Providence County vs. Rhode Island
Comparative Trends Analysis:
Total Industry Earnings Growth and Change, 1969-2022
Introduction
Providence County vs. Rhode Island
Providence County:
2022 Earnings = $27,529,308K
2022 Percent of State = 60.02%
Rhode Island:
2022 Earnings = $45,870,610K
2022 Percent of U.S. = 0.30%
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.
Providence County Total Industry Earnings, 1970-2022
Current vs. Constant Dollars (Millions)
Providence County Total Industry Earnings, 1970-2022
Current vs. Constant Dollars (Millions)
Figure 1.
Figure 1 depicts Providence 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 Providence County over time.
When measured in current dollars, Providence County's total industry earnings increased 1,206.82%, from $2,107M in 1970 to $27,529M in 2022. When measured in constant 2017 dollars to adjust for inflation, it advanced 122.60%, from $10,658M in 1970 to $23,723M in 2022.
Real Total Industry Earnings, 1969-2022 (Millions)
Real Total Industry Earnings, 1969-2022 (Millions)
Figure 2.
Figure 2 traces Providence County's and Rhode Island'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, Providence County's real total industry earnings rose from $10,453M in 1969 to $23,723M in 2022, for a net gain of $13,271M, or 126.96%. In comparison, Rhode Island's real total industry earnings increased from $15,660M in 1969 to $39,529M in 2022, for a net advance of $23,869M, or 152.42%.
Real Total Industry Earnings Indices (1969=100): 1969-2022
Real Total Industry Earnings Indices (1969=100): 1969-2022
Figure 3.
Figure 3 portrays Providence County's real total industry earnings growth in a broader context by offering direct comparisons across time with Rhode Island, 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.
Providence County's overall real total industry earnings growth was 126.96% over 1969-2022 trailed Rhode Island's increase of 152.42%, and fell below the United States' increase of 278.59%.
Total Industry Earnings as a Percent of the Rhode Island Total: 1969-2022
Total Industry Earnings as a Percent of the Rhode Island Total: 1969-2022
Figure 4.
Another interesting and insightful way of comparing the total industry earnings growth of Providence County is to compare its individual percentage contributions to Rhode Island'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 Rhode Island's total industry earnings, while a declining share shows it grew more slowly.
In 1969, Providence County's total industry earnings totaled 66.75% of Rhode Island's total industry earnings, while in 2022 it equated to 60.02% thereby yielding a -6.73% share-shift.
   
 
Total Industry Earnings Share-Shift
2022 vs. 1969
 
Share-
Shift*
 
2022
vs.
1969
-6.73%
=
60.02%
-
66.75%
 
   
Providence County Real Total Industry Earnings:
Annual Percent Change, 1970-2022
Providence County Real Total Industry Earnings:
Annual Percent Change, 1970-2022
Figure 5.
Figure 5 displays the short-run pattern of Providence 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, Providence County's real total industry earnings grew at an annual rate of 1.60% over 1970-2022. The county posted its highest growth in 1998 (7.35%) and recorded its lowest growth in 1991 (-5.12%). In 2022, Providence County's real total industry earnings declined by -0.08%
Providence County Real Total Industry Earnings:
Annual Percent Change and Decade Averages Over 1970-2022
Providence 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 Providence County's real total industry earnings 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, Providence County's annual real total industry earnings growth rate averaged 1.48%. It averaged 2.60% during the 1980s, 1.64% during the 1990s, 0.80% in the 2000s, 1.76% throughout the 2010s, 0.66% 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 Providence County noted in the previous graph with the corresponding decade averages for Rhode Island and the nation. As the chart reveals, Providence County's average annual real total industry earnings growth outpaced Rhode Island's average throughout the 1970s (1.48% vs. 1.41%), lagged Rhode Island's average throughout the 1980s (2.60% vs. 3.06%), trailed Rhode Island's average during the 1990s (1.64% vs. 1.81%), recorded under Rhode Island's average in the 2000s (0.80% vs. 1.27%), surpassed Rhode Island's average during the 2010s (1.76% vs. 1.73%), and recorded under Rhode Island's average over the 3 year period of the current decade, 2020-2022 (0.66% vs. 1.02%).
Finally, relative to nationwide real total industry earnings growth trends, Providence County recorded underneath the nation during the 1970s (1.48% vs. 3.13%), recorded underneath the nation over the 1980s (2.60% vs. 2.62%), recorded underneath the nation over the 1990s (1.64% vs. 3.43%), trailed the nation over the 2000s (0.80% vs. 1.47%), trailed the nation over the 2010s (1.76% vs. 2.53%), and recorded underneath the nation over 2020-2022 (0.66% vs. 1.48%).
   
 
Real* Total Industry Earnings Growth:
Average Annual Percent Change
 
 
 
1.60
1.48
2.60
1.64
0.80
1.76
0.66
-0.08
 
1.81
1.41
3.06
1.81
1.27
1.73
1.02
-0.24
 
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.

   
 
Providence County:
Total Industry Earnings, 1969-2022
 
1969
 
1,973,763
0.189
10,452,592
100.0
N
66.75
1970
 
2,106,586
0.198
10,657,624
102.0
1.96
66.38
1971
 
2,213,574
0.206
10,742,897
102.8
0.80
66.44
1972
 
2,442,593
0.213
11,463,267
109.7
6.71
66.67
1973
 
2,656,842
0.225
11,831,850
113.2
3.22
68.22
1974
 
2,809,994
0.248
11,333,820
108.4
-4.21
70.87
1975
 
2,912,829
0.269
10,844,486
103.7
-4.32
70.63
1976
 
3,213,122
0.283
11,340,564
108.5
4.57
69.62
1977
 
3,471,805
0.302
11,505,186
110.1
1.45
68.42
1978
 
3,848,061
0.323
11,922,360
114.1
3.63
68.27
1979
 
4,232,551
0.351
12,043,795
115.2
1.02
67.44
1980
 
4,550,097
0.389
11,688,494
111.8
-2.95
66.61
1981
 
4,847,198
0.424
11,428,028
109.3
-2.23
65.87
1982
 
5,054,116
0.448
11,288,816
108.0
-1.22
65.40
1983
 
5,425,415
0.467
11,623,565
111.2
2.97
64.78
1984
 
6,012,889
0.484
12,413,322
118.8
6.79
64.96
1985
 
6,475,584
0.501
12,918,098
123.6
4.07
64.41
1986
 
7,001,565
0.512
13,669,859
130.8
5.82
64.14
1987
 
7,621,164
0.528
14,433,476
138.1
5.59
64.43
1988
 
8,380,963
0.549
15,275,609
146.1
5.83
64.28
1989
 
8,864,659
0.573
15,481,146
148.1
1.35
64.40
1990
 
9,106,463
0.598
15,234,568
145.7
-1.59
64.56
1991
 
8,928,732
0.618
14,453,867
138.3
-5.12
64.44
1992
 
9,505,730
0.634
14,988,537
143.4
3.70
64.61
1993
 
9,884,393
0.650
15,206,758
145.5
1.46
64.84
1994
 
10,255,619
0.664
15,455,451
147.9
1.64
65.03
1995
 
10,662,611
0.678
15,737,242
150.6
1.82
64.65
1996
 
10,949,347
0.692
15,822,070
151.4
0.54
64.48
1997
 
11,529,713
0.704
16,375,805
156.7
3.50
64.41
1998
 
12,476,028
0.710
17,580,041
168.2
7.35
64.41
1999
 
13,053,910
0.720
18,130,179
173.5
3.13
63.35
2000
 
14,024,438
0.738
18,997,640
181.8
4.78
63.06
2001
 
14,337,186
0.753
19,039,582
182.2
0.22
61.68
2002
 
14,928,296
0.763
19,567,572
187.2
2.77
60.96
2003
 
15,711,410
0.779
20,170,244
193.0
3.08
60.61
2004
 
16,468,971
0.798
20,630,828
197.4
2.28
60.50
2005
 
16,921,889
0.821
20,604,538
197.1
-0.13
60.41
2006
 
17,868,055
0.844
21,160,653
202.4
2.70
60.84
2007
 
18,136,761
0.866
20,941,449
200.3
-1.04
60.72
2008
 
18,181,966
0.892
20,390,228
195.1
-2.63
61.07
2009
 
17,396,989
0.889
19,564,545
187.2
-4.05
60.49
2010
 
18,659,729
0.905
20,615,296
197.2
5.37
60.90
2011
 
19,050,236
0.928
20,527,387
196.4
-0.43
60.97
2012
 
19,767,237
0.945
20,910,188
200.0
1.86
61.09
2013
 
20,290,263
0.958
21,184,017
202.7
1.31
61.34
2014
 
21,206,069
0.971
21,834,690
208.9
3.07
61.96
2015
 
22,043,056
0.973
22,654,967
216.7
3.76
62.29
2016
 
22,241,090
0.983
22,629,411
216.5
-0.11
61.94
2017
 
22,890,396
1.000
22,890,396
219.0
1.15
61.73
2018
 
23,431,316
1.020
22,961,298
219.7
0.31
61.15
2019
 
24,087,980
1.035
23,270,488
222.6
1.35
60.66
2020
 
24,154,158
1.046
23,084,205
220.8
-0.80
60.42
2021
 
25,878,966
1.090
23,741,953
227.1
2.85
59.92
2022
 
27,529,308
1.160
23,723,368
227.0
-0.08
60.02
Source: Calculations by the Rhode Island Regional Economic Analysis Project (RI-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.

   
 
Rhode Island:
Total Industry Earnings, 1969-2022
 
1969
 
2,957,038
0.189
15,659,789
100.0
N
0.45
1970
 
3,173,667
0.198
16,056,192
102.5
2.53
0.46
1971
 
3,331,486
0.206
16,168,338
103.2
0.70
0.45
1972
 
3,663,811
0.213
17,194,533
109.8
6.35
0.45
1973
 
3,894,613
0.225
17,344,079
110.8
0.87
0.42
1974
 
3,964,775
0.248
15,991,510
102.1
-7.80
0.40
1975
 
4,124,310
0.269
15,354,840
98.1
-3.98
0.39
1976
 
4,615,049
0.283
16,288,600
104.0
6.08
0.39
1977
 
5,074,089
0.302
16,814,982
107.4
3.23
0.39
1978
 
5,636,785
0.323
17,464,323
111.5
3.86
0.38
1979
 
6,276,019
0.351
17,858,518
114.0
2.26
0.38
1980
 
6,831,269
0.389
17,548,472
112.1
-1.74
0.38
1981
 
7,358,972
0.424
17,349,928
110.8
-1.13
0.38
1982
 
7,728,397
0.448
17,262,060
110.2
-0.51
0.38
1983
 
8,375,682
0.467
17,944,301
114.6
3.95
0.38
1984
 
9,255,667
0.484
19,107,882
122.0
6.48
0.38
1985
 
10,053,903
0.501
20,056,461
128.1
4.96
0.38
1986
 
10,916,583
0.512
21,313,542
136.1
6.27
0.39
1987
 
11,829,095
0.528
22,402,740
143.1
5.11
0.39
1988
 
13,038,796
0.549
23,765,235
151.8
6.08
0.40
1989
 
13,766,018
0.573
24,040,827
153.5
1.16
0.40
1990
 
14,106,505
0.598
23,599,339
150.7
-1.84
0.38
1991
 
13,856,842
0.618
22,431,512
143.2
-4.95
0.37
1992
 
14,713,014
0.634
23,199,328
148.1
3.42
0.36
1993
 
15,244,098
0.650
23,452,458
149.8
1.09
0.36
1994
 
15,771,752
0.664
23,768,389
151.8
1.35
0.35
1995
 
16,491,633
0.678
24,340,457
155.4
2.41
0.35
1996
 
16,981,462
0.692
24,538,621
156.7
0.81
0.34
1997
 
17,899,302
0.704
25,422,617
162.3
3.60
0.34
1998
 
19,369,472
0.710
27,293,632
174.3
7.36
0.34
1999
 
20,607,633
0.720
28,621,315
182.8
4.86
0.34
2000
 
22,240,977
0.738
30,127,844
192.4
5.26
0.34
2001
 
23,244,151
0.753
30,867,907
197.1
2.46
0.34
2002
 
24,490,465
0.763
32,101,382
205.0
4.00
0.35
2003
 
25,920,024
0.779
33,276,021
212.5
3.66
0.36
2004
 
27,223,088
0.798
34,102,607
217.8
2.48
0.35
2005
 
28,013,842
0.821
34,110,392
217.8
0.02
0.35
2006
 
29,366,757
0.844
34,778,253
222.1
1.96
0.34
2007
 
29,871,870
0.866
34,491,288
220.3
-0.83
0.34
2008
 
29,770,583
0.892
33,386,322
213.2
-3.20
0.33
2009
 
28,759,024
0.889
32,342,218
206.5
-3.13
0.33
2010
 
30,637,905
0.905
33,848,802
216.2
4.66
0.34
2011
 
31,243,578
0.928
33,666,198
215.0
-0.54
0.33
2012
 
32,356,157
0.945
34,227,005
218.6
1.67
0.33
2013
 
33,078,157
0.958
34,535,197
220.5
0.90
0.32
2014
 
34,223,038
0.971
35,237,526
225.0
2.03
0.32
2015
 
35,390,032
0.973
36,372,452
232.3
3.22
0.32
2016
 
35,909,471
0.983
36,536,436
233.3
0.45
0.32
2017
 
37,081,297
1.000
37,081,297
236.8
1.49
0.31
2018
 
38,317,238
1.020
37,548,618
239.8
1.26
0.31
2019
 
39,712,066
1.035
38,364,327
245.0
2.17
0.31
2020
 
39,977,602
1.046
38,206,721
244.0
-0.41
0.30
2021
 
43,188,551
1.090
39,622,160
253.0
3.70
0.30
2022
 
45,870,610
1.160
39,528,976
252.4
-0.24
0.30
Source: Calculations by the Rhode Island Regional Economic Analysis Project (RI-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 Rhode Island Regional Economic Analysis Project (RI-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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