Prince of Wales-Outer Ketchikan Census Area vs. Alaska Comparative Trends Analysis: Total Industry Earnings Growth and Change, 1969-2022 Introduction Prince of Wales-Outer Ketchikan Census Area: 2022 Earnings = NK 2022 Percent of State = N% Alaska: 2022 Earnings = $34,526,018K 2022 Percent of U.S. = 0.23% 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. Prince of Wales-Outer Ketchikan Census Area Total Industry Earnings, 1980-2008 Current vs. Constant Dollars (Millions) Figure 1. Figure 1 depicts the Prince of Wales-Outer Ketchikan Census Area's annual total industry earnings over 1980-2008 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 the Prince of Wales-Outer Ketchikan Census Area over time. When measured in current dollars, the Prince of Wales-Outer Ketchikan Census Area's total industry earnings increased 184.79%, from $37M in 1980 to $107M in 2008. When measured in constant 2017 dollars to adjust for inflation, it advanced 24.33%, from $96M in 1980 to $120M in 2008. Real Total Industry Earnings, 1979-2008 (Millions) Figure 2. Figure 2 tracks the Prince of Wales-Outer Ketchikan Census Area's and Alaska's annual real total industry earnings for the period 1979-2008 to illustrate real total industry earnings patterns over time. During this 30-year period, the Prince of Wales-Outer Ketchikan Census Area's real total industry earnings rose from $86M in 1979 to $120M in 2008, for a net gain of $33M, or 38.47%. In comparison, Alaska's real total industry earnings increased from $14,758M in 1979 to $27,393M in 2008, for a net advance of $12,634M, or 85.61%. Real Total Industry Earnings Indices (1979=100): 1979-2008 Figure 3. Figure 3 portrays the Prince of Wales-Outer Ketchikan Census Area's real total industry earnings growth in a broader context by offering direct comparisons across time with Alaska, the United States. The growth indices shown here express each region's real total industry earnings in 1979 as a base figure of 100, and the real total industry earningss in later years as a percentage of the 1979 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. The Prince of Wales-Outer Ketchikan Census Area's overall real total industry earnings growth was 38.47% over 1979-2008 trailed Alaska's increase of 85.61%, and fell below the United States' increase of 115.52%. Total Industry Earnings as a Percent of the Alaska Total: 1979-2008 Figure 4. Another interesting and insightful way of highlighting the total industry earnings growth of the Prince of Wales-Outer Ketchikan Census Area is to compare its individual percentage contributions to Alaska'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 Alaska's total industry earnings, while a declining share shows it grew more slowly. In 1979, the Prince of Wales-Outer Ketchikan Census Area's total industry earnings comprised 0.59% of Alaska's total industry earnings, while in 2008 it totaled 0.44% thereby yielding a -0.15% share-shift.
Prince of Wales-Outer Ketchikan Census Area Real Total Industry Earnings: Annual Percent Change, 1980-2008 Figure 5. Figure 5 highlights the short-run pattern of the Prince of Wales-Outer Ketchikan Census Area's real total industry earnings growth by tracking the year-to-year percent change over 1980-2008. The average annual percent change for the entire 29-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, the Prince of Wales-Outer Ketchikan Census Area's real total industry earnings grew at an annual rate of 1.33% over 1980-2008. The census area recorded its highest growth in 1980 (11.37%) and recorded its lowest growth in 2001 (-14.90%). In 2008, the Prince of Wales-Outer Ketchikan Census Area's real total industry earnings grew by 2.73% Prince of Wales-Outer Ketchikan Census Area Real Total Industry Earnings: Annual Percent Change and Decade Averages Over 1980-2008 Figure 6. Over the past five decades some census areas 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 the Prince of Wales-Outer Ketchikan Census Area's real total industry earnings since 1980, but this time they are displayed with average growth rates for the decade of the 1980s, 1990s, and 2000-2008. During the 1980s, the Prince of Wales-Outer Ketchikan Census Area's annual real total industry earnings growth rate averaged 5.28%. It averaged -0.37% during the 1990s, -1.17% thus far this decade (2000-2008). Real Total Industry Earnings Growth: Average Annual Percent Change by Decade Figure 7. Figure 7 compares the decade average growth rates for the Prince of Wales-Outer Ketchikan Census Area noted in the previous graph with the corresponding decade averages for Alaska and the nation. As the chart reveals, the Prince of Wales-Outer Ketchikan Census Area's average annual real total industry earnings growth recorded above Alaska's average throughout the 1980s (5.28% vs. 2.15%), trailed Alaska's average during the 1990s (-0.37% vs. 1.39%), and trailed Alaska's average over the 9 year period of the last decade, 2000-2008 (-1.17% vs. 3.18%). Finally, relative to nationwide real total industry earnings growth trends, the Prince of Wales-Outer Ketchikan Census Area led the nation throughout the 1980s (5.28% vs. 2.62%), posted below the nation during the 1990s (-0.37% vs. 3.43%), and fell below the nation over 2000-2008 (-1.17% vs. 2.00%).
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