Franklin County vs. New York | Total Personal Income Trends over 1969-2022

Introduction

Franklin County:

2022 TPI = $2,283,376K

2022 Percent of State = 0.15%

New York:

2022 TPI = $1,483,802,284K

2022 Percent of U.S. = 6.80%

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 Franklin County and New York 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.

Franklin County Total Personal Income, 1970-2022
Current vs. Constant Dollars (Millions)

Figure 1.

Figure 1 depicts Franklin 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 Franklin County over time.

When measured in current dollars, Franklin County's total personal income increased 1,692.54%, from $127M in 1970 to $2,283M in 2022. When measured in constant 2017 dollars to adjust for inflation, it advanced 205.33%, from $644M in 1970 to $1,968M in 2022.

Real Total Personal Income, 1969-2022 (Millions)

Figure 2.

Figure 2 tracks Franklin County's and New York's annual real total personal income for the period 1969-2022 to illustrate real total personal income patterns over time. During this 54-year period, Franklin County's real total personal income rose from $620M in 1969 to $1,968M in 2022, for a net gain of $1,348M, or 217.59%. In comparison, New York's real total personal income increased from $442,865M in 1969 to $1,278,666M in 2022, for a net gain of $835,801M, or 188.73%.

Real Total Personal Income Indices (1969=100): 1969-2022

Figure 3.

Figure 3 portrays Franklin County's real total personal income growth in a broader context by offering direct comparisons across time with New York, the United States. The growth indices shown here express each region's real total personal income in 1969 as a base figure of 100, and the real total personal incomes in later years as a percentage of the 1969 base figure. This method allows for more direct comparison of differences in real total personal income growth between regions that may differ vastly in size.

Franklin County's overall real total personal income growth was 217.59% over 1969-2022 outpaced New York's increase of 188.73%, and fell below the United States' increase of 348.76%.

Total Personal Income as a Percent of the New York Total: 1969-2022

Figure 4.

Another interesting and insightful way of contrasting the total personal income growth of Franklin County is to compare its individual percentage contributions to New York's statewide total personal income over time, as shown in Figure 4. A rising share means a region's total personal income grew faster, or declined less, than New York's total personal income, while a declining share shows it grew more slowly.

In 1969, Franklin County's total personal income comprised 0.14% of New York's total personal income, while in 2022 it equated to 0.15% thereby yielding a +0.01% share-shift.

Total Personal Income Share-Shift

2022 vs. 1969

	Share- Shift*		2022	vs.	1969
Franklin County	+0.01%	=	0.15%	-	0.14%

*Percent figures may not add due to rounding by a factor of ± 0.01%.

Franklin County Real Total Personal Income:
Annual Percent Change, 1970-2022

Figure 5.

Figure 5 highlights the short-run pattern of Franklin 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, Franklin County's real total personal income grew at an annual rate of 2.23% over 1970-2022. The county recorded its highest growth in 2020 (8.26%) and recorded its lowest growth in 2022 (-7.50%). In 2022, Franklin County's real total personal income declined by -7.50%

Franklin County Real Total Personal Income:
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 illustrates the annual percent change in Franklin 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, Franklin County's annual real total personal income growth rate averaged 2.54%. It averaged 3.19% in the 1980s, 2.29% in the 1990s, 2.53% throughout the 2000s, 0.87% throughout the 2010s, 1.38% thus far this decade (2020-2022).

Real Total Personal Income Growth:
Average Annual Percent Change by Decade

Figure 7.

Figure 7 compares the decade average growth rates for Franklin County noted in the previous graph with the corresponding decade averages for New York and the nation. As the chart reveals, Franklin County's average annual real total personal income growth outperformed New York's average throughout the 1970s (2.54% vs. 1.10%), lagged New York's average in the 1980s (3.19% vs. 3.64%), fell below New York's average throughout the 1990s (2.29% vs. 2.30%), recorded above New York's average during the 2000s (2.53% vs. 1.48%), amounted to less than New York's average throughout the 2010s (0.87% vs. 2.45%), and recorded above New York's average over the 3 year period of the current decade, 2020-2022 (1.38% vs. -0.35%).

Finally, relative to nationwide real total personal income growth trends, Franklin County trailed the nation over the 1970s (2.54% vs. 3.50%), registered above the nation over the 1980s (3.19% vs. 3.16%), fell under the nation in the 1990s (2.29% vs. 3.27%), exceeded the nation throughout the 2000s (2.53% vs. 2.06%), recorded underneath the nation during the 2010s (0.87% vs. 2.72%), and trailed the nation over 2020-2022 (1.38% vs. 2.10%).

Real* Total Personal Income Growth:

Average Annual Percent Change

	1970-2022	1970-1979	1980-1989	1990-1999	2000-2009	2010-2019	2020-2022	2022
	%	%	%	%	%	%	%	%
Franklin	2.23	2.54	3.19	2.29	2.53	0.87	1.38	-7.50
New York	2.05	1.10	3.64	2.30	1.48	2.45	-0.35	-7.58
United States	2.89	3.50	3.16	3.27	2.06	2.72	2.10	-4.19

*Real total personal income growth determined using the Implicit Price Deflator for
Personal Consumption (2017=1.00).

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

Franklin County:
Total Personal Income, 1969-2022


Year	Current Dollars (1000s)	Implicit Price Deflator2	Constant Dollars (1000s)	Index1	Percent Change	Percent of Statewide Total
1969	116,993	0.189	619,568	100.0	N	0.14
1970	127,382	0.198	644,450	104.0	4.02	0.14
1971	140,615	0.206	682,431	110.1	5.89	0.15
1972	150,213	0.213	704,961	113.8	3.30	0.15
1973	164,655	0.225	733,267	118.4	4.02	0.15
1974	181,506	0.248	732,086	118.2	-0.16	0.15
1975	203,093	0.269	756,117	122.0	3.28	0.16
1976	217,027	0.283	765,987	123.6	1.31	0.16
1977	235,104	0.302	779,109	125.8	1.71	0.16
1978	252,996	0.323	783,852	126.5	0.61	0.16
1979	279,523	0.351	795,387	128.4	1.47	0.16
1980	319,184	0.389	819,934	132.3	3.09	0.17
1981	342,184	0.424	806,752	130.2	-1.61	0.16
1982	372,191	0.448	831,322	134.2	3.05	0.16
1983	395,291	0.467	846,883	136.7	1.87	0.16
1984	429,166	0.484	885,993	143.0	4.62	0.15
1985	457,577	0.501	912,817	147.3	3.03	0.15
1986	484,197	0.512	945,346	152.6	3.56	0.15
1987	514,950	0.528	975,247	157.4	3.16	0.15
1988	551,053	0.549	1,004,380	162.1	2.99	0.15
1989	622,054	0.573	1,086,348	175.3	8.16	0.15
1990	665,710	0.598	1,113,693	179.8	2.52	0.15
1991	703,546	0.618	1,138,903	183.8	2.26	0.16
1992	758,361	0.634	1,195,776	193.0	4.99	0.17
1993	783,213	0.650	1,204,943	194.5	0.77	0.17
1994	814,286	0.664	1,227,148	198.1	1.84	0.17
1995	838,231	0.678	1,237,168	199.7	0.82	0.16
1996	879,141	0.692	1,270,380	205.0	2.68	0.16
1997	900,633	0.704	1,279,181	206.5	0.69	0.16
1998	932,947	0.710	1,314,621	212.2	2.77	0.16
1999	980,255	0.720	1,361,446	219.7	3.56	0.15
2000	1,057,901	0.738	1,433,043	231.3	5.26	0.15
2001	1,079,911	0.753	1,434,107	231.5	0.07	0.15
2002	1,106,428	0.763	1,450,273	234.1	1.13	0.16
2003	1,157,513	0.779	1,486,010	239.8	2.46	0.16
2004	1,217,903	0.798	1,525,678	246.2	2.67	0.16
2005	1,248,691	0.821	1,520,439	245.4	-0.34	0.16
2006	1,324,576	0.844	1,568,659	253.2	3.17	0.16
2007	1,402,903	0.866	1,619,849	261.4	3.26	0.16
2008	1,510,229	0.892	1,693,651	273.4	4.56	0.16
2009	1,552,305	0.889	1,745,712	281.8	3.07	0.17
2010	1,619,442	0.905	1,789,162	288.8	2.49	0.17
2011	1,671,572	0.928	1,801,185	290.7	0.67	0.17
2012	1,699,066	0.945	1,797,307	290.1	-0.22	0.16
2013	1,710,283	0.958	1,785,618	288.2	-0.65	0.16
2014	1,711,152	0.971	1,761,876	284.4	-1.33	0.16
2015	1,739,112	0.973	1,787,389	288.5	1.45	0.15
2016	1,766,266	0.983	1,797,104	290.1	0.54	0.15
2017	1,852,631	1.000	1,852,631	299.0	3.09	0.15
2018	1,859,561	1.020	1,822,259	294.1	-1.64	0.14
2019	1,967,370	1.035	1,900,602	306.8	4.30	0.15
2020	2,152,949	1.046	2,057,580	332.1	8.26	0.15
2021	2,318,725	1.090	2,127,251	343.3	3.39	0.15
2022	2,283,376	1.160	1,967,698	317.6	-7.50	0.15

1 1969 = 100

2 Implicit Price Deflator for Personal Consumption (2017=1.00).

*Real total personal income determined using the Implicit Price Deflator for
Personal Consumption (2017=1.00).

N Data not available for this year or not meaningful.

Source: Calculations by the New York Regional Economic Analysis Project (NY-REAP)
with data provided by the U.S. Department of Commerce, Bureau of Economic Analysis

November 2023

REAP_PI_CA1400_300_PSN

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

New York:
Total Personal Income, 1969-2022


Year	Current Dollars (1000s)	Implicit Price Deflator2	Constant Dollars (1000s)	Index1	Percent Change	Percent of Nationwide Total
1969	83,626,257	0.189	442,865,313	100.0	N	10.57
1970	89,895,425	0.198	454,798,265	102.7	2.69	10.51
1971	96,121,001	0.206	466,493,574	105.3	2.57	10.40
1972	102,833,594	0.213	482,605,566	109.0	3.45	10.12
1973	109,571,703	0.225	487,961,269	110.2	1.11	9.67
1974	118,064,617	0.248	476,201,416	107.5	-2.41	9.48
1975	127,413,860	0.269	474,362,844	107.1	-0.39	9.35
1976	134,980,837	0.283	476,408,559	107.6	0.43	9.02
1977	145,640,377	0.302	482,636,456	109.0	1.31	8.82
1978	158,583,699	0.323	491,336,284	110.9	1.80	8.55
1979	173,371,724	0.351	493,332,169	111.4	0.41	8.36
1980	193,336,283	0.389	496,650,953	112.1	0.67	8.36
1981	215,436,642	0.424	507,925,597	114.7	2.27	8.31
1982	234,154,698	0.448	523,005,289	118.1	2.97	8.43
1983	252,718,689	0.467	541,431,762	122.3	3.52	8.51
1984	279,066,436	0.484	576,119,317	130.1	6.41	8.52
1985	298,925,027	0.501	596,323,466	134.7	3.51	8.52
1986	319,272,979	0.512	623,348,716	140.8	4.53	8.59
1987	339,348,059	0.528	642,680,313	145.1	3.10	8.63
1988	373,424,007	0.549	680,623,361	153.7	5.90	8.76
1989	403,530,094	0.573	704,720,655	159.1	3.54	8.76
1990	432,353,696	0.598	723,301,875	163.3	2.64	8.83
1991	433,087,824	0.618	701,084,314	158.3	-3.07	8.54
1992	457,070,947	0.634	720,704,741	162.7	2.80	8.45
1993	469,679,135	0.650	722,583,285	163.2	0.26	8.32
1994	484,265,850	0.664	729,799,641	164.8	1.00	8.16
1995	510,311,719	0.678	753,183,161	170.1	3.20	8.13
1996	536,942,300	0.692	775,894,542	175.2	3.02	8.06
1997	567,116,455	0.704	805,483,056	181.9	3.81	8.02
1998	600,087,225	0.710	845,586,294	190.9	4.98	7.91
1999	635,242,742	0.720	882,269,332	199.2	4.34	7.96
2000	683,214,301	0.738	925,488,745	209.0	4.90	7.93
2001	709,417,581	0.753	942,096,599	212.7	1.79	7.89
2002	707,561,130	0.763	927,450,328	209.4	-1.55	7.74
2003	717,555,330	0.779	921,194,611	208.0	-0.67	7.57
2004	749,469,308	0.798	938,866,935	212.0	1.92	7.49
2005	777,653,227	0.821	946,891,067	213.8	0.85	7.38
2006	836,022,632	0.844	990,078,910	223.6	4.56	7.40
2007	899,609,888	0.866	1,038,726,533	234.5	4.91	7.54
2008	920,456,535	0.892	1,032,249,114	233.1	-0.62	7.41
2009	906,188,251	0.889	1,019,093,635	230.1	-1.27	7.52
2010	943,392,743	0.905	1,042,261,687	235.3	2.27	7.52
2011	995,231,357	0.928	1,072,401,359	242.2	2.89	7.48
2012	1,039,791,605	0.945	1,099,912,841	248.4	2.57	7.48
2013	1,051,798,103	0.958	1,098,128,129	248.0	-0.16	7.48
2014	1,090,000,795	0.971	1,122,312,162	253.4	2.20	7.38
2015	1,137,082,289	0.973	1,168,647,457	263.9	4.13	7.35
2016	1,176,654,694	0.983	1,197,198,622	270.3	2.44	7.41
2017	1,255,776,700	1.000	1,255,776,700	283.6	4.89	7.54
2018	1,298,669,006	1.020	1,272,618,505	287.4	1.34	7.41
2019	1,343,066,325	1.035	1,297,485,654	293.0	1.95	7.32
2020	1,405,028,826	1.046	1,342,790,487	303.2	3.49	7.16
2021	1,508,135,064	1.090	1,383,597,457	312.4	3.04	7.05
2022	1,483,802,284	1.160	1,278,665,912	288.7	-7.58	6.80

1 1969 = 100

2 Implicit Price Deflator for Personal Consumption (2017=1.00).

*Real total personal income determined using the Implicit Price Deflator for
Personal Consumption (2017=1.00).

N Data not available for this year or not meaningful.

Source: Calculations by the New York Regional Economic Analysis Project (NY-REAP)
with data provided by the U.S. Department of Commerce, Bureau of Economic Analysis

November 2023

REAP_PI_CA1400_300_PSN

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

United States:
Total Personal Income, 1969-2022


Year	Current Dollars (1000s)	Implicit Price Deflator2	Constant Dollars (1000s)	Index1	Percent Change
1969	791,229,000	0.189	4,190,165,758	100.0	N
1970	855,525,000	0.198	4,328,265,709	103.3	3.30
1971	924,613,000	0.206	4,487,323,465	107.1	3.67
1972	1,016,408,000	0.213	4,770,076,966	113.8	6.30
1973	1,133,468,000	0.225	5,047,731,018	120.5	5.82
1974	1,244,912,000	0.248	5,021,223,733	119.8	-0.53
1975	1,362,505,000	0.269	5,072,617,275	121.1	1.02
1976	1,495,704,000	0.283	5,279,017,400	126.0	4.07
1977	1,651,632,000	0.302	5,473,329,799	130.6	3.68
1978	1,855,849,000	0.323	5,749,934,936	137.2	5.05
1979	2,073,296,000	0.351	5,899,598,782	140.8	2.60
1980	2,313,972,000	0.389	5,944,235,512	141.9	0.76
1981	2,590,995,000	0.424	6,108,676,176	145.8	2.77
1982	2,777,640,000	0.448	6,204,105,336	148.1	1.56
1983	2,969,333,000	0.467	6,361,584,112	151.8	2.54
1984	3,275,415,000	0.484	6,761,937,695	161.4	6.29
1985	3,508,482,000	0.501	6,999,046,441	167.0	3.51
1986	3,717,756,000	0.512	7,258,548,586	173.2	3.71
1987	3,931,800,000	0.528	7,446,308,852	177.7	2.59
1988	4,264,433,000	0.549	7,772,592,728	185.5	4.38
1989	4,605,107,000	0.573	8,042,309,775	191.9	3.47
1990	4,897,332,000	0.598	8,192,943,538	195.5	1.87
1991	5,072,291,000	0.618	8,211,045,100	196.0	0.22
1992	5,406,546,000	0.634	8,524,985,809	203.5	3.82
1993	5,643,648,000	0.650	8,682,535,385	207.2	1.85
1994	5,933,938,000	0.664	8,942,579,420	213.4	3.00
1995	6,278,125,000	0.678	9,266,058,093	221.1	3.62
1996	6,660,854,000	0.692	9,625,094,288	229.7	3.87
1997	7,068,422,000	0.704	10,039,373,926	239.6	4.30
1998	7,584,003,000	0.710	10,686,661,406	255.0	6.45
1999	7,978,449,000	0.720	11,081,025,264	264.5	3.69
2000	8,620,234,000	0.738	11,677,052,911	278.7	5.38
2001	8,990,104,000	0.753	11,938,732,039	284.9	2.24
2002	9,146,700,000	0.763	11,989,225,466	286.1	0.42
2003	9,474,684,000	0.779	12,163,560,736	290.3	1.45
2004	10,008,929,000	0.798	12,538,275,270	299.2	3.08
2005	10,540,800,000	0.821	12,834,755,927	306.3	2.36
2006	11,291,446,000	0.844	13,372,153,008	319.1	4.19
2007	11,925,044,000	0.866	13,769,145,681	328.6	2.97
2008	12,423,410,000	0.892	13,932,275,429	332.5	1.18
2009	12,058,253,000	0.889	13,560,635,845	323.6	-2.67
2010	12,547,501,000	0.905	13,862,497,514	330.8	2.23
2011	13,299,818,000	0.928	14,331,082,712	342.0	3.38
2012	13,905,749,000	0.945	14,709,785,897	351.1	2.64
2013	14,063,283,000	0.958	14,682,748,144	350.4	-0.18
2014	14,778,160,000	0.971	15,216,235,418	363.1	3.63
2015	15,467,113,000	0.973	15,896,476,839	379.4	4.47
2016	15,884,741,000	0.983	16,162,082,333	385.7	1.67
2017	16,658,962,000	1.000	16,658,962,000	397.6	3.07
2018	17,514,402,000	1.020	17,163,073,878	409.6	3.03
2019	18,343,601,000	1.035	17,721,060,157	422.9	3.25
2020	19,609,985,000	1.046	18,741,324,605	447.3	5.76
2021	21,392,812,000	1.090	19,626,252,970	468.4	4.72
2022	21,820,248,000	1.160	18,803,588,325	448.8	-4.19

1 1969 = 100

2 Implicit Price Deflator for Personal Consumption (2017=1.00).

*Real total personal income determined using the Implicit Price Deflator for
Personal Consumption (2017=1.00).

N Data not available for this year or not meaningful.

Source: Calculations by the New York Regional Economic Analysis Project (NY-REAP)
with data provided by the U.S. Department of Commerce, Bureau of Economic Analysis

November 2023

REAP_PI_CA1400_300_PN

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