Skagway Borough vs. Alaska | Total Personal Income Trends Report over 1969-2022

Briefing Report Outline:

1.	Introduction
2.	Line Graph - Skagway Borough Total Personal Income, 2009-2022, Current vs. Constant Dollars
3.	Line Graph - Skagway Borough and Alaska Real Total Personal Income, 2008-2022
4.	Line Graph - Real Total Personal Income Indices: Skagway Borough, Alaska and United States, 2008-2022
5.	Line Graph - Total Personal Income as a Percent of the Alaska Total: Skagway Borough, 2008-2022
6.	Line Graph - Skagway Borough Real Total Personal Income: Annual Percent Change, 2009-2022
7.	Line Graph - Skagway Borough Real Total Personal Income: Annual Percent Change and Decade Averages Over 2009-2022
8.	Bar Chart - Real Total Personal Income Growth: Average Annual Percent Change By Decade
9.	Table - Skagway Borough: Total Personal Income, 1969-2022
10.	Table - Alaska: Total Personal Income, 1969-2022
11.	Table - United States: Total Personal Income, 1969-2022

Page 1 of 13

Introduction

Skagway Borough:

2022 TPI = $81,664K

2022 Percent of State = 0.16%

Alaska:

2022 TPI = $50,349,667K

2022 Percent of U.S. = 0.23%

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 the Skagway Borough and Alaska 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.

Page 2 of 13

Skagway Borough Total Personal Income, 2009-2022
Current vs. Constant Dollars (Millions)

Figure 1.

Figure 1 depicts the Skagway Borough's annual total personal income over 2009-2022 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 the Skagway Borough over time.

When measured in current dollars, the Skagway Borough's total personal income increased 19.61%, from $68M in 2009 to $82M in 2022. When measured in constant 2017 dollars to adjust for inflation, it declined -8.35%, from $77M in 2009 to $70M in 2022.

Page 3 of 13

Real Total Personal Income, 2008-2022 (Millions)

Figure 2.

Figure 2 traces the Skagway Borough's and Alaska's annual real total personal income for the period 2008-2022 to illustrate real total personal income patterns over time. During this 15-year period, the Skagway Borough's real total personal income dropped from $81M in 2008 to $70M in 2022, for a net loss of ($11)M, or -13.28%. In comparison, Alaska's real total personal income advanced from $36,852M in 2008 to $43,389M in 2022, for a net advance of $6,537M, or 17.74%.

Page 4 of 13

Real Total Personal Income Indices (2008=100): 2008-2022

Figure 3.

Figure 3 shows the Skagway Borough's real total personal income 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 personal income in 2008 as a base figure of 100, and the real total personal incomes in later years as a percentage of the 2008 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.

The Skagway Borough's overall real total personal income growth was -13.28% over 2008-2022 trailed Alaska's increase of 17.74%, and fell below the United States' increase of 34.96%.

Page 5 of 13

Total Personal Income as a Percent of the Alaska Total: 2008-2022

Figure 4.

Another interesting and insightful way of highlighting the total personal income growth of the Skagway Borough is to trace its individual percentage contributions to Alaska'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 Alaska's total personal income, while a declining share shows it grew more slowly.

In 2008, the Skagway Borough's total personal income totaled 0.22% of Alaska's total personal income, while in 2022 it totaled 0.16% thereby yielding a -0.06% share-shift.

Total Personal Income Share-Shift

2022 vs. 2008

	Share- Shift*		2022	vs.	2008
Skagway Borough	-0.06%	=	0.16%	-	0.22%

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

Page 6 of 13

Skagway Borough Real Total Personal Income:
Annual Percent Change, 2009-2022

Figure 5.

Figure 5 displays the short-run pattern of the Skagway Borough's real total personal income growth by tracking the year-to-year percent change over 2009-2022. The average annual percent change for the entire 14-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, the Skagway Borough's real total personal income contracted at an annual rate of -0.59% over 2009-2022. The burough recorded its highest growth in 2012 (13.77%) and posted its lowest growth in 2020 (-25.94%). In 2022, the Skagway Borough's real total personal income declined by -0.46%

Page 7 of 13

Skagway Borough Real Total Personal Income:
Annual Percent Change and Decade Averages Over 2009-2022

Figure 6.

Over the past five decades some buroughs have experienced extreme swings in growth, and often such swings have tended to coincide with the decades themselves. Figure 6 again shows the annual percent change in the Skagway Borough's real total personal income since 2009, but this time they are displayed with average growth rates for the decade of the 2010s, and 2020-2022.

During the 2010s, the Skagway Borough's annual real total personal income growth rate averaged 2.06%. It averaged -7.82% thus far this decade (2020-2022).

Page 8 of 13

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

Figure 7.

Figure 7 compares the decade average growth rates for the Skagway Borough noted in the previous graph with the corresponding decade averages for Alaska and the nation. As the chart reveals, the Skagway Borough's average annual real total personal income growth exceeded Alaska's average during the 2010s (2.06% vs. 1.52%), and lagged Alaska's average over the 3 year period of the current decade, 2020-2022 (-7.82% vs. 0.32%).

Finally, relative to nationwide real total personal income growth trends, the Skagway Borough fell below the nation in the 2010s (2.06% vs. 2.72%), and fell below the nation over 2020-2022 (-7.82% vs. 2.10%).

Real* Total Personal Income Growth:

Average Annual Percent Change

	2009-2022	2010-2019	2020-2022	2022
	%	%	%	%
Skagway Borough	-0.59	2.06	-7.82	-0.46
Alaska	1.20	1.52	0.32	-1.90
United States	2.20	2.72	2.10	-4.19

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

Page 9 of 13

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

Skagway Borough:
Total Personal Income, 1969-2022


Year	Current Dollars (1000s)	Implicit Price Deflator2	Constant Dollars (1000s)	Index1	Percent Change	Percent of Statewide Total
1969	N	0.189	N	N	N	N
1970	N	0.198	N	N	N	N
1971	N	0.206	N	N	N	N
1972	N	0.213	N	N	N	N
1973	N	0.225	N	N	N	N
1974	N	0.248	N	N	N	N
1975	N	0.269	N	N	N	N
1976	N	0.283	N	N	N	N
1977	N	0.302	N	N	N	N
1978	N	0.323	N	N	N	N
1979	N	0.351	N	N	N	N
1980	N	0.389	N	N	N	N
1981	N	0.424	N	N	N	N
1982	N	0.448	N	N	N	N
1983	N	0.467	N	N	N	N
1984	N	0.484	N	N	N	N
1985	N	0.501	N	N	N	N
1986	N	0.512	N	N	N	N
1987	N	0.528	N	N	N	N
1988	N	0.549	N	N	N	N
1989	N	0.573	N	N	N	N
1990	N	0.598	N	N	N	N
1991	N	0.618	N	N	N	N
1992	N	0.634	N	N	N	N
1993	N	0.650	N	N	N	N
1994	N	0.664	N	N	N	N
1995	N	0.678	N	N	N	N
1996	N	0.692	N	N	N	N
1997	N	0.704	N	N	N	N
1998	N	0.710	N	N	N	N
1999	N	0.720	N	N	N	N
2000	N	0.738	N	N	N	N
2001	N	0.753	N	N	N	N
2002	N	0.763	N	N	N	N
2003	N	0.779	N	N	N	N
2004	N	0.798	N	N	N	N
2005	N	0.821	N	N	N	N
2006	N	0.844	N	N	N	N
2007	N	0.866	N	N	N	N
2008	72,365	0.892	81,154	N	N	0.22
2009	68,276	0.889	76,783	N	-5.39	0.21
2010	73,308	0.905	80,991	N	5.48	0.21
2011	74,857	0.928	80,661	N	-0.41	0.20
2012	86,751	0.945	91,767	N	13.77	0.22
2013	84,638	0.958	88,366	N	-3.71	0.22
2014	83,870	0.971	86,356	N	-2.27	0.21
2015	77,627	0.973	79,782	N	-7.61	0.19
2016	81,858	0.983	83,287	N	4.39	0.20
2017	86,257	1.000	86,257	N	3.57	0.21
2018	92,250	1.020	90,400	N	4.80	0.21
2019	96,006	1.035	92,748	N	2.60	0.22
2020	71,872	1.046	68,688	N	-25.94	0.16
2021	77,059	1.090	70,696	N	2.92	0.16
2022	81,664	1.160	70,374	N	-0.46	0.16

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 Alaska Regional Economic Analysis Project (AK-REAP)
with data provided by the U.S. Department of Commerce, Bureau of Economic Analysis

November 2023

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

Alaska:
Total Personal Income, 1969-2022


Year	Current Dollars (1000s)	Implicit Price Deflator2	Constant Dollars (1000s)	Index1	Percent Change	Percent of Nationwide Total
1969	1,575,306	0.189	8,342,456	100.0	N	0.20
1970	1,798,953	0.198	9,101,250	109.1	9.10	0.21
1971	1,984,124	0.206	9,629,333	115.4	5.80	0.21
1972	2,166,758	0.213	10,168,754	121.9	5.60	0.21
1973	2,507,651	0.225	11,167,450	133.9	9.82	0.22
1974	3,042,645	0.248	12,272,194	147.1	9.89	0.24
1975	4,156,808	0.269	15,475,830	185.5	26.10	0.31
1976	4,893,293	0.283	17,270,649	207.0	11.60	0.33
1977	5,081,877	0.302	16,840,791	201.9	-2.49	0.31
1978	5,235,885	0.323	16,222,224	194.5	-3.67	0.28
1979	5,546,412	0.351	15,782,409	189.2	-2.71	0.27
1980	6,285,382	0.389	16,146,172	193.5	2.30	0.27
1981	7,150,519	0.424	16,858,468	202.1	4.41	0.28
1982	8,730,130	0.448	19,499,520	233.7	15.67	0.31
1983	9,513,851	0.467	20,382,747	244.3	4.53	0.32
1984	10,114,887	0.484	20,881,701	250.3	2.45	0.31
1985	10,962,051	0.501	21,868,120	262.1	4.72	0.31
1986	11,060,492	0.512	21,594,510	258.9	-1.25	0.30
1987	10,592,902	0.528	20,061,554	240.5	-7.10	0.27
1988	11,059,926	0.549	20,158,436	241.6	0.48	0.26
1989	12,101,339	0.573	21,133,649	253.3	4.84	0.26
1990	12,840,241	0.598	21,480,955	257.5	1.64	0.26
1991	13,409,556	0.618	21,707,443	260.2	1.05	0.26
1992	14,263,462	0.634	22,490,479	269.6	3.61	0.26
1993	14,997,575	0.650	23,073,192	276.6	2.59	0.27
1994	15,499,862	0.664	23,358,644	280.0	1.24	0.26
1995	15,937,679	0.678	23,522,861	282.0	0.70	0.25
1996	16,376,600	0.692	23,664,581	283.7	0.60	0.25
1997	17,297,519	0.704	24,567,897	294.5	3.82	0.24
1998	18,155,936	0.710	25,583,632	306.7	4.13	0.24
1999	18,706,617	0.720	25,981,052	311.4	1.55	0.23
2000	20,092,171	0.738	27,217,050	326.2	4.76	0.23
2001	21,287,123	0.753	28,269,001	338.9	3.87	0.24
2002	22,331,474	0.763	29,271,440	350.9	3.55	0.24
2003	23,372,138	0.779	30,005,056	359.7	2.51	0.25
2004	24,429,161	0.798	30,602,629	366.8	1.99	0.24
2005	26,019,615	0.821	31,682,169	379.8	3.53	0.25
2006	27,696,199	0.844	32,799,857	393.2	3.53	0.25
2007	29,761,264	0.866	34,363,578	411.9	4.77	0.25
2008	32,860,667	0.892	36,851,707	441.7	7.24	0.26
2009	32,995,420	0.889	37,106,443	444.8	0.69	0.27
2010	35,374,322	0.905	39,081,603	468.5	5.32	0.28
2011	37,870,572	0.928	40,807,047	489.1	4.41	0.28
2012	38,997,090	0.945	41,251,920	494.5	1.09	0.28
2013	38,565,077	0.958	40,263,807	482.6	-2.40	0.27
2014	40,642,115	0.971	41,846,887	501.6	3.93	0.28
2015	41,918,639	0.973	43,082,292	516.4	2.95	0.27
2016	41,285,498	0.983	42,006,327	503.5	-2.50	0.26
2017	41,919,375	1.000	41,919,375	502.5	-0.21	0.25
2018	43,522,749	1.020	42,649,709	511.2	1.74	0.25
2019	44,507,583	1.035	42,997,095	515.4	0.81	0.24
2020	45,366,320	1.046	43,356,735	519.7	0.84	0.23
2021	48,207,950	1.090	44,227,071	530.1	2.01	0.23
2022	50,349,667	1.160	43,388,802	520.1	-1.90	0.23

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 Alaska Regional Economic Analysis Project (AK-REAP)
with data provided by the U.S. Department of Commerce, Bureau of Economic Analysis

November 2023

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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 Alaska Regional Economic Analysis Project (AK-REAP)
with data provided by the U.S. Department of Commerce, Bureau of Economic Analysis

November 2023

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