62
121.46
2009
 
51,140
1.000
51,140
290.4
2.56
111.80
129.88
2010
 
53,855
1.017
52,979
300.8
3.60
114.22
133.71
2011
 
54,088
1.041
51,933
294.9
-1.97
109.14
127.38
2012
 
54,947
1.061
51,778
294.0
-0.30
106.01
124.08
2013
 
52,596
1.075
48,912
277.7
-5.54
101.91
118.21
2014
 
51,667
1.092
47,333
268.7
-3.23
98.61
111.13
2015
 
51,778
1.095
47,294
268.5
-0.08
94.93
106.87
2016
 
53,359
1.108
48,163
273.5
1.84
95.36
108.35
Source: Calculations by the New Hampshire Regional Economic Analysis Project (NH-REAP)
with data provided by the U.S. Department of Commerce, Bureau of Economic Analysis
November 2017
REAP_PI_CA1400_700_PSN
 
   
   
 
New Hampshire:
Per Capita Personal Income, 1969-2016
 
1969
 
3,851
0.213
18,069
100.0
N
97.98
1970
 
4,009
0.223
17,968
99.4
-0.56
95.55
1971
 
4,236
0.233
18,210
100.8
1.35
94.81
1972
 
4,566
0.241
18,981
105.1
4.24
94.09
1973
 
5,008
0.254
19,756
109.3
4.08
93.58
1974
 
5,413
0.280
19,336
107.0
-2.12
92.94
1975
 
5,801
0.303
19,128
105.9
-1.08
91.91
1976
 
6,427
0.320
20,088
111.2
5.02
93.74
1977
 
7,060
0.341
20,717
114.7
3.13
94.20
1978
 
7,938
0.365
21,771
120.5
5.09
95.20
1979
 
8,893
0.397
22,403
124.0
2.90
96.53
1980
 
10,034
0.440
22,826
126.3
1.89
98.83
1981
 
11,217
0.478
23,450
129.8
2.73
99.59
1982
 
12,207
0.505
24,181
133.8
3.12
102.17
1983
 
13,270
0.527
25,203
139.5
4.22
104.89
1984
 
14,724
0.546
26,945
149.1
6.91
106.23
1985
 
15,944
0.566
28,179
156.0
4.58
108.33
1986
 
17,159
0.578
29,684
164.3
5.34
111.00
1987
 
18,462
0.597
30,951
171.3
4.27
113.51
1988
 
19,785
0.620
31,925
176.7
3.15
113.54
1989
 
20,756
0.646
32,109
177.7
0.58
111.27
1990
 
20,699
0.674
30,693
169.9
-4.41
105.65
1991
 
21,433
0.697
30,771
170.3
0.26
107.24
1992
 
22,320
0.715
31,219
172.8
1.46
105.98
1993
 
22,832
0.733
31,157
172.4
-0.20
105.22
1994
 
24,133
0.748
32,262
178.5
3.55
107.08
1995
 
25,312
0.764
33,150
183.5
2.75
107.40
1996
 
26,417
0.780
33,876
187.5
2.19
106.83
1997
 
28,027
0.793
35,331
195.5
4.30
108.00
1998
 
30,342
0.799
37,958
210.1
7.44
110.30
1999
 
31,923
0.811
39,357
217.8
3.69
111.51
2000
 
35,460
0.831
42,656
236.1
8.38
115.87
2001
 
36,820
0.847
43,453
240.5
1.87
116.74
2002
 
37,131
0.859
43,240
239.3
-0.49
116.71
2003
 
37,603
0.876
42,940
237.6
-0.69
115.02
2004
 
39,613
0.897
44,160
244.4
2.84
115.44
2005
 
40,922
0.923
44,355
245.5
0.44
113.98
2006
 
43,763
0.947
46,198
255.7
4.16
114.73
2007
 
45,199
0.971
46,548
257.6
0.76
113.51
2008
 
46,365
1.001
46,334
256.4
-0.46
112.86
2009
 
45,742
1.000
45,742
253.2
-1.28
116.17
2010
 
47,148
1.017
46,381
256.7
1.40
117.06
2011
 
49,557
1.041
47,583
263.3
2.59
116.71
2012
 
51,834
1.061
48,844
270.3
2.65
117.05
2013
 
51,608
1.075
47,993
265.6
-1.74
115.99
2014
 
52,398
1.092
48,002
265.7
0.02
112.70
2015
 
54,544
1.095
49,820
275.7
3.79
112.58
2016
 
55,954
1.108
50,505
279.5
1.37
113.62
Source: Calculations by the New Hampshire Regional Economic Analysis Project (NH-REAP)
with data provided by the U.S. Department of Commerce, Bureau of Economic Analysis
November 2017
REAP_PI_CA1400_700_PSN
 
   
   
 
United States:
Per Capita Personal Income, 1969-2016
 
1969
 
3,930
0.213
18,441
100.0
N
1970
 
4,196
0.223
18,806
102.0
1.98
1971
 
4,468
0.233
19,208
104.2
2.14
1972
 
4,853
0.241
20,173
109.4
5.02
1973
 
5,352
0.254
21,112
114.5
4.66
1974
 
5,824
0.280
20,806
112.8
-1.45
1975
 
6,312
0.303
20,812
112.9
0.03
1976
 
6,856
0.320
21,429
116.2
2.97
1977
 
7,494
0.341
21,993
119.3
2.63
1978
 
8,338
0.365
22,867
124.0
3.97
1979
 
9,212
0.397
23,207
125.8
1.49
1980
 
10,153
0.440
23,096
125.2
-0.48
1981
 
11,262
0.478
23,546
127.7
1.95
1982
 
11,947
0.505
23,666
128.3
0.51
1983
 
12,652
0.527
24,029
130.3
1.53
1984
 
13,860
0.546
25,364
137.5
5.56
1985
 
14,719
0.566
26,013
141.1
2.56
1986
 
15,459
0.578
26,743
145.0
2.81
1987
 
16,265
0.597
27,268
147.9
1.96
1988
 
17,426
0.620
28,119
152.5
3.12
1989
 
18,653
0.646
28,857
156.5
2.62
1990
 
19,591
0.674
29,050
157.5
0.67
1991
 
19,985
0.697
28,692
155.6
-1.23
1992
 
21,060
0.715
29,457
159.7
2.66
1993
 
21,698
0.733
29,610
160.6
0.52
1994
 
22,538
0.748
30,130
163.4
1.75
1995
 
23,568
0.764
30,866
167.4
2.45
1996
 
24,728
0.780
31,711
172.0
2.74
1997
 
25,950
0.793
32,712
177.4
3.16
1998
 
27,510
0.799
34,415
186.6
5.20
1999
 
28,627
0.811
35,294
191.4
2.56
2000
 
30,602
0.831
36,812
199.6
4.30
2001
 
31,540
0.847
37,221
201.8
1.11
2002
 
31,815
0.859
37,049
200.9
-0.46
2003
 
32,692
0.876
37,332
202.4
0.76
2004
 
34,316
0.897
38,255
207.5
2.47
2005
 
35,904
0.923
38,916
211.0
1.73
2006
 
38,144
0.947
40,266
218.4
3.47
2007
 
39,821
0.971
41,010
222.4
1.85
2008
 
41,082
1.001
41,055
222.6
0.11
2009
 
39,376
1.000
39,376
213.5
-4.09
2010
 
40,277
1.017
39,622
214.9
0.62
2011
 
42,461
1.041
40,769
221.1
2.90
2012
 
44,282
1.061
41,728
226.3
2.35
2013
 
44,493
1.075
41,377
224.4
-0.84
2014
 
46,494
1.092
42,594
231.0
2.94
2015
 
48,451
1.095
44,255
240.0
3.90
2016
 
49,246
1.108
44,450
241.0
0.44
Source: Calculations by the New Hampshire Regional Economic Analysis Project (NH-REAP)
with data provided by the U.S. Department of Commerce, Bureau of Economic Analysis
November 2017
REAP_PI_CA1400_700_PN
 
   
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