Hillsborough County vs. New Hampshire
Comparative Trends Analysis:
Total Industry Earnings Growth and Change, 1969-2018
Introduction
Hillsborough County:
2018 Earnings = $18,972,254K
2018 Percent of State = 34.4%
New Hampshire:
2018 Earnings = $55,152,130K
2018 Percent of State = 0.4%
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.
Hillsborough County Total Industry Earnings, 1970-2018
Current vs. Constant Dollars (Millions)
Hillsborough County Total Industry Earnings, 1970-2018
Current vs. Constant Dollars (Millions)
Figure 1.
Figure 1 depicts Hillsborough County's annual total industry earnings over 1970-2018 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 Hillsborough County over time.
When measured in current dollars, Hillsborough County's total industry earnings increased 2,288.8%, from $794M in 1970 to $18,972M in 2018. When measured in constant 2012 dollars to adjust for inflation, it advanced 362.8%, from $3,791M in 1970 to $17,544M in 2018.
Real Total Industry Earnings, 1969-2018 (Millions)
Real Total Industry Earnings, 1969-2018 (Millions)
Figure 2.
Figure 2 traces Hillsborough County's and New Hampshire's annual real total industry earnings for the period 1969-2018 to illustrate real total industry earnings patterns over time. During this 50-year period, Hillsborough County's real total industry earnings rose from $3,760M in 1969 to $17,544M in 2018, for a net gain of $13,784M, or 366.6%. In comparison, New Hampshire's real total industry earnings advanced from $10,111M in 1969 to $50,999M in 2018, for a net advance of $40,888M, or 404.4%.
Real Total Industry Earnings Indices (1969=100): 1969-2018
Real Total Industry Earnings Indices (1969=100): 1969-2018
Figure 3.
Figure 3 portrays Hillsborough County's real total industry earnings 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 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.
Hillsborough County's overall real total industry earnings growth was 366.6% over 1969-2018 trailed New Hampshire's increase of 404.4%, and outpaced the United States' increase of 254.2%.
Total Industry Earnings as a Percent of the New Hampshire Total: 1969-2018
Total Industry Earnings as a Percent of the New Hampshire Total: 1969-2018
Figure 4.
Another interesting and insightful way of highlighting the total industry earnings growth of Hillsborough County is to trace its individual percentage contributions to New Hampshire'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 New Hampshire's total industry earnings, while a declining share shows it grew more slowly.
In 1969, Hillsborough County's total industry earnings totaled 37.2% of New Hampshire's total industry earnings, while in 2018 it equated to 34.4% thereby yielding a -2.8% share-shift.
   
 
Total Industry Earnings Share-Shift
2018 vs. 1969
 
Share-
Shift*
 
2018
vs.
1969
-2.79%
=
34.40%
-
37.19%
 
   
Hillsborough County Real Total Industry Earnings:
Annual Percent Change, 1970-2018
Hillsborough County Real Total Industry Earnings:
Annual Percent Change, 1970-2018
Figure 5.
Figure 5 highlights the short-run pattern of Hillsborough County's real total industry earnings growth by tracking the year-to-year percent change over 1970-2018. The average annual percent change for the entire 49-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, Hillsborough County's real total industry earnings grew at an annual rate of 3.27% over 1970-2018. The county recorded its highest growth in 1984 (11.71%) and posted its lowest growth in 1990 (-4.76%). In 2018, Hillsborough County's real total industry earnings grew by 2.36%
Hillsborough County Real Total Industry Earnings:
Annual Percent Change and Decade Averages Over 1970-2018
Hillsborough County Real Total Industry Earnings:
Annual Percent Change and Decade Averages Over 1970-2018
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 illustrates the annual percent change in Hillsborough 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 2010-2018.
During the 1970s, Hillsborough County's annual real total industry earnings growth rate averaged 3.88%. It averaged 5.67% in the 1980s, 3.37% in the 1990s, 1.35% during the 2000s, and 1.96% thus far this decade (2010 to 2018).
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 Hillsborough County noted in the previous graph with the corresponding decade averages for New Hampshire and the nation. As the chart reveals, Hillsborough County's average annual real total industry earnings growth amounted to less than New Hampshire's average during the 1970s (3.88% vs. 4.40%), outgained New Hampshire's average during the 1980s (5.67% vs. 5.41%), fell below New Hampshire's average in the 1990s (3.37% vs. 3.50%), lagged New Hampshire's average throughout the 2000s (1.35% vs. 2.06%), and exceeded New Hampshire's average over the 9 year period of the last decade, 2010-2018 (1.96% vs. 1.60%).
Finally, relative to nationwide real total industry earnings growth trends, Hillsborough County registered above the nation throughout the 1970s (3.88% vs. 3.13%), surpassed the nation in the 1980s (5.67% vs. 2.62%), recorded underneath the nation during the 1990s (3.37% vs. 3.43%), recorded underneath the nation over the 2000s (1.35% vs. 1.49%), and recorded underneath the nation over 2010-2018 (1.96% vs. 2.54%).
   
 
Real* Total Industry Earnings Growth:
Average Annual Percent Change
 
 
 
3.27
3.88
5.67
3.37
1.35
1.96
2.36
 
3.43
4.40
5.41
3.50
2.06
1.60
1.80
 
2.64
3.13
2.62
3.43
1.49
2.54
2.80
 
   

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

   
 
Hillsborough County:
Total Industry Earnings, 1969-2018
 
1969
 
752,576
0.200
3,760,060
100.0
N
37.19
1970
 
794,212
0.210
3,790,807
100.8
0.82
37.09
1971
 
832,393
0.218
3,811,149
101.4
0.54
36.23
1972
 
902,424
0.226
3,995,502
106.3
4.84
35.36
1973
 
1,020,095
0.238
4,285,753
114.0
7.26
35.14
1974
 
1,099,870
0.263
4,185,198
111.3
-2.35
35.17
1975
 
1,161,431
0.285
4,079,491
108.5
-2.53
35.25
1976
 
1,333,909
0.300
4,441,626
118.1
8.88
35.12
1977
 
1,518,871
0.320
4,748,549
126.3
6.91
35.22
1978
 
1,766,180
0.342
5,162,609
137.3
8.72
35.13
1979
 
2,032,474
0.373
5,456,160
145.1
5.69
35.37
1980
 
2,279,672
0.413
5,524,870
146.9
1.26
35.84
1981
 
2,533,041
0.450
5,634,239
149.8
1.98
35.98
1982
 
2,778,343
0.475
5,854,566
155.7
3.91
36.59
1983
 
3,164,732
0.495
6,396,758
170.1
9.26
37.17
1984
 
3,668,989
0.513
7,146,035
190.1
11.71
38.16
1985
 
4,097,422
0.531
7,711,488
205.1
7.91
37.98
1986
 
4,572,404
0.543
8,422,185
224.0
9.22
37.72
1987
 
5,132,476
0.560
9,171,031
243.9
8.89
37.45
1988
 
5,564,605
0.582
9,569,234
254.5
4.34
36.79
1989
 
5,704,455
0.607
9,399,333
250.0
-1.78
36.21
1990
 
5,671,600
0.634
8,952,095
238.1
-4.76
36.29
1991
 
5,693,938
0.655
8,696,620
231.3
-2.85
36.48
1992
 
6,111,911
0.672
9,092,670
241.8
4.55
36.54
1993
 
6,226,703
0.689
9,038,354
240.4
-0.60
35.65
1994
 
6,538,089
0.703
9,296,302
247.2
2.85
35.11
1995
 
6,903,763
0.718
9,613,796
255.7
3.42
34.96
1996
 
7,491,295
0.733
10,213,638
271.6
6.24
35.54
1997
 
8,130,575
0.746
10,895,535
289.8
6.68
35.60
1998
 
9,073,479
0.752
12,063,230
320.8
10.72
35.48
1999
 
9,897,739
0.763
12,965,678
344.8
7.48
35.77
2000
 
11,136,905
0.782
14,235,195
378.6
9.79
35.80
2001
 
10,970,225
0.797
13,757,838
365.9
-3.35
33.17
2002
 
11,101,384
0.808
13,741,207
365.5
-0.12
32.68
2003
 
11,655,982
0.824
14,152,823
376.4
3.00
33.36
2004
 
12,350,573
0.844
14,631,473
389.1
3.38
33.48
2005
 
12,920,723
0.868
14,883,568
395.8
1.72
33.52
2006
 
13,529,323
0.892
15,171,825
403.5
1.94
33.04
2007
 
14,091,235
0.914
15,410,699
409.9
1.57
33.94
2008
 
14,290,648
0.942
15,173,761
403.6
-1.54
34.32
2009
 
13,868,343
0.941
14,738,818
392.0
-2.87
33.33
2010
 
14,197,297
0.957
14,834,436
394.5
0.65
32.65
2011
 
14,842,305
0.981
15,124,991
402.3
1.96
33.37
2012
 
15,169,514
1.000
15,169,514
403.4
0.29
33.30
2013
 
15,420,370
1.013
15,215,568
404.7
0.30
33.43
2014
 
16,350,001
1.028
15,900,030
422.9
4.50
34.19
2015
 
16,872,627
1.030
16,374,038
435.5
2.98
34.22
2016
 
17,414,938
1.041
16,730,494
445.0
2.18
34.38
2017
 
18,155,762
1.059
17,139,558
455.8
2.45
34.21
2018
 
18,972,254
1.081
17,543,673
466.6
2.36
34.40
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 2019
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.

   
 
New Hampshire:
Total Industry Earnings, 1969-2018
 
1969
 
2,023,699
0.200
10,110,912
100.0
N
0.31
1970
 
2,141,097
0.210
10,219,546
101.1
1.07
0.31
1971
 
2,297,301
0.218
10,518,296
104.0
2.92
0.31
1972
 
2,552,460
0.226
11,301,071
111.8
7.44
0.31
1973
 
2,903,172
0.238
12,197,177
120.6
7.93
0.32
1974
 
3,127,647
0.263
11,901,244
117.7
-2.43
0.31
1975
 
3,295,119
0.285
11,574,004
114.5
-2.75
0.31
1976
 
3,798,009
0.300
12,646,540
125.1
9.27
0.32
1977
 
4,312,669
0.320
13,482,989
133.4
6.61
0.33
1978
 
5,027,183
0.342
14,694,639
145.3
8.99
0.34
1979
 
5,746,184
0.373
15,425,583
152.6
4.97
0.35
1980
 
6,361,303
0.413
15,416,856
152.5
-0.06
0.36
1981
 
7,040,895
0.450
15,661,050
154.9
1.58
0.36
1982
 
7,592,340
0.475
15,998,694
158.2
2.16
0.37
1983
 
8,513,753
0.495
17,208,540
170.2
7.56
0.39
1984
 
9,614,359
0.513
18,725,745
185.2
8.82
0.40
1985
 
10,788,271
0.531
20,303,894
200.8
8.43
0.41
1986
 
12,123,551
0.543
22,331,094
220.9
9.98
0.44
1987
 
13,705,612
0.560
24,490,051
242.2
9.67
0.46
1988
 
15,125,904
0.582
26,011,425
257.3
6.21
0.46
1989
 
15,752,234
0.607
25,955,238
256.7
-0.22
0.45
1990
 
15,626,453
0.634
24,664,909
243.9
-4.97
0.42
1991
 
15,609,742
0.655
23,841,495
235.8
-3.34
0.41
1992
 
16,728,203
0.672
24,886,493
246.1
4.38
0.41
1993
 
17,467,112
0.689
25,354,340
250.8
1.88
0.41
1994
 
18,622,921
0.703
26,479,342
261.9
4.44
0.42
1995
 
19,748,907
0.718
27,501,228
272.0
3.86
0.42
1996
 
21,079,488
0.733
28,739,792
284.2
4.50
0.43
1997
 
22,839,828
0.746
30,606,955
302.7
6.50
0.43
1998
 
25,574,938
0.752
34,001,992
336.3
11.09
0.45
1999
 
27,671,569
0.763
36,248,748
358.5
6.61
0.45
2000
 
31,110,602
0.782
39,765,581
393.3
9.70
0.47
2001
 
33,074,729
0.797
41,479,256
410.2
4.31
0.48
2002
 
33,965,031
0.808
42,041,653
415.8
1.36
0.49
2003
 
34,936,065
0.824
42,419,759
419.5
0.90
0.48
2004
 
36,886,421
0.844
43,698,595
432.2
3.01
0.48
2005
 
38,540,994
0.868
44,395,929
439.1
1.60
0.48
2006
 
40,950,003
0.892
45,921,460
454.2
3.44
0.48
2007
 
41,512,853
0.914
45,400,001
449.0
-1.14
0.47
2008
 
41,639,400
0.942
44,212,572
437.3
-2.62
0.46
2009
 
41,608,188
0.941
44,219,810
437.3
0.02
0.48
2010
 
43,477,751
0.957
45,428,923
449.3
2.73
0.48
2011
 
44,476,174
0.981
45,323,266
448.3
-0.23
0.47
2012
 
45,554,317
1.000
45,554,317
450.5
0.51
0.46
2013
 
46,121,083
1.013
45,508,538
450.1
-0.10
0.45
2014
 
47,824,582
1.028
46,508,394
460.0
2.20
0.45
2015
 
49,301,220
1.030
47,844,359
473.2
2.87
0.44
2016
 
50,649,479
1.041
48,658,846
481.3
1.70
0.45
2017
 
53,067,460
1.059
50,097,197
495.5
2.96
0.45
2018
 
55,152,130
1.081
50,999,260
504.4
1.80
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 2019
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, 1969-2018
 
1969
 
653,665,000
0.200
3,265,875,593
100.0
N
1970
 
693,352,000
0.210
3,309,398,119
101.3
1.33
1971
 
742,094,000
0.218
3,397,710,728
104.0
2.67
1972
 
819,646,000
0.226
3,629,000,266
111.1
6.81
1973
 
918,964,000
0.238
3,860,868,835
118.2
6.39
1974
 
993,909,000
0.263
3,781,997,717
115.8
-2.04
1975
 
1,059,492,000
0.285
3,721,433,088
113.9
-1.60
1976
 
1,173,271,000
0.300
3,906,736,148
119.6
4.98
1977
 
1,303,767,000
0.320
4,076,055,149
124.8
4.33
1978
 
1,476,080,000
0.342
4,314,635,644
132.1
5.85
1979
 
1,648,363,000
0.373
4,425,016,778
135.5
2.56
1980
 
1,784,597,000
0.413
4,325,037,565
132.4
-2.26
1981
 
1,961,173,000
0.450
4,362,233,640
133.6
0.86
1982
 
2,053,729,000
0.475
4,327,648,769
132.5
-0.79
1983
 
2,188,018,000
0.495
4,422,561,345
135.4
2.19
1984
 
2,432,402,000
0.513
4,737,553,318
145.1
7.12
1985
 
2,615,791,000
0.531
4,923,007,867
150.7
3.91
1986
 
2,786,901,000
0.543
5,133,359,735
157.2
4.27
1987
 
2,996,000,000
0.560
5,353,441,498
163.9
4.29
1988
 
3,259,979,000
0.582
5,606,058,365
171.7
4.72
1989
 
3,467,027,000
0.607
5,712,682,485
174.9
1.90
1990
 
3,679,460,000
0.634
5,807,686,844
177.8
1.66
1991
 
3,789,428,000
0.655
5,787,772,059
177.2
-0.34
1992
 
4,059,023,000
0.672
6,038,595,317
184.9
4.33
1993
 
4,237,437,000
0.689
6,150,840,446
188.3
1.86
1994
 
4,456,948,000
0.703
6,337,193,232
194.0
3.03
1995
 
4,674,849,000
0.718
6,509,934,411
199.3
2.73
1996
 
4,956,180,000
0.733
6,757,260,110
206.9
3.80
1997
 
5,288,047,000
0.746
7,086,350,053
217.0
4.87
1998
 
5,707,014,000
0.752
7,587,500,000
232.3
7.07
1999
 
6,098,042,000
0.763
7,988,212,948
244.6
5.28
2000
 
6,598,743,000
0.782
8,434,515,243
258.3
5.59
2001
 
6,865,291,000
0.797
8,609,810,881
263.6
2.08
2002
 
7,001,130,000
0.808
8,665,944,621
265.3
0.65
2003
 
7,243,665,000
0.824
8,795,338,644
269.3
1.49
2004
 
7,675,133,000
0.844
9,092,574,428
278.4
3.38
2005
 
8,039,648,000
0.868
9,260,986,960
283.6
1.85
2006
 
8,519,777,000
0.892
9,554,104,335
292.5
3.17
2007
 
8,866,784,000
0.914
9,697,044,992
296.9
1.50
2008
 
9,013,458,000
0.942
9,570,458,696
293.0
-1.31
2009
 
8,688,446,000
0.941
9,233,793,866
282.7
-3.52
2010
 
9,023,198,000
0.957
9,428,136,461
288.7
2.10
2011
 
9,443,528,000
0.981
9,623,389,143
294.7
2.07
2012
 
9,901,882,000
1.000
9,901,882,000
303.2
2.89
2013
 
10,231,478,000
1.013
10,095,591,341
309.1
1.96
2014
 
10,687,445,000
1.028
10,393,314,208
318.2
2.95
2015
 
11,111,139,000
1.030
10,782,802,659
330.2
3.75
2016
 
11,374,304,000
1.041
10,927,269,408
334.6
1.34
2017
 
11,921,152,000
1.059
11,253,907,806
344.6
2.99
2018
 
12,510,655,000
1.081
11,568,622,102
354.2
2.80
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 2019
REAP_PI_CA1400_1200_PN
 
   
Copyright © 2020. Pacific Northwest Regional Economic Analysis Project (PNREAP). All Rights Reserved.

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