Wrangell City and Borough vs. Alaska Comparative Trends Analysis: Total Personal Income Growth and Change, 1969-2022 Introduction Wrangell City and Borough: 2022 TPI = $126,186K 2022 Percent of State = 0.25% 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 Wrangell City and 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. Wrangell City and Borough Total Personal Income, 2010-2022 Current vs. Constant Dollars (Millions) Figure 1. Figure 1 depicts the Wrangell City and Borough's annual total personal income over 2010-2022 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 Wrangell City and Borough over time. When measured in current dollars, the Wrangell City and Borough's total personal income increased 36.93%, from $92M in 2010 to $126M in 2022. When measured in constant 2017 dollars to adjust for inflation, it advanced 6.80%, from $102M in 2010 to $109M in 2022. Real Total Personal Income, 2009-2022 (Millions) Figure 2. Figure 2 tracks the Wrangell City and Borough's and Alaska's annual real total personal income for the period 2009-2022 to illustrate real total personal income patterns over time. During this 14-year period, the Wrangell City and Borough's real total personal income rose from $88M in 2009 to $109M in 2022, for a net gain of $21M, or 23.43%. In comparison, Alaska's real total personal income increased from $37,106M in 2009 to $43,389M in 2022, for a net gain of $6,282M, or 16.93%. Real Total Personal Income Indices (2009=100): 2009-2022 Figure 3. Figure 3 portrays the Wrangell City and 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 2009 as a base figure of 100, and the real total personal incomes in later years as a percentage of the 2009 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 Wrangell City and Borough's overall real total personal income growth was 23.43% over 2009-2022 outpaced Alaska's increase of 16.93%, and fell below the United States' increase of 38.66%. Total Personal Income as a Percent of the Alaska Total: 2009-2022 Figure 4. Another interesting and insightful way of highlighting the total personal income growth of the Wrangell City and Borough 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 2009, the Wrangell City and Borough's total personal income totaled 0.24% of Alaska's total personal income, while in 2022 it totaled 0.25% thereby yielding a +0.01% share-shift.
Wrangell City and Borough Real Total Personal Income: Annual Percent Change, 2010-2022 Figure 5. Figure 5 highlights the short-run pattern of the Wrangell City and Borough's real total personal income growth by tracking the year-to-year percent change over 2010-2022. The average annual percent change for the entire 13-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 Wrangell City and Borough's real total personal income grew at an annual rate of 1.76% over 2010-2022. The city/burough rollup posted its highest growth in 2010 (15.56%) and recorded its lowest growth in 2016 (-4.73%). In 2022, the Wrangell City and Borough's real total personal income declined by -4.56% Wrangell City and Borough Real Total Personal Income: Annual Percent Change and Decade Averages Over 2010-2022 Figure 6. Over the past five decades some city/burough rollups 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 the Wrangell City and Borough's real total personal income since 2010, but this time they are overlayed with average growth rates for the decade of the 2010s, and 2020-2022. During the 2010s, the Wrangell City and Borough's annual real total personal income growth rate averaged 2.76%. It averaged -1.58% 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 the Wrangell City and Borough noted in the previous graph with the corresponding decade averages for Alaska and the nation. As the chart reveals, the Wrangell City and Borough's average annual real total personal income growth outgained Alaska's average during the 2010s (2.76% vs. 1.52%), and fell below Alaska's average over the 3 year period of the current decade, 2020-2022 (-1.58% vs. 0.32%). Finally, relative to nationwide real total personal income growth trends, the Wrangell City and Borough recorded above the nation throughout the 2010s (2.76% vs. 2.72%), and recorded underneath the nation over 2020-2022 (-1.58% vs. 2.10%).
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