Prince of Wales-Outer Ketchikan Census Area vs. Alaska Comparative Trends Analysis: Total Personal Income Growth and Change, 1969-2022 Introduction Prince of Wales-Outer Ketchikan Census Area: 2022 TPI = NK 2022 Percent of State = N% 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 Prince of Wales-Outer Ketchikan Census Area 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. Prince of Wales-Outer Ketchikan Census Area Total Personal Income, 1980-2008 Current vs. Constant Dollars (Millions) Figure 1. Figure 1 depicts the Prince of Wales-Outer Ketchikan Census Area's annual total personal income 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 personal income increased 278.05%, from $47M in 1980 to $176M in 2008. When measured in constant 2017 dollars to adjust for inflation, it advanced 65.04%, from $120M in 1980 to $197M in 2008. Real Total Personal Income, 1979-2008 (Millions) Figure 2. Figure 2 traces the Prince of Wales-Outer Ketchikan Census Area's and Alaska's annual real total personal income for the period 1979-2008 to illustrate real total personal income patterns over time. During this 30-year period, the Prince of Wales-Outer Ketchikan Census Area's real total personal income rose from $109M in 1979 to $197M in 2008, for a net gain of $89M, or 81.62%. In comparison, Alaska's real total personal income increased from $15,782M in 1979 to $36,852M in 2008, for a net advance of $21,069M, or 133.50%. Real Total Personal Income Indices (1979=100): 1979-2008 Figure 3. Figure 3 portrays the Prince of Wales-Outer Ketchikan Census Area'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 1979 as a base figure of 100, and the real total personal incomes in later years as a percentage of the 1979 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 Prince of Wales-Outer Ketchikan Census Area's overall real total personal income growth was 81.62% over 1979-2008 trailed Alaska's increase of 133.50%, and fell below the United States' increase of 136.16%. Total Personal Income as a Percent of the Alaska Total: 1979-2008 Figure 4. Another interesting and insightful way of highlighting the total personal income growth of the Prince of Wales-Outer Ketchikan Census Area is to compare 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 1979, the Prince of Wales-Outer Ketchikan Census Area's total personal income comprised 0.69% of Alaska's total personal income, while in 2008 it comprised 0.54% thereby yielding a -0.15% share-shift.
Prince of Wales-Outer Ketchikan Census Area Real Total Personal Income: Annual Percent Change, 1980-2008 Figure 5. Figure 5 shows the short-run pattern of the Prince of Wales-Outer Ketchikan Census Area's real total personal income 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 personal income grew at an annual rate of 2.21% over 1980-2008. The census area recorded its highest growth in 2008 (11.62%) and recorded its lowest growth in 2001 (-9.96%). In 2008, the Prince of Wales-Outer Ketchikan Census Area's real total personal income grew by 11.62% Prince of Wales-Outer Ketchikan Census Area Real Total Personal Income: 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 personal income 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 personal income growth rate averaged 5.57%. It averaged 0.20% throughout the 1990s, 0.71% thus far this decade (2000-2008). Real Total Personal Income 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 personal income growth recorded above Alaska's average during the 1980s (5.57% vs. 3.11%), recorded under Alaska's average throughout the 1990s (0.20% vs. 2.09%), and recorded under Alaska's average over the 9 year period of the last decade, 2000-2008 (0.71% vs. 3.97%). Finally, relative to nationwide real total personal income growth trends, the Prince of Wales-Outer Ketchikan Census Area surpassed the nation during the 1980s (5.57% vs. 3.16%), lagged the nation throughout the 1990s (0.20% vs. 3.27%), and recorded underneath the nation over 2000-2008 (0.71% vs. 2.59%).
| Analysis Options Menu |