Somerset County vs. Maryland
Comparative Trends Analysis:
Total Industry Earnings Growth and Change, 1969-2022
Introduction
Somerset County vs. Maryland
Somerset County:
2022 Earnings = $648,547K
2022 Percent of State = 0.23%
Maryland:
2022 Earnings = $287,923,831K
2022 Percent of U.S. = 1.89%
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.
Somerset County Total Industry Earnings, 1970-2022
Current vs. Constant Dollars (Millions)
Somerset County Total Industry Earnings, 1970-2022
Current vs. Constant Dollars (Millions)
Figure 1.
Figure 1 depicts Somerset 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 Somerset County over time.
When measured in current dollars, Somerset County's total industry earnings increased 1,782.14%, from $34M in 1970 to $649M in 2022. When measured in constant 2017 dollars to adjust for inflation, it advanced 220.59%, from $174M in 1970 to $559M in 2022.
Real Total Industry Earnings, 1969-2022 (Millions)
Real Total Industry Earnings, 1969-2022 (Millions)
Figure 2.
Figure 2 traces Somerset County's and Maryland'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, Somerset County's real total industry earnings rose from $188M in 1969 to $559M in 2022, for a net gain of $371M, or 197.60%. In comparison, Maryland's real total industry earnings advanced from $64,906M in 1969 to $248,118M in 2022, for a net advance of $183,213M, or 282.28%.
Real Total Industry Earnings Indices (1969=100): 1969-2022
Real Total Industry Earnings Indices (1969=100): 1969-2022
Figure 3.
Figure 3 portrays Somerset County's real total industry earnings growth in a broader context by offering direct comparisons across time with Maryland, 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.
Somerset County's overall real total industry earnings growth was 197.60% over 1969-2022 trailed Maryland's increase of 282.28%, and fell below the United States' increase of 278.59%.
Total Industry Earnings as a Percent of the Maryland Total: 1969-2022
Total Industry Earnings as a Percent of the Maryland Total: 1969-2022
Figure 4.
Another interesting and insightful way of highlighting the total industry earnings growth of Somerset County is to compare its individual percentage contributions to Maryland'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 Maryland's total industry earnings, while a declining share shows it grew more slowly.
In 1969, Somerset County's total industry earnings totaled 0.29% of Maryland's total industry earnings, while in 2022 it totaled 0.23% thereby yielding a -0.06% share-shift.
   
 
Total Industry Earnings Share-Shift
2022 vs. 1969
 
Share-
Shift*
 
2022
vs.
1969
-0.06%
=
0.23%
-
0.29%
 
   
Somerset County Real Total Industry Earnings:
Annual Percent Change, 1970-2022
Somerset County Real Total Industry Earnings:
Annual Percent Change, 1970-2022
Figure 5.
Figure 5 displays the short-run pattern of Somerset 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, Somerset County's real total industry earnings grew at an annual rate of 2.37% over 1970-2022. The county recorded its highest growth in 1984 (17.76%) and recorded its lowest growth in 1980 (-20.98%). In 2022, Somerset County's real total industry earnings grew by 13.65%
Somerset County Real Total Industry Earnings:
Annual Percent Change and Decade Averages Over 1970-2022
Somerset 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 traces the annual percent change in Somerset 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, Somerset County's annual real total industry earnings growth rate averaged 1.22%. It averaged 5.01% during the 1980s, 2.51% during the 1990s, 1.45% during the 2000s, 0.97% in the 2010s, 4.61% 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 Somerset County noted in the previous graph with the corresponding decade averages for Maryland and the nation. As the chart reveals, Somerset County's average annual real total industry earnings growth posted below Maryland's average during the 1970s (1.22% vs. 2.77%), registered above Maryland's average during the 1980s (5.01% vs. 3.79%), amounted to less than Maryland's average throughout the 1990s (2.51% vs. 2.89%), lagged Maryland's average throughout the 2000s (1.45% vs. 2.73%), lagged Maryland's average in the 2010s (0.97% vs. 1.56%), and outpaced Maryland's average over the 3 year period of the current decade, 2020-2022 (4.61% vs. -0.01%).
Finally, relative to nationwide real total industry earnings growth trends, Somerset County posted below the nation in the 1970s (1.22% vs. 3.13%), led the nation during the 1980s (5.01% vs. 2.62%), lagged the nation during the 1990s (2.51% vs. 3.43%), posted below the nation over the 2000s (1.45% vs. 1.47%), recorded underneath the nation during the 2010s (0.97% vs. 2.53%), and outpaced the nation over 2020-2022 (4.61% vs. 1.48%).
   
 
Real* Total Industry Earnings Growth:
Average Annual Percent Change
 
 
 
2.37
1.22
5.01
2.51
1.45
0.97
4.61
13.65
 
2.59
2.77
3.79
2.89
2.73
1.56
-0.01
-1.32
 
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.

   
 
Somerset County:
Total Industry Earnings, 1969-2022
 
1969
 
35,462
0.189
187,799
100.0
N
0.29
1970
 
34,458
0.198
174,330
92.8
-7.17
0.26
1971
 
35,453
0.206
172,060
91.6
-1.30
0.24
1972
 
42,396
0.213
198,968
105.9
15.64
0.27
1973
 
51,907
0.225
231,160
123.1
16.18
0.29
1974
 
50,222
0.248
202,565
107.9
-12.37
0.26
1975
 
58,959
0.269
219,505
116.9
8.36
0.29
1976
 
60,830
0.283
214,697
114.3
-2.19
0.27
1977
 
59,728
0.302
197,932
105.4
-7.81
0.25
1978
 
64,205
0.323
198,925
105.9
0.50
0.24
1979
 
71,532
0.351
203,546
108.4
2.32
0.24
1980
 
62,609
0.389
160,833
85.6
-20.98
0.19
1981
 
68,962
0.424
162,589
86.6
1.09
0.19
1982
 
69,800
0.448
155,904
83.0
-4.11
0.19
1983
 
82,144
0.467
175,988
93.7
12.88
0.20
1984
 
100,386
0.484
207,242
110.4
17.76
0.22
1985
 
114,847
0.501
229,107
122.0
10.55
0.23
1986
 
130,530
0.512
254,847
135.7
11.23
0.24
1987
 
140,325
0.528
265,757
141.5
4.28
0.24
1988
 
168,008
0.549
306,221
163.1
15.23
0.26
1989
 
179,086
0.573
312,754
166.5
2.13
0.25
1990
 
182,228
0.598
304,857
162.3
-2.53
0.24
1991
 
186,497
0.618
301,902
160.8
-0.97
0.24
1992
 
185,086
0.634
291,842
155.4
-3.33
0.23
1993
 
196,216
0.650
301,871
160.7
3.44
0.24
1994
 
209,019
0.664
314,996
167.7
4.35
0.24
1995
 
213,672
0.678
315,364
167.9
0.12
0.24
1996
 
218,575
0.692
315,846
168.2
0.15
0.23
1997
 
222,183
0.704
315,569
168.0
-0.09
0.22
1998
 
252,546
0.710
355,864
189.5
12.77
0.23
1999
 
284,921
0.720
395,718
210.7
11.20
0.24
2000
 
307,026
0.738
415,900
221.5
5.10
0.24
2001
 
315,600
0.753
419,112
223.2
0.77
0.23
2002
 
311,752
0.763
408,635
217.6
-2.50
0.22
2003
 
331,000
0.779
424,936
226.3
3.99
0.22
2004
 
358,090
0.798
448,583
238.9
5.56
0.22
2005
 
360,226
0.821
438,621
233.6
-2.22
0.21
2006
 
383,144
0.844
453,747
241.6
3.45
0.22
2007
 
402,317
0.866
464,532
247.4
2.38
0.22
2008
 
412,380
0.892
462,465
246.3
-0.44
0.22
2009
 
404,820
0.889
455,258
242.4
-1.56
0.21
2010
 
418,632
0.905
462,505
246.3
1.59
0.21
2011
 
434,928
0.928
468,652
249.6
1.33
0.21
2012
 
435,955
0.945
461,162
245.6
-1.60
0.21
2013
 
478,619
0.958
499,701
266.1
8.36
0.22
2014
 
478,397
0.971
492,578
262.3
-1.43
0.22
2015
 
510,979
0.973
525,164
279.6
6.62
0.22
2016
 
483,576
0.983
492,019
262.0
-6.31
0.20
2017
 
524,234
1.000
524,234
279.1
6.55
0.21
2018
 
490,885
1.020
481,038
256.1
-8.24
0.20
2019
 
511,919
1.035
494,546
263.3
2.81
0.20
2020
 
473,446
1.046
452,474
240.9
-8.51
0.18
2021
 
536,014
1.090
491,751
261.9
8.68
0.20
2022
 
648,547
1.160
558,885
297.6
13.65
0.23
Source: Calculations by the Maryland Regional Economic Analysis Project (MD-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.

   
 
Maryland:
Total Industry Earnings, 1969-2022
 
1969
 
12,256,135
0.189
64,905,656
100.0
N
1.87
1970
 
13,338,062
0.198
67,479,824
104.0
3.97
1.92
1971
 
14,508,419
0.206
70,412,128
108.5
4.35
1.96
1972
 
15,963,649
0.213
74,918,570
115.4
6.40
1.95
1973
 
17,769,989
0.225
79,136,001
121.9
5.63
1.93
1974
 
19,295,472
0.248
77,826,290
119.9
-1.66
1.94
1975
 
20,460,919
0.269
76,176,169
117.4
-2.12
1.93
1976
 
22,443,210
0.283
79,212,261
122.0
3.99
1.91
1977
 
24,332,176
0.302
80,634,199
124.2
1.80
1.87
1978
 
27,131,974
0.323
84,062,381
129.5
4.25
1.84
1979
 
29,881,353
0.351
85,027,895
131.0
1.15
1.81
1980
 
32,533,936
0.389
83,574,640
128.8
-1.71
1.82
1981
 
35,799,521
0.424
84,402,973
130.0
0.99
1.83
1982
 
37,664,197
0.448
84,126,325
129.6
-0.33
1.83
1983
 
40,912,869
0.467
87,652,903
135.0
4.19
1.87
1984
 
45,641,179
0.484
94,224,032
145.2
7.50
1.88
1985
 
50,074,574
0.501
99,893,421
153.9
6.02
1.91
1986
 
54,423,947
0.512
106,257,340
163.7
6.37
1.95
1987
 
59,550,228
0.528
112,780,251
173.8
6.14
1.99
1988
 
65,836,588
0.549
119,997,426
184.9
6.40
2.02
1989
 
70,316,471
0.573
122,799,935
189.2
2.34
2.03
1990
 
74,511,566
0.598
124,653,394
192.1
1.51
2.03
1991
 
76,207,037
0.618
123,364,258
190.1
-1.03
2.01
1992
 
79,642,529
0.634
125,579,516
193.5
1.80
1.96
1993
 
82,842,058
0.650
127,449,320
196.4
1.49
1.96
1994
 
86,795,667
0.664
130,803,043
201.5
2.63
1.95
1995
 
90,353,516
0.678
133,355,250
205.5
1.95
1.93
1996
 
94,282,851
0.692
136,240,988
209.9
2.16
1.90
1997
 
100,575,837
0.704
142,849,201
220.1
4.85
1.90
1998
 
109,283,695
0.710
153,992,271
237.3
7.80
1.91
1999
 
117,257,593
0.720
162,855,506
250.9
5.76
1.92
2000
 
127,177,092
0.738
172,275,327
265.4
5.78
1.93
2001
 
135,214,123
0.753
179,562,459
276.7
4.23
1.97
2002
 
142,403,064
0.763
186,657,750
287.6
3.95
2.03
2003
 
149,320,884
0.779
191,697,543
295.3
2.70
2.06
2004
 
159,812,577
0.798
200,198,651
308.4
4.43
2.08
2005
 
168,343,105
0.821
204,979,002
315.8
2.39
2.09
2006
 
176,502,450
0.844
209,027,061
322.0
1.97
2.07
2007
 
181,517,421
0.866
209,587,471
322.9
0.27
2.05
2008
 
188,471,406
0.892
211,361,900
325.6
0.85
2.09
2009
 
189,217,790
0.889
212,793,142
327.8
0.68
2.18
2010
 
196,844,218
0.905
217,473,781
335.1
2.20
2.18
2011
 
206,188,766
0.928
222,176,594
342.3
2.16
2.18
2012
 
211,335,299
0.945
223,554,805
344.4
0.62
2.14
2013
 
213,122,352
0.958
222,510,051
342.8
-0.47
2.09
2014
 
218,545,012
0.971
225,023,437
346.7
1.13
2.06
2015
 
228,546,962
0.973
234,891,378
361.9
4.39
2.07
2016
 
237,280,340
0.983
241,423,161
372.0
2.78
2.10
2017
 
244,491,363
1.000
244,491,363
376.7
1.27
2.06
2018
 
250,864,897
1.020
245,832,702
378.8
0.55
2.02
2019
 
256,995,653
1.035
248,273,795
382.5
0.99
1.98
2020
 
258,242,481
1.046
246,803,155
380.2
-0.59
1.96
2021
 
274,082,783
1.090
251,449,788
387.4
1.88
1.92
2022
 
287,923,831
1.160
248,118,224
382.3
-1.32
1.89
Source: Calculations by the Maryland Regional Economic Analysis Project (MD-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 Maryland Regional Economic Analysis Project (MD-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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