Cape May County vs. New Jersey
Comparative Trends Analysis:
Per Capita Personal Income Growth and Change, 1969-2022
Introduction
Cape May County vs. New Jersey
Cape May County:
2022 PCI = $71,590
2022 Percent of State = 92.73%
New Jersey:
2022 PCI = $77,199
Per Capita Income (PCI) is one of the most widely used indicators for gauging the economic performance and changing fortunes of local economies. It is used as a yardstick to assess the economic well being of a region's residents and the quality of consumer markets. It serves as a barometer for calibrating the economic performance of a region over time and to judge differences in relative economic prosperity between regions. Shifting trends in local per capita income growth have important social and political ramifications and significant implications in formulating local economic development strategies and initiatives.
Data Definition:
This measure of income is calculated as the total personal income of the residents of an area divided by the population of the area. Per capita personal income is often used as an indicator of consumers' purchasing power and of the economic well-being of the residents of an area.
Personal income is measured as a flow throughout the year, while the measurement of population is at one point in mid-year. Therefore, per capita income is distorted if a significant change in population occurs during the year.
For smaller counties in particular, per capita income in any given year may be exceptionally high or low for the short run because of unusual local conditions, such as a bumper crop, a catastrophe, or a major construction project as the building of a dam or nuclear power plant.
Farm incomes are notorious for being especially volatile year-to-year, owing to changing weather, commodity market conditions, and alterations in government programs. Therefore, the per capita income of farm-dependent counties may exhibit sharp fluctuations over time.
The presence of large institutional populations--such as residents attending a local college or the residents of a local prison or state mental institution--can significantly lower the per capita income estimates of an area. Such results may not reflect the relative economic well being of the non-institutional population and may mislead if care is not given to their interpretation.
Cape May County Per Capita Personal Income, 1970-2022
Current vs. Constant Dollars
Cape May County Per Capita Personal Income, 1970-2022
Current vs. Constant Dollars
Figure 1.
Figure 1 depicts Cape May County's annual per capita personal income over 1970-2022 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 Cape May County over time.
When measured in current dollars, Cape May County's per capita personal income increased 1,550.80%, from $4,337 in 1970 to $71,590 in 2022. When measured in constant 2017 dollars to adjust for inflation, it advanced 181.19%, from $21,940 in 1970 to $61,692 in 2022.
Real Per Capita Personal Income, 1969-2022
Real Per Capita Personal Income, 1969-2022
Figure 2.
Figure 2 tracks Cape May County's and New Jersey's annual real per capita personal income for the period 1969-2022 to illustrate real per capita personal income patterns over time. During this 54-year period, Cape May County's real per capita personal income rose from $20,804 in 1969 to $61,692 in 2022, for a net gain of $40,888, or 196.54%. In comparison, New Jersey's real per capita personal income advanced from $24,261 in 1969 to $66,526 in 2022, for a net advance of $42,264, or 174.20%.
Real Per Capita Personal Income Indices (1969=100): 1969-2022
Real Per Capita Personal Income Indices (1969=100): 1969-2022
Figure 3.
Figure 3 portrays Cape May County's real per capita personal income 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 per capita personal income in 1969 as a base figure of 100, and the real per capita personal incomes in later years as a percentage of the 1969 base figure. This method allows for more direct comparison of differences in real per capita personal income growth between regions that may differ vastly in size.
Cape May County's overall real per capita personal income growth was 196.54% over 1969-2022 outpaced New Jersey's increase of 174.20%, and topped the United States' increase of 171.04%.
Per Capita Personal Income as a Percent of the U.S. Average: 1969-2022
Per Capita Personal Income as a Percent of the U.S. Average: 1969-2022
Figure 4.
Figure 4 depicts the trends for per capita personal income relative to the national average by tracing Cape May County and New Jersey per capita personal income as a percent of the national average over 1969-2022.
In 1969, Cape May County's per capita personal income amounted to 99.95% of the national average; in 2022, it approximated 109.35%. Similarly, in 1969, New Jersey's per capita personal income totaled 116.55% of the national average; in 2022, it consisted of 117.91%.
Cape May County Real Per Capita Personal Income:
Annual Percent Change, 1970-2022
Cape May County Real Per Capita Personal Income:
Annual Percent Change, 1970-2022
Figure 5.
Figure 5 shows the short-run pattern of Cape May County's real per capita personal income growth by tracking the year-to-year percent change over 1970-2022. The average annual percent change for the entire 53-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, Cape May County's real per capita personal income grew at an annual rate of 2.11% over 1970-2022. The county posted its highest growth in 2020 (9.66%) and posted its lowest growth in 2022 (-8.46%). In 2022, Cape May County's real per capita personal income declined by -8.46%
Cape May County Real Per Capita Personal Income:
Annual Percent Change and Decade Averages Over 1970-2022
Cape May County Real Per Capita Personal Income:
Annual Percent Change and Decade Averages Over 1970-2022
Figure 6.
Over the past five decades some counties have experienced extreme swings in growth, and often such swings have tended to coincide with the decades themselves. Figure 6 again depicts the annual percent change in Cape May County's real per capita personal income since 1970, but this time they are overlayed with average growth rates for the decade of the 1970s, 1980s, 1990s, 2000s, 2010s, and 2020-2022.
During the 1970s, Cape May County's annual real per capita personal income growth rate averaged 2.88%. It averaged 2.66% during the 1980s, 1.96% during the 1990s, 1.00% in the 2000s, 2.32% during the 2010s, 1.21% thus far this decade (2020-2022).
Real Per Capita Personal Income Growth:
Average Annual Percent Change by Decade
Real Per Capita Personal Income Growth:
Average Annual Percent Change by Decade
Figure 7.
Figure 7 compares the decade average growth rates for Cape May County noted in the previous graph with the corresponding decade averages for New Jersey and the nation. As the chart reveals, Cape May County's average annual real per capita personal income growth registered above New Jersey's average throughout the 1970s (2.88% vs. 2.11%), posted below New Jersey's average in the 1980s (2.66% vs. 3.32%), topped New Jersey's average in the 1990s (1.96% vs. 1.90%), recorded under New Jersey's average during the 2000s (1.00% vs. 1.22%), outgained New Jersey's average during the 2010s (2.32% vs. 1.53%), and topped New Jersey's average over the 3 year period of the current decade, 2020-2022 (1.21% vs. 0.75%).
Finally, relative to nationwide real per capita personal income growth trends, Cape May County recorded above the nation over the 1970s (2.88% vs. 2.37%), exceeded the nation during the 1980s (2.66% vs. 2.19%), recorded underneath the nation over the 1990s (1.96% vs. 2.01%), trailed the nation in the 2000s (1.00% vs. 1.10%), topped the nation during the 2010s (2.32% vs. 1.97%), and fell under the nation over 2020-2022 (1.21% vs. 1.78%).
   
 
Real* Per Capita Personal Income Growth:
Average Annual Percent Change
 
 
 
2.11
2.88
2.66
1.96
1.00
2.32
1.21
-8.46
 
1.94
2.11
3.32
1.90
1.22
1.53
0.75
-4.69
 
1.92
2.37
2.19
2.01
1.10
1.97
1.78
-4.55
 
   

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

   
 
Cape May County:
Per Capita Personal Income, 1969-2022
 
1969
 
3,928
0.189
20,804
100.0
N
85.75
99.95
1970
 
4,337
0.198
21,940
105.5
5.46
88.35
103.31
1971
 
4,606
0.206
22,354
107.4
1.89
88.08
103.03
1972
 
5,036
0.213
23,635
113.6
5.73
89.26
103.69
1973
 
5,769
0.225
25,693
123.5
8.71
93.91
107.58
1974
 
6,144
0.248
24,781
119.1
-3.55
92.08
105.28
1975
 
6,804
0.269
25,333
121.8
2.23
94.47
107.60
1976
 
7,398
0.283
26,113
125.5
3.08
94.65
107.61
1977
 
8,070
0.302
26,744
128.6
2.42
94.35
107.38
1978
 
8,900
0.323
27,574
132.5
3.10
93.93
106.51
1979
 
9,670
0.351
27,516
132.3
-0.21
92.15
104.74
1980
 
11,068
0.389
28,433
136.7
3.33
93.75
108.69
1981
 
12,258
0.424
28,901
138.9
1.65
93.45
108.56
1982
 
13,172
0.448
29,421
141.4
1.80
93.24
109.86
1983
 
14,194
0.467
30,409
146.2
3.36
93.42
111.76
1984
 
15,306
0.484
31,599
151.9
3.91
91.74
110.20
1985
 
16,220
0.501
32,357
155.5
2.40
91.24
109.99
1986
 
17,184
0.512
33,550
161.3
3.69
90.96
110.99
1987
 
17,893
0.528
33,888
162.9
1.01
88.72
110.26
1988
 
19,411
0.549
35,380
170.1
4.40
87.81
111.29
1989
 
20,473
0.573
35,753
171.9
1.06
86.49
109.73
1990
 
21,397
0.598
35,796
172.1
0.12
86.44
109.06
1991
 
21,585
0.618
34,942
168.0
-2.38
85.99
107.66
1992
 
22,815
0.634
35,975
172.9
2.95
85.45
108.25
1993
 
23,797
0.650
36,611
176.0
1.77
87.01
109.60
1994
 
24,257
0.664
36,556
175.7
-0.15
86.38
107.56
1995
 
25,401
0.678
37,489
180.2
2.55
85.94
107.73
1996
 
26,468
0.692
38,246
183.8
2.02
85.38
107.05
1997
 
28,656
0.704
40,700
195.6
6.42
87.62
110.53
1998
 
30,128
0.710
42,453
204.1
4.31
87.12
109.58
1999
 
31,189
0.720
43,318
208.2
2.04
86.99
109.08
2000
 
33,202
0.738
44,976
216.2
3.83
84.93
108.68
2001
 
35,330
0.753
46,918
225.5
4.32
87.91
111.99
2002
 
36,552
0.763
47,911
230.3
2.12
90.35
114.94
2003
 
36,984
0.779
47,480
228.2
-0.90
89.84
113.24
2004
 
39,170
0.798
49,069
235.9
3.34
91.47
114.59
2005
 
40,392
0.821
49,182
236.4
0.23
91.30
113.24
2006
 
41,427
0.844
49,061
235.8
-0.25
87.46
109.47
2007
 
42,392
0.866
48,947
235.3
-0.23
84.56
107.08
2008
 
42,795
0.892
47,993
230.7
-1.95
82.93
104.75
2009
 
42,460
0.889
47,751
229.5
-0.50
85.21
108.02
2010
 
44,553
0.905
49,222
236.6
3.08
87.42
109.85
2011
 
45,872
0.928
49,429
237.6
0.42
86.78
107.56
2012
 
47,053
0.945
49,774
239.2
0.70
86.74
106.36
2013
 
47,738
0.958
49,841
239.6
0.14
87.79
107.52
2014
 
49,359
0.971
50,822
244.3
1.97
87.54
106.64
2015
 
51,225
0.973
52,647
253.1
3.59
87.68
106.59
2016
 
52,782
0.983
53,703
258.1
2.01
88.27
107.78
2017
 
55,446
1.000
55,446
266.5
3.25
89.84
108.71
2018
 
58,002
1.020
56,839
273.2
2.51
90.34
108.80
2019
 
62,102
1.035
59,994
288.4
5.55
92.02
111.80
2020
 
68,836
1.046
65,787
316.2
9.66
97.01
116.37
2021
 
73,458
1.090
67,392
323.9
2.44
96.56
114.01
2022
 
71,590
1.160
61,692
296.5
-8.46
92.73
109.35
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_700_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:
Per Capita Personal Income, 1969-2022
 
1969
 
4,581
0.189
24,261
100.0
N
116.55
1970
 
4,909
0.198
24,834
102.4
2.36
116.93
1971
 
5,229
0.206
25,378
104.6
2.19
116.97
1972
 
5,642
0.213
26,480
109.1
4.34
116.17
1973
 
6,143
0.225
27,359
112.8
3.32
114.55
1974
 
6,673
0.248
26,913
110.9
-1.63
114.34
1975
 
7,203
0.269
26,816
110.5
-0.36
113.90
1976
 
7,817
0.283
27,590
113.7
2.89
113.70
1977
 
8,554
0.302
28,346
116.8
2.74
113.81
1978
 
9,475
0.323
29,355
121.0
3.56
113.39
1979
 
10,493
0.351
29,859
123.1
1.72
113.66
1980
 
11,806
0.389
30,328
125.0
1.57
115.93
1981
 
13,118
0.424
30,927
127.5
1.98
116.17
1982
 
14,127
0.448
31,555
130.1
2.03
117.83
1983
 
15,193
0.467
32,551
134.2
3.16
119.63
1984
 
16,684
0.484
34,443
142.0
5.81
120.12
1985
 
17,776
0.501
35,461
146.2
2.96
120.55
1986
 
18,891
0.512
36,883
152.0
4.01
122.02
1987
 
20,169
0.528
38,197
157.4
3.56
124.29
1988
 
22,105
0.549
40,290
166.1
5.48
126.74
1989
 
23,671
0.573
41,339
170.4
2.60
126.87
1990
 
24,755
0.598
41,413
170.7
0.18
126.18
1991
 
25,103
0.618
40,636
167.5
-1.88
125.20
1992
 
26,699
0.634
42,098
173.5
3.60
126.67
1993
 
27,350
0.650
42,077
173.4
-0.05
125.96
1994
 
28,083
0.664
42,322
174.4
0.58
124.53
1995
 
29,555
0.678
43,621
179.8
3.07
125.35
1996
 
30,999
0.692
44,795
184.6
2.69
125.37
1997
 
32,705
0.704
46,451
191.5
3.70
126.15
1998
 
34,580
0.710
48,727
200.8
4.90
125.78
1999
 
35,854
0.720
49,796
205.2
2.19
125.40
2000
 
39,095
0.738
52,958
218.3
6.35
127.97
2001
 
40,189
0.753
53,370
220.0
0.78
127.39
2002
 
40,454
0.763
53,026
218.6
-0.64
127.21
2003
 
41,167
0.779
52,851
217.8
-0.33
126.05
2004
 
42,825
0.798
53,647
221.1
1.51
125.28
2005
 
44,238
0.821
53,866
222.0
0.41
124.02
2006
 
47,366
0.844
56,094
231.2
4.14
125.16
2007
 
50,133
0.866
57,886
238.6
3.19
126.64
2008
 
51,606
0.892
57,874
238.5
-0.02
126.32
2009
 
49,828
0.889
56,036
231.0
-3.18
126.77
2010
 
50,962
0.905
56,303
232.1
0.48
125.66
2011
 
52,862
0.928
56,961
234.8
1.17
123.95
2012
 
54,247
0.945
57,383
236.5
0.74
122.63
2013
 
54,380
0.958
56,775
234.0
-1.06
122.47
2014
 
56,383
0.971
58,055
239.3
2.25
121.81
2015
 
58,425
0.973
60,047
247.5
3.43
121.57
2016
 
59,793
0.983
60,837
250.8
1.31
122.10
2017
 
61,716
1.000
61,716
254.4
1.45
121.00
2018
 
64,206
1.020
62,919
259.3
1.95
120.44
2019
 
67,484
1.035
65,194
268.7
3.62
121.49
2020
 
70,957
1.046
67,814
279.5
4.02
119.96
2021
 
76,079
1.090
69,796
287.7
2.92
118.08
2022
 
77,199
1.160
66,526
274.2
-4.69
117.91
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_700_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:
Per Capita Personal Income, 1969-2022
 
1969
 
3,931
0.189
20,816
100.0
N
1970
 
4,198
0.198
21,238
102.0
2.03
1971
 
4,471
0.206
21,697
104.2
2.16
1972
 
4,857
0.213
22,793
109.5
5.05
1973
 
5,363
0.225
23,883
114.7
4.78
1974
 
5,836
0.248
23,537
113.1
-1.45
1975
 
6,324
0.269
23,544
113.1
0.03
1976
 
6,875
0.283
24,265
116.6
3.07
1977
 
7,516
0.302
24,906
119.6
2.64
1978
 
8,356
0.323
25,889
124.4
3.95
1979
 
9,232
0.351
26,271
126.2
1.47
1980
 
10,184
0.389
26,160
125.7
-0.42
1981
 
11,291
0.424
26,621
127.9
1.76
1982
 
11,990
0.448
26,781
128.7
0.60
1983
 
12,701
0.467
27,210
130.7
1.61
1984
 
13,889
0.484
28,674
137.7
5.38
1985
 
14,746
0.501
29,417
141.3
2.59
1986
 
15,482
0.512
30,227
145.2
2.75
1987
 
16,228
0.528
30,733
147.6
1.67
1988
 
17,442
0.549
31,790
152.7
3.44
1989
 
18,658
0.573
32,584
156.5
2.50
1990
 
19,619
0.598
32,821
157.7
0.73
1991
 
20,050
0.618
32,457
155.9
-1.11
1992
 
21,077
0.634
33,234
159.7
2.39
1993
 
21,713
0.650
33,405
160.5
0.51
1994
 
22,552
0.664
33,986
163.3
1.74
1995
 
23,577
0.678
34,798
167.2
2.39
1996
 
24,725
0.692
35,729
171.6
2.67
1997
 
25,925
0.704
36,822
176.9
3.06
1998
 
27,493
0.710
38,740
186.1
5.21
1999
 
28,592
0.720
39,711
190.8
2.51
2000
 
30,551
0.738
41,384
198.8
4.21
2001
 
31,548
0.753
41,895
201.3
1.23
2002
 
31,801
0.763
41,684
200.2
-0.50
2003
 
32,659
0.779
41,928
201.4
0.59
2004
 
34,183
0.798
42,821
205.7
2.13
2005
 
35,669
0.821
43,432
208.6
1.43
2006
 
37,843
0.844
44,816
215.3
3.19
2007
 
39,588
0.866
45,710
219.6
1.99
2008
 
40,854
0.892
45,816
220.1
0.23
2009
 
39,307
0.889
44,204
212.4
-3.52
2010
 
40,557
0.905
44,808
215.3
1.36
2011
 
42,649
0.928
45,956
220.8
2.56
2012
 
44,237
0.945
46,795
224.8
1.83
2013
 
44,401
0.958
46,357
222.7
-0.94
2014
 
46,287
0.971
47,659
229.0
2.81
2015
 
48,060
0.973
49,394
237.3
3.64
2016
 
48,971
0.983
49,826
239.4
0.88
2017
 
51,004
1.000
51,004
245.0
2.36
2018
 
53,309
1.020
52,240
251.0
2.42
2019
 
55,547
1.035
53,662
257.8
2.72
2020
 
59,153
1.046
56,533
271.6
5.35
2021
 
64,430
1.090
59,110
284.0
4.56
2022
 
65,470
1.160
56,419
271.0
-4.55
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_700_PN
 
   
Copyright © 2023. Pacific Northwest Regional Economic Analysis Project (PNREAP). All Rights Reserved.

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