Union County vs. New Jersey
Comparative Trends Analysis:
Gross Domestic Product Growth and Change, 2001-2021
Introduction
Union County vs. New Jersey
Union County:
2021 GDP = $41,471,551K
2021 Percent of State = 6.07%
New Jersey:
2021 GDP = $682,945,922K
2021 Percent of U.S. = 2.93%
Nationally, GDP (Gross Domestic Product) is widely regarded as the foremost blue-chip barometer for tracking and calibrating the economic performance of the economy nationwide. Like its closely followed national counterpart, the GDP of Union County is the most comprehensive measure of output of all goods and services produced by labor and property located within Union County. It is a market valuation of the goods and services-both private and public-produced within a regional economy.
Unlike the widely and frequently reported employment and job numbers that measure labor as one of the units of input into production, GDP is a valuation of the output. Also, while County Personal Income is representative of the "purchasing power" of those that reside within a county, think of Gross Domestic Product as representative of the "producing power" of that county.
For a more detailed and technical explanation of Gross Domestic Product (GDP) by County compiled by the Regional Product Branch of Bureau of Economic Analysis please refer to the A Primer on Local Area Gross Domestic Product Methodology article found on the BEA website.

BEA: Definition

GDP by county is the county counterpart of the Nation's gross domestic product (GDP), the Bureau's featured and most comprehensive measure of U.S. economic activity. GDP by county is derived as the sum of the GDP originating in all the industries in a county.

The statistics of real GDP by county are prepared in chained (2012) dollars. Real GDP by county is an inflation-adjusted measure of each county's gross product that is based on national prices for the goods and services produced within that county. The statistics of real GDP by county and of quantity indexes with a base year of 2012 were derived by applying national chain-type price indexes to the current-dollar GDP-by-county values for the 64 detailed NAICS-based industries for 1997 forward.

The chain-type index formula that is used in the national accounts is then used to calculate the values of total real GDP by county and of real GDP by county at more aggregated industry levels. Real GDP by county may reflect a substantial volume of output that is sold to other counties and regions. To the extent that a county's output is produced and sold in national markets at relatively uniform prices (or sold locally at national prices), real GDP by state captures the differences across states that reflect the relative differences in the mix of goods and services that the counties produce. However, real GDP by county does not capture geographic differences in the prices of goods and services that are produced and sold locally.

United States. Bureau of Economic Analysis, Regional Product Division.
BEA News Release (GDP by State). 2013. Web.
https://www.bea.gov/data/gdp/gdp-state.

BEA: Relation of GDP by county to U.S. Gross Domestic Product (GDP)

An industry's GDP by county, or its value added, in practice, is calculated as the sum of incomes earned by labor and capital and the costs incurred in the production of goods and services. That is, it includes the wages and salaries that workers earn, the income earned by individual or joint entrepreneurs as well as by corporations, and business taxes such as sales, property, and Federal excise taxes that count as a business expense.

GDP is calculated as the sum of what consumers, businesses, and government spend on final goods and services, plus investment and net foreign trade. In theory, incomes earned should equal what is spent, but due to different data sources, income earned, usually referred to as gross domestic income (GDI), does not always equal what is spent (GDP). The difference is referred to as the "statistical discrepancy."

Starting with the 2004 comprehensive revision, BEA's annual industry accounts and its GDP-by-county accounts allocate the statistical discrepancy across all private-sector industries. Therefore, the GDP-by-county statistics are now conceptually more similar to the GDP statistics in the national accounts than they had been in the past.

U.S. real GDP by county for the advance year, 2012, may differ from the Annual Industry Accounts' GDP by industry and, hence NIPA (National Income and Product Account) GDP, because of different sources and vintages of data used to estimate GDP by state and NIPA GDP. For the revised years of 2009-2011, U.S. GDP by county is nearly identical to GDP by industry except for small differences resulting from the GDP-by-county accounts' exclusion of overseas Federal military and civilian activity (because it cannot be attributed to a particular state). The GDP-by-industry statistics are identical to those from the 2012 annual revision of the NIPAs, released in July 2012. However, because of revisions since July 2012, GDP in the NIPAs may differ from U.S. GDP by county.

United States. Bureau of Economic Analysis, Regional Product Division.
BEA News Release (GDP by State). 2013. Web.
https://www.bea.gov/data/gdp/gdp-state.

Union County Gross Domestic Product, 2002-2021
Current vs. Chained 2012 Dollars (Millions)
Union County Gross Domestic Product, 2002-2021
Current vs. Chained 2012 Dollars (Millions)
Figure 1.
Figure 1 depicts Union County's annual gross domestic product over 2002-2021 in current and constant (chained 2012) dollars. Constant dollar measurements remove the effects of inflation. They allow for comparison of changes in the real total good and services output of Union County over time.
When measured in current dollars, Union County's GDP increased 40.78%, from $29,459M in 2002 to $41,472M in 2021. When measured in constant 2012 dollars to adjust for inflation, it declined -10.79%, from $38,528M in 2002 to $34,371M in 2021.
Real Gross Domestic Product, 2001-2021 (Millions)
Real Gross Domestic Product, 2001-2021 (Millions)
Figure 2.
Figure 2 traces Union County's and New Jersey's annual real gross domestic product for the period 2001-2021 to illustrate real gross domestic product patterns over time. During this 21-year period, Union County's real gross domestic product dropped from $39,388M in 2001 to $34,371M in 2021, for a net loss of ($5,017)M, or -12.74%. In comparison, New Jersey's real GDP advanced from $476,617M in 2001 to $566,893M in 2021, for a net gain of $90,276M, or 18.94%.
Real Gross Domestic Product Indices (2001=100): 2001-2021
Real Gross Domestic Product Indices (2001=100): 2001-2021
Figure 3.
Figure 3 shows Union County's real gross domestic product growth in a broader context by offering direct comparisons across time with New Jersey, the United States. The growth indices shown here express each region's real gross domestic product in 2001 as a base figure of 100, and the real gross domestic products in later years as a percentage of the 2001 base figure. This method allows for more direct comparison of differences in real gross domestic product growth between regions that may differ vastly in size.
Union County's overall real GDP growth was -12.74% over 2001-2021 trailed New Jersey's increase of 18.94%, and fell below the United States' increase of 47.85%.
Gross Domestic Product as a Percent of the New Jersey Total: 2001-2021
Gross Domestic Product as a Percent of the New Jersey Total: 2001-2021
Figure 4.
Another interesting and insightful way of contrasting the gross domestic product growth of Union County is to trace its individual percentage contributions to New Jersey's statewide gross domestic product over time, as shown in Figure 4. A rising share means a region's gross domestic product grew faster, or declined less, than New Jersey's gross domestic product, while a declining share shows it grew more slowly.
In 2001, Union County's GDP comprised 8.00% of New Jersey's GDP, while in 2021 it totaled 6.07% thereby yielding a -1.93% share-shift.
   
 
Gross Domestic Product Share-Shift
2021 vs. 2001
 
Share-
Shift*
 
2021
vs.
2001
-1.93%
=
6.07%
-
8.00%
 
   
Union County Real Gross Domestic Product:
Annual Percent Change, 2002-2021
Union County Real Gross Domestic Product:
Annual Percent Change, 2002-2021
Figure 5.
Figure 5 shows the short-run pattern of Union County's real gross domestic product growth by tracking the year-to-year percent change over 2002-2021. The average annual percent change for the entire 20-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, Union County's real GDP contracted at an annual rate of -0.63% over 2002-2021. The county posted its highest growth in 2012 (5.17%) and recorded its lowest growth in 2004 (-7.99%). In 2021, Union County's real GDP grew by 2.40%
Union County Real Gross Domestic Product:
Annual Percent Change and Decade Averages Over 2002-2021
Union County Real Gross Domestic Product:
Annual Percent Change and Decade Averages Over 2002-2021
Figure 6.
Figure 6 again illustrates the annual percent change in Union County's real gross domestic product since 2002, but this time they are overlayed with average growth rates for the decade of the 2000s, 2010s, and 2020-2021.
During 2002-2009, Union County's annual real GDP growth rate averaged -2.71%. It averaged 1.16% during the 2010s, -1.23% thus far this decade (2020-2021).
Real Gross Domestic Product Growth:
Average Annual Percent Change by Decade
Real Gross Domestic Product Growth:
Average Annual Percent Change by Decade
Figure 7.
Figure 7 compares the decade average growth rates for Union County noted in the previous graph with the corresponding decade averages for New Jersey and the nation. As the chart reveals, Union County's average annual real gross domestic product growth amounted to less than New Jersey's average throughout the 2000s (-2.71% vs. 0.80%), outgained New Jersey's average in the 2010s (1.16% vs. 1.00%), and trailed New Jersey's average over the 2 year period of the current decade, 2020-2021 (-1.23% vs. 0.78%).
Finally, relative to nationwide real gross domestic product growth trends, Union County recorded underneath the nation throughout the 2000s (-2.71% vs. 1.77%), lagged the nation throughout the 2010s (1.16% vs. 2.25%), and lagged the nation over 2020-2021 (-1.23% vs. 1.59%).
   
 
Real* Gross Domestic Product Growth:
Average Annual Percent Change
 
 
 
-0.63
-2.71
1.16
-1.23
2.40
 
0.90
0.80
1.00
0.78
5.90
 
1.99
1.77
2.25
1.59
5.95
 
   

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

   
 
Union County:
Gross Domestic Product, 2001-2021
 
2001
 
29,897,200
1.153
39,387,910
100.0
N
8.00
2002
 
29,459,444
1.128
38,527,529
97.8
-2.18
7.63
2003
 
30,067,181
1.121
38,321,450
97.3
-0.53
7.50
2004
 
28,441,055
1.032
35,257,986
89.5
-7.99
6.86
2005
 
28,830,944
1.004
34,319,807
87.1
-2.66
6.62
2006
 
29,450,773
0.990
33,835,063
85.9
-1.41
6.44
2007
 
29,233,135
0.952
32,533,480
82.6
-3.85
6.16
2008
 
30,601,479
0.977
33,395,726
84.8
2.65
6.17
2009
 
29,785,716
0.922
31,497,906
80.0
-5.68
6.17
2010
 
30,806,792
0.946
32,341,784
82.1
2.68
6.25
2011
 
31,725,425
0.951
32,490,863
82.5
0.46
6.40
2012
 
34,169,918
1.000
34,169,918
86.8
5.17
6.61
2013
 
35,214,582
1.014
34,657,572
88.0
1.43
6.59
2014
 
35,679,986
1.009
34,494,204
87.6
-0.47
6.57
2015
 
36,353,373
1.008
34,431,977
87.4
-0.18
6.45
2016
 
37,049,662
1.022
34,933,626
88.7
1.46
6.44
2017
 
37,000,252
1.000
34,156,791
86.7
-2.22
6.30
2018
 
39,218,131
1.028
35,136,834
89.2
2.87
6.39
2019
 
39,732,173
1.032
35,276,779
89.6
0.40
6.23
2020
 
37,946,192
0.982
33,565,324
85.2
-4.85
6.12
2021
 
41,471,551
1.006
34,370,946
87.3
2.40
6.07
Source: Calculations by the New Jersey Regional Economic Analysis Project (NJ-REAP)
with data provided by the U.S. Department of Commerce, Bureau of Economic Analysis
November 2023
REAP_PI_CA1400_2000_PSN
 
   

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

   
 
New Jersey:
Gross Domestic Product, 2001-2021
 
2001
 
373,697,999
0.922
476,616,737
100.0
N
3.53
2002
 
386,132,518
0.937
484,657,107
101.7
1.69
3.53
2003
 
400,984,666
0.957
494,703,475
103.8
2.07
3.50
2004
 
414,848,555
0.963
498,245,167
104.5
0.72
3.40
2005
 
435,736,688
0.982
507,894,694
106.6
1.94
3.34
2006
 
457,593,115
0.999
516,681,365
108.4
1.73
3.31
2007
 
474,867,869
1.007
520,898,339
109.3
0.82
3.28
2008
 
496,227,194
1.033
534,501,389
112.1
2.61
3.36
2009
 
482,458,871
0.980
506,850,729
106.3
-5.17
3.33
2010
 
492,762,401
0.994
513,917,936
107.8
1.39
3.27
2011
 
495,965,819
0.981
507,603,985
106.5
-1.23
3.18
2012
 
517,195,851
1.000
517,195,851
108.5
1.89
3.18
2013
 
534,177,766
1.013
523,725,795
109.9
1.26
3.17
2014
 
542,842,785
1.010
522,166,434
109.6
-0.30
3.09
2015
 
563,233,806
1.025
529,953,740
111.2
1.49
3.09
2016
 
575,500,992
1.035
535,055,280
112.3
0.96
3.08
2017
 
587,421,013
1.039
537,578,539
112.8
0.47
3.02
2018
 
614,106,535
1.064
550,059,527
115.4
2.32
2.99
2019
 
637,630,437
1.082
559,648,773
117.4
1.74
2.98
2020
 
620,085,909
1.035
535,323,749
112.3
-4.35
2.94
2021
 
682,945,922
1.096
566,893,216
118.9
5.90
2.93
Source: Calculations by the New Jersey Regional Economic Analysis Project (NJ-REAP)
with data provided by the U.S. Department of Commerce, Bureau of Economic Analysis
November 2023
REAP_PI_CA1400_2000_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:
Gross Domestic Product, 2001-2021
 
2001
 
10,581,929,000
0.816
13,263,417,000
100.0
N
2002
 
10,929,108,000
0.830
13,488,357,000
101.7
1.70
2003
 
11,456,450,000
0.853
13,865,519,000
104.5
2.80
2004
 
12,217,196,000
0.886
14,399,696,000
108.6
3.85
2005
 
13,039,197,000
0.917
14,901,269,000
112.3
3.48
2006
 
13,815,583,000
0.942
15,315,943,000
115.5
2.78
2007
 
14,474,228,000
0.961
15,623,871,000
117.8
2.01
2008
 
14,769,862,000
0.962
15,642,962,000
117.9
0.12
2009
 
14,478,067,000
0.937
15,236,262,000
114.9
-2.60
2010
 
15,048,970,000
0.963
15,648,991,000
118.0
2.71
2011
 
15,599,731,000
0.978
15,891,534,000
119.8
1.55
2012
 
16,253,970,000
1.000
16,253,970,000
122.5
2.28
2013
 
16,843,196,000
1.018
16,553,348,000
124.8
1.84
2014
 
17,550,687,000
1.042
16,932,051,000
127.7
2.29
2015
 
18,206,023,000
1.070
17,390,295,000
131.1
2.71
2016
 
18,695,106,000
1.088
17,680,274,000
133.3
1.67
2017
 
19,477,337,000
1.112
18,076,651,000
136.3
2.24
2018
 
20,533,058,000
1.145
18,609,078,000
140.3
2.95
2019
 
21,380,976,000
1.171
19,036,052,000
143.5
2.29
2020
 
21,060,474,000
1.139
18,509,143,000
139.6
-2.77
2021
 
23,315,081,000
1.206
19,609,812,000
147.8
5.95
Source: Calculations by the New Jersey Regional Economic Analysis Project (NJ-REAP)
with data provided by the U.S. Department of Commerce, Bureau of Economic Analysis
November 2023
REAP_PI_CA1400_2000_PN
 
   
Copyright © 2024. Pacific Northwest Regional Economic Analysis Project (PNREAP). All Rights Reserved.

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